5 Best Tools To Help Your Small Business Track Its Expenses in 2021
Keeping track of your business transactions and expenses is a crucial part of running your own business. Regularly tracking your expenses allows you to ease your procedures when tax season comes around.
Staying on top of your accounts can be challenging, but with the right tools, you can simplify how you record and organize your expenses. Maximizing these tools will also help you avoid encountering unwanted transactional issues in the future. To help you with your accounts, this article will show you five different tools that can best support your expense tracking needs for your business.
QuickBooks is one of the most popular and effective accounting software that caters to businesses of all sizes. The application aims to keep all aspects of your accounting process running smoothly, especially on expense tracking.
The application offers features such as real-time dashboards and downloadable bank account data to ensure that you are up-to-date with all of your accounts. It also works on different platforms, allowing you to track your accounts on different devices. Moreover, it enables you to keep track of your client invoices and small receipts that could be easily misplaced.
For small businesses, you must monitor your invoices to ensure you avoid any missed payments from clients throughout the year, which could result in financial complications in the future. Effectively monitoring your business expenses will help you avoid financial complications.
QuickBooks is available for Windows, Mac, and mobile devices and its corporate price ranges from $15 – $35 per month, depending on your chosen package. It also offers a 30-day free trial to allow you to test its features before deciding to avail of its services.
Much like many of its competitors, Expensify offers features that allow you to manage and keep track of your expenses in real-time. Its main feature automatically records your expenses and updates your accounts, reducing the hassle of manually inputting the data yourself.
The app allows you to scan and log your receipts and logs for every outgoing and incoming transaction in your company before generating reports and submits them to you for approval. The accuracy of its reports is ensured by digesting your company policies so that you receive proper and well-analyzed accounting reports.
Expensify also offers software that fosters an automatic reimbursement system, which allows rapid money transfers to your employee’s accounts based on the accounting reports you approved. Moreover, data is stored on the cloud and is updated in real-time, ensuring that you do not lose or miss any important financial data.
Expensify offers different plans suitable for your everyday financial needs starting from $4.99 per month. The app is available for Android, iOS, and web browsers.
Hurdlr is another expense tracking application that aims to provide a simple, automatic, and efficient approach to your expense management process. Its software can also help increase your company’s tax deductions.
The software features automated tracking of your mileage (for courier and delivery services) and expenses so that you can keep track of every financial deduction and transaction made with clients.
It also provides real-time status updates of your business profits before and after income tax deductions while keeping track of your income and expenses stressed in a single place. You may also link your business accounts within the app ecosystem, giving you the option to automatically submit your tax filings to your selected Certified Public Accountant (CPA).
Overall, Hurdler is a one-stop shop for expenses and tax management for small and large enterprises. Additionally, the app offers a free version that allows you to test its services with limited features.
FreshBooks is an entrepreneur-friendly software that caters to small businesses that lack access to in-house CPAs or accountants. The app aims to eliminate the hassle of confusing spreadsheets and file folders and places your data in one location.
One of its most salient features is the automatic importing of expenses. Upon linking your business accounts, FreshBooks automatically imports and sorts all of your expenses into one place.
The app also offers other features such as:
- Receipt Attachments
- Tax-Friendly Categories
- Automated Financial Reports and Summaries
- Remember Frequent Vendors and Clients
- Multi-Currency Access
FreshBooks is compatible with Android, iOS, Windows, and Mac devices and offers a free 30-day trial and tiered pricing according to your number of clients. Plans start at $15 per month.
Mint is a simple expense tracking software aimed at freelancers and small businesses that want to focus more on keeping track of their financial expenses. Its simple and straightforward interface allows entrepreneurs to focus on managing their income between business transactions, such as rent, products, deliveries, etc.
The app provides a budget and goal tracker that helps you manage your finances accordingly. It also offers features such as credit score tracking, cash tracking, and bills and purchase reminders.
It also offers Mintsights, a personalized summary of your financial activities to help you stay up-to-date with your expenses. Additionally, it offers cost-saving strategies that you can use in the future. Mint is available on Android, iOS, and web browsers for free.
Secure An Effective Expense Tracking Software for Your Small Business
Staying on top of your business accounts can be hectic and usually lead to confusion, especially if you are unfamiliar with accounting procedures. Integrating expense tracking software into your accounting procedures places your business at an advantage against your competitors as it enables you to confidently keep track of expenses and transactions between clients. This also lessens the chance of encountering financial issues in the future.
For your small business to thrive, tracking your expenses and business transactions is highly important. If you find such procedures exhaustive, it is best to approach accounting, bookkeeping, and tax service providers to help manage your business accounts effectively.
Keep Track of Your Business Expenses with Ease
With a large pool of experienced certified public accountants, AHC is dedicated to helping your business find effective expense tracking software best suited for your company.