- Effective financial management requires proper management of income and expenses.
- In order to manage your expenses, track all of your spending.
- Keeping track of your expenses will ensure that work within your budgeting. This allows you to live within your means.
Rent, utilities, equipment, furniture, inventory, licenses, insurance, marketing, staff – small businesses incur all sorts of expenses. It's essential that you keep careful track of them all to make sure you stay on budget. Thanks to an explosion of quality money-tracking apps, it's now easier to track your expenses than ever before. We researched dozens of popular money-tracking apps to bring you our top picks for 2020.
This is a full-featured investment manager for hire. It tracks and categorizes all the expenses you make on your credit or debit card. The app creates charts indicating your monthly cash flow and breaking down your monthly expenses. It has two versions: the free financial dashboard and the wealth management service. The wealth management option provides an investment management option working like a robo advisor but providing live support. The free financial dashboard provides budgeting and a cash flow analyzer. In addition, the app can help you with retirement planning and provide an investment check-up.
Available on Android and iOS devices, Expensify is great for making expense reports on the go. A must for frequent business travelers, Expensify allows you to take photos of receipts and manually log expenses. When you take a photo of a receipt in Expensify, the app automatically reads the receipt and translates it into a logged expense. You can organize your expenses by categories, like mileage, travel and food. Best of all, Expensify is free for individuals and just $5 a month for teams.
Concur is a robust business expense reporting app that's perfect for established (and growing) small and midsized businesses. In addition to the ability to track expenses, Concur has built-in workflows for employee reimbursement, submissions and approvals, invoice tracking, vendor payments, travel booking, and more. The great thing about Concur is that you can build it out however you want, and it charges you accordingly (based on features and number of users). Concur is also a great choice for serious tracking, because the company offers a suite of products for small businesses, so you can add more functionality as you need it. The app is free, and available on iOS and Android, for existing Concur customers.
Wally is a colorful app with a poppy interface and lots of great expense-tracking functionality built in. You can use Wally on an iOS device, and it's free. Like in other expense-tracking apps, you can take photos of receipts directly in Wally or enter expenses by hand and categorize them accordingly. Wally also tracks your income for you and offers you projected savings for each month. With its focus on personal finance rather than business finance, Wally is a good fit for people with microbusinesses or side hustles.
We already know that QuickBooks is one of the most popular accounting software solutions for entrepreneurs, and the company's app for expense tracking is excellent. Compatible with both iOS and Android devices, QuickBooks Self-Employed costs $5 a month and packs a serious punch in the features department. This app allows entrepreneurs to separate business and personal expenses, and track both. You can automatically track mileage, create and send invoices no matter where you are, estimate taxes on a quarterly basis (no math required), and more. You can also pair QuickBooks Self-Employed with TurboTax for just $12 a month and enjoy a super-easy tax filing process. As the name suggests, this app is best for self-employed entrepreneurs or owners of microbusinesses.
A comprehensive cloud-based accounting program, FreshBooks start at $9.95 a month for a single user and five clients, but if you own a small business, we recommend opting for the $29.95-monthly plan, which allows an unlimited number of clients and an extra staff member, as well as project management tools. You can access FreshBooks on any iOS or Android device, as well as on your laptop, making it a good option for entrepreneurs who want a fully functional accounting package that also has mobile expense-tracking abilities.
Clarity Money has an easy-to-navigate design and a wide range of accounts supported. The app contains features that allow you to cancel and track subscriptions. You can easily track your expenses at major merchant locations. It equally keeps updates on your credit score. The app is available on iOS.
This is one the best expense tracker apps known for personal finance tools. This app is free and supports a wide range of banks and lenders. It comes from one of the largest financial software, Intuit. The app helps in expense tracking, bills and credit monitoring and budgeting. It's available on iOS and Android.
This app gives a suggested spending approach as opposed to analyzing how you have already spent your money. It prevents you from going overboard with your expenses. The app acts on the bases that you put cash on various virtual pockets whose amount you cannot exceed during the month. It's available on iOS and Android.
Users must account for every dollar they spend. You have to work for every dollar you wish to spend. The app works on minimizing debt as you can only spend what is within your income. Available on iOS and Android.
Whichever expense tracker you decide on, you should look for one that can handle the following tasks.
Track income and expenses
An expense tracker app should be able to track expense and monitor the income. It should be able to import transactions from the accounts, mobile wallets and credit cards. It should give a clear image of how much you are making and how much are your expenses. The app should help you determine if expenses are feasible with your income.
Capture and organize receipts
A good app should allow you to capture all your receipts when receiving or making payments. Each receipt should be placed under an appropriate category. These receipts are stored in the cloud and can be retrieved anytime they are needed.
Organize tax deductions
An app should be able to categorize tax required for payment after keying in your incomes and expenses.
Accept payments and manage invoices
The app should be able to accept debit cards, credit cards, net banking and bankers directly to your invoice. From the app, you should be able to track the status of invoice and credit card bills. The app automatically matches your payments to your invoice and sends payment reminders. You should be able to customize a logo for all your invoices.
Expense apps should be able to generate and run reports for profit and loss, expenses, income, and balance sheets. You can customize the reports to indicate essential business needs. You can generate budgeting and inventory reports.
An expense app should also as an e-commerce solution. The app should connect to the e-commerce API that you prefer to use. Credit cards should be integrated on this app to be able to track sales.
Manage vendors and contractors
An expense app should have a feature that allows you to add vendors and contractors in the app and assign them to specific categories.
Provide secure access
An expense management app should allow you to give another party such as your accountant, secure access to your books. The app should also be able to give specific access to certain functionalities of the expense management software to reduce errors. It should be to allow you to assign work to particular users and increase your team's productivity. You can also create custom permissions for deposits, expense reports, balance sheets and sales transactions. Security of sensitive data is thus maintained.
Track projects and inventories
An expense management app should be able to track products, cost of goods and should notify you using alerts when stock is running low. You should be able to create purchase orders and handle vendors.
Offer analytics and insight
This feature allows you to create customized reports that are easy to understand with visuals and graphs. An analysis of these reports can be used in making financial decisions. Some of the best budgeting app comes with in-depth analysis tools to determine how well your business is doing. The past and present reports can be used to predict the future.
Automated reminders will assist you in improving your client relationships, cash flow and sales. This saves a lot of time that you would spend tracking bill payments and vendor transactions.