9 Best Expense Tracking Apps for Small Business

9 Best Expense Tracking Apps for Small Business

9 Best Expense Tracking Apps for Small Business

Advertiser & Editorial Disclosure

Tracking expenses is one of the most tedious parts of running a business, which is why we recommend using an app to automate the process. You can lighten the load for yourself as a small business owner and your employees by using expense tracker apps and software. 

Each of these nine apps for tracking expenses can help you stay up-to-date on your business’s cash flow so you can budget more effectively.

How Do Expense Tracker Apps Work?

Expense trackers are a type of finance app that is a mix of personal finance budgeting apps, like Mint, and business accounting software. They allow you and your employees to scan receipts to store them digitally and reduce paper clutter for your business. Many of them can run expense reporting in Excel, show your cash flow and your spending habits, and help you stay on top of your business taxes. You can get real-time budget updates when the app is linked with your financial accounts.

Even self-employed individuals and freelancers can benefit from using an expense tracker app. No matter the size of your business, maintaining control of your expenses can help you operate more efficiently and make smarter decisions.

If you’re looking for insights into your business’s long-term cash flow, creating a free Nav account can help. Our platform analyzes your business’s cash flow trends to offer predictions to give you more control over your business decisions.

What to Look For in an Expense Tracker App

The best expense tracker app will be user-friendly while helping track monthly expenses for your business. Ideally, it’s a free app with both iOS and Android options in the app store. It also should offer a high level of functionality and integrations with external software that you might already be using. Your organization will need the ability to scan receipts, and it helps for your employees to be able to scan them as well. 

Best Options for Expense Tracker Apps

These are some of the best expense tracking apps for small businesses that we recommend based on their positive reviews and variety of useful features. Keep in mind that many of these options have free trials that allow you to test out which one will work best for your business.

1. Certify

What it is

Certify offers expense tracking features that integrate with your existing business platforms and simplify the submission and reimbursement process. The software allows users to input and approve expenses from their computer or phone. Use the app to scan your receipts and the Emburse Receipt Technology will input the information for you. Your employees can input GPS-based mileage information, too. 

What it costs

There’s no free version of Certify. For the first 12 employees, Certify costs $12 per employee per month. You’ll have to pay for the more premium versions, but the website doesn’t specify the price. For 25 to 200 employees, you’ll pay a specific monthly service fee and for more than 200 employees, it’s a fixed price every year.

2. Expensify

What it is

Expensify is an expense tracker app that lets you track business expenses, dispense reimbursements, and scan receipts. Employees can snap a photo of their receipt and SmartScan will enter the details automatically. You can also create custom expense rules and flag certain purchases that need manager approval. 

What it costs

There are three tiers of payment plans. The free plan allows you to scan receipts (up to 25 receipt SmartScans per month), reimburse expenses, send out invoices, and pay your business’s bills. You can give employees Expensify corporate cards so they don’t have to submit receipts, as well. The next tiers cost $5 and $9 per user per month for more advanced features, which is more affordable than some other options on this list.

3. FreshBooks

What it is

FreshBooks is a popular accounting software that many small businesses use, but it can also be used for expense management. You can connect your business bank account and business credit cards to FreshBooks to import your expenses automatically. Also, use your phone to add receipts using the FreshBooks app or email. This option is especially useful for small businesses that already use FreshBooks for their accounting needs.

What it costs

Because FreshBooks is an accounting and billing software first, its pricing plans depend on the number of clients you have. If you have five or fewer clients, you’ll pay $15 per month for the Lite Plan (which is currently on sale for $4.50 for the first three months). The next tier, the Plus Plan, costs $25.00 per month for up to 50 billable clients (but is currently discounted at $7.50 for the first three months). Unlimited billable clients will cost $50 per month after the first three months. Automatic receipt capture is only included with the Plus plan or higher.

FreshBooks: Small Business Cloud Accounting Software

The best cloud based small business accounting software. Send invoices, track time, manage receipts, expenses, Learn More

4. MileIQ

What it is

MileIQ is an expense tracker app focused on tracking mileage. If your employees drive a lot or travel to and from the airport frequently, this app may make sense for your company. This could also be an easy way for anyone who’s self-employed to track their business mileage. 

What it costs

For an individual, the free trial lasts until you have 40 drives under your belt. Then it’s $59.99 per year, or $5.99 if you pay monthly, for unlimited drives. For a business, you can sign up for one of three Teams plans that cost $5, $8, and $10 per driver per month. Each has individual features, so look into each plan to see which would work best for you.

