10 Top Expense Trackers

The right apps make it easy to Trackers your expenses on the go.

• Effective financial management requires the proper tracking of income and expenses.
• There are many software options to help you track all of your spending.
• Keeping track of your expenses will help you work within your budget and make strategic investments in your business.
• This article is for business owners who want to target their spending and track their expenses over time.

Small companies have a variety of expenditures, including rent, utilities, supplies, furniture, inventory, permits, insurance, marketing, and labour. You must carefully monitor all of your expenditures if you want to stay within your budget, but not many businesses have access to the best accounting software. Fortunately, there are more high-quality money-tracking applications available than ever before, making it simpler than ever to keep track of your spending. To present you with our best recommendations for 2021, we examined hundreds of widely used expenditure monitoring applications.

Personal Capital

Hire a full-featured investment manager like Personal Capital. All of the purchases you make with your credit or debit card are monitored and categorized. Using your monthly cash flow and a breakdown of your monthly spending, the app generates charts. The wealth management service and the free financial dashboard are its two variations. An investment management option is offered by the wealth management option, acting as a robot-advisor while offering live help. The free financial dashboard offers cash flow analysis and planning tools. You may use the app to examine your investments and plan your retirement.

Expensify

Expensify is an excellent app for creating expenditure reports while on the move and is available for iOS and Android smartphones. Expensify, which enables you to manually track costs and snap images of receipts, is a must for people who travel for work frequently. Expensify automatically interprets receipts when you take a photo of them and converts them into documented expenses. You may also categories your costs, such as mileage, travel, and meals. The best part is that Expensify costs nothing for individuals and $5 per month for teams.

SAP Concur

The ideal expense reporting tool for established (and expanding) small and midsize organizations is SAP Concur. SAP Concur offers processes built-in for employee reimbursement, submissions and approvals, invoice tracking, vendor payments, trip booking, and more in addition to the ability to manage spending. SAP Concur is wonderful since you can customize it anyway you want and it costs you accordingly (based on features and number of users). Another reason SAP Concur is a wonderful option is that it provides a range of solutions for small organizations, allowing you to add additional capability as you require it. Existing Concur users can download the app for free from the iOS or Android app stores.

Wally

Wally is a vibrant software with a ton of useful expense-tracking features. Wally is an iOS software that you may use, and the basic version is free. Similar to other expense-tracking applications, Wally allows you to either manually enter costs and assign categories to them or snap straight images of receipts. Wally can also track your income for you and provide monthly projections of your savings. Wally is a fantastic match for folks who run microbusinesses or side hustles since it focuses more on personal money than business finance.

QuickBooks Self-Employed

We already know that QuickBooks is one of the most widely used accounting software programmers for small business owners, and we also know how great the company’s spending tracking app is. QuickBooks Self-Employed, which costs $7.50 a month and works with iOS and Android devices, is incredibly