Best 5 Apps for Tracking Small Business Expenses

Best 5 Apps for Tracking Small Business Expenses

****Updated November 2nd, 2023***

Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox.

In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room for errors that could really hurt their bottom line come tax time.

Why not take the uncertainty and disorganization out of expense tracking by going mobile?

These five apps can be used anywhere, anytime, to ensure no penny goes unlogged or unclaimed.

1. Receipt Bank: eliminate data entry

With Receipt Bank, you can easily do away with expense-related data entry altogether. Simply snap a photo of your receipt and submit it for processing; the app automatically extracts all relevant data including vendor, total amount, payment method, and date.

Receipt Bank also integrates with Xero, QuickBooks Online, Sage 50, FreeAgent, and Wave accounting software to streamline your bookkeeping.

Receipt Bank must be doing something right because this app has earned high praise.

2. Zoho Expense

Zoho Expense saves you time with its advanced receipt scanning and tracking. Its OCR function is capable of reading 14 different languages including Spanish, Portuguese, French and Chinese.

Zoho Expense is a full featured app made specifically for road warriors. With it you can process  reimbursements, file travel arrangements, purchase requests and approvals.

3. MileIQ

MileIQ is a simple to use tool designed to help track business miles more easily and accurately.

When travelling by car, MileIQ app runs in the background on your phone to track business drives.  MileageIQ  logs your mileage automatically. Swipe right to classify your miles as business or personal.

A 5-star app that makes your mileage reporting as easy as pie.

4. Expensify: your “virtual accountant”

Expensify makes it easy to capture receipts, record business-related mileage, log billable hours, and more. Stand-out features of this app include:

  • SmartScan technology that “reads” your receipt and creates an expense automatically;
  • GPS mileage tracking to automatically calculate distance traveled for work;
  • Bank and credit card import (the app can automatically pull all your business transactions into your Expensify account).

Budget-conscious business owners take note: Expensify’s SmartScan feature allows 10 free scans per month.

5. Shoeboxed: the “ultimate receipt-manager”

Like Receipt Bank, Shoeboxed allows you to snap a picture of your receipt, and then the app extracts vital information for you. This tool also allows you to create an expense report on your phone in a matter of seconds, using your stored images.

Another great feature is a searchable, categorized archive of logged receipts, which facilitates expense-exporting into QuickBooks Online, Wave Accounting, Excel, and Xero.

With mobile apps like these, you’ll never lose track of a receipt or claimable expense ever again. Here’s to building your business with smart technology that moves as quickly as you do!

 

Both Quickbooks Online and Xero phone apps have the scan receipts feature. For basic scanning of a small number of receipts monthly, these apps are perfectly fine, but as your business grows, you may want to try one of the aforementioned receipts apps.

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