5. QuickBooks Online

What it is

QuickBooks from Intuit offers an expense management tool for its users. This is a great option for anyone who is already a QuickBooks user, although many of the other apps on this list can integrate with QuickBooks and potentially offer more expense management features. But with this QuickBooks tool, you can connect bank accounts to import your expenses automatically. QuickBooks learns how you categorize them after you do it manually for one month.

What it costs

The most affordable Simple Start Plan costs $30 per month for one user (currently discounted at $15 per month for the first three months). The next tier, the Essentials Plan, costs $55 per month for three users (but currently costs $27.50 for the first three months). The Plus Plan gives you five users and costs $85 per month (but currently costs $42.50 for the first three months). The Advanced Plan allows for more than five users and offers the ability to track employee expenses, but costs $200 per month (currently discounted at $100 for the first three months). 

Pro Small Business Accounting Software by Intuit

QuickBooks Pro makes accounting easy - with tools to organize your finances all in one Learn More

6. Rydoo

What it is

Rydoo is an expense tracker app that claims to cut the time spent on expenses in half and offer reimbursements three times faster than doing it all manually. Rydoo has a well-rated app that’s free to download for both Apple and Android products. The product has a global reach and uses compliance standards based on where you’re located in the world.

What it costs

The most affordable Essentials Plan costs $10 per user per month when you pay annually (if you pay monthly, that price goes up to $12). This plan has the automatic receipt capture and unlimited expenses. The Pro Plan costs $12 per user per month when you pay annually (if you pay monthly, it costs $14). You have to sign up for this plan if you want to set spending policies or reconcile card transactions automatically.

7. Abacus

What it is

The expense tracking app, Abacus, offers a streamlined user experience for tracking your business’s spending. It has high reviews throughout the tech space but the app’s customer reviews are lower than others on this list (2.6 out of 5 stars in the App Store and 3.1 out of 5 stars on Google Play). 

What it costs

The pricing for Abacus wasn’t showing up on its website when we conducted our research. It appears you have to go through the process of requesting a custom quote, so that adds another potentially burdensome step for users.

8. Shoeboxed

What it is

Shoeboxed is a great option for businesses that handle a lot of paper receipts because it gives you two options: scan the receipts using the mobile app or request a Magic Envelope to mail in your receipts for the Shoeboxed team to digitize for you. Postage is pre-paid on the envelopes, so it doesn’t cost you extra to go that route. 

What it costs

The lower-tier Startup Plan costs $18 per month (billed annually) for your first year and then $23 per month for the following years. You are limited to sending in 300 physical documents and 600 digital documents per year with that plan, and you get one free Magic Envelope per month. The next tier, the Professional Plan, costs $36 per month for the first year and then $47 per month. You’re allowed up to 1,800 for both digital and physical documents and you have unlimited free Magic Envelopes. The highest tier is the Business Plan that doubles your document count to 3,600 and costs $54 per month for the first year, then $71 per month after that.

9. Zoho Expense

What it is

Zoho offers businesses a suite of software to help with operations, and Zoho Expense is the segment that helps with expense management. Zoho Expense offers standard features like automated expense reporting, credit card reconciliation, and direct deposit reimbursements to employees. There’s also an included travel service that could help businesses that plan and pay for a lot of business travel. 

What it costs

Zoho Expense is free for up to three users and 20 Autoscans per month. If you have more than three users, consider the Standard Plan for $3 per active user per month, which gives you the ability to reconcile corporate cards. The Premium Plan costs $5 per user per month for more advanced features. All plans are billed annually. 

Are You Currently Tracking Your Expenses With One of These Apps?

If you’re using an app for tracking expenses, you likely understand the benefits. Business purchases, along with their receipts, can blur together. It’s a huge challenge to keep on top of them, but the best business expense tracker apps simplify that process. 

With some of the options listed above, you can even get notifications when your employees’ spending falls outside of your spending rules or if they try to overspend. These notifications can help you to deal with any potential issues in real-time rather than at the end of the month or the year, which keeps them from piling up. 

Plus, if you ever apply for small business loans, you’ll need to prove to lenders that you have control of your business finances, and these apps can help you do that. Sign up for a free Nav account to see what funding options you’re most likely to qualify for.

For any small business owner that has yet to try an expense tracker app, it’s worth going for a few of the free trials to see what’s out there and how they can give you back time that’s better spent elsewhere.

FAQs: Expense Tracker Apps 

Have at it! We'd love to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and protect yourself. Refrain from posting overtly promotional content, and avoid disclosing personal information such as bank account or phone numbers.

Reviews Disclosure: The responses below are not provided or commissioned by the credit card, financing and service companies that appear on this site. Responses have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered.

Leave a Reply

Your email address will not be published.