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 five picks for 2017.
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 Android or 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 a 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 an SMB, 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.