Top 5 Tools For Tracking Business Expenses

In any organization, the management of financial affairs is of paramount importance to the growth and continued existence of entrepreneurial ventures. Of particular importance is the aspect of expenditure since it is a critical component of the management of finance. 

Having a keen vigil on spending also gives great assistance in the implementation of a budget as well as in to search for potential savings. 

In this article, we will explore the top five tools for tracking business expenses, outlining their features, benefits, prices, and how they can streamline your financial processes.

1. QuickBooks

QuickBooks is largely adopted accounting software of this generation. It has a strong and clear functionality for expense tracking in which you can link bank accounts and credit cards, automatically categorize the expenses, and create detailed reports on balance. Receipts can be scanned and submitted through an application from mobile devices, thus enabling one to manage expenses from any point. QuickBooks also offers useful capabilities for analyzing expenditures by giving companies a better way to manage their resources. 

Pricing Plan

Starter plan; $9 per month

Key Features

• Automated expense tracking

• Receipt capture via mobile app

• Customizable financial reports

• Integration with other financial tools

2. Expensify

Expensify offers most of the solutions that can be specifically used in managing of expenses. As such, this tool is very friendly especially for business organizations regardless of their size as compared to other tools. Such features as to scan the receipt and put the expenses in various categories make it easy for the user to track expenses. Expensify also supports transactions in multiple currencies which is essential when conducting business in different countries.

Pricing Plan

Free plan available with limited features

Team plan - $5 per month, per active user

Key Features

• Smart receipt scanning

• Multi-currency support

• Custom approval workflows

• Integration with accounting software

3. FreshBooks

FreshBooks is an accounting system mainly designed for business enterprises and independent consultants. Considering its user interface it is precise in tracking of expenses since the user can upload expenses in real time. Of course, it also has some core functions, including the opportunity to generate invoices of any kind and link expenses to clients or tasks. For businesses that require the most precise breakdown of the cost, this is highly beneficial.

Pricing Plan

Lite plan costs $7 per month

Key Features

• Real-time expense tracking

• Custom invoicing capabilities

• Project-based expense tracking

• Time tracking feature

4. Mint

Though best appreciated for its functionality in personal finance, the Mint application can be regarded as useful for the management of expenses by small business owners. Integrated with transactional accounts, credit cards, and investment portfolios to give a broad perspective of the user’s health. Mint captures the spending automatically and has features that enable the identification of budgeting tools that can help small businesses in the management of their cash.

Pricing Plan

Free plan; Premium plan: $4.99/month.

Key Features

• Automatic transaction categorization

• Budgeting tools for cash flow management

• Bill-tracking reminders

• Mobile app for on-the-go management

5. Zoho Expense

Zoho Expense is an effective tool that needs to be implemented in organizations and businesses of all sizes because of the features it has to offer. It makes generating expense reports easier and the receipt scanning function also makes documentation easier. Zoho Expense enables you to set up approval flows which enhances the collective management of expenses by the teams. 

Pricing Plan

Free plan; standard plan; $5/month

Key Features

• Expense reports creation

• Receipt scanning and management

• Approval workflow setup

• Multi-currency transactions support

Conclusion

It is clear from the description of the various tools; QuickBooks, Expensify, FreshBooks, Mint, Zoho expense that each has its peculiarities suited for specific operations of various business entities. Thus, you should determine your primary and additional requirements like automating tracking, the possibility to manage expenses during specific projects, and the capacity to conduct transactions in various currencies to choose the most suitable tool. Thus, with their help, you are not only going to spare your time but also get useful information regarding your financial status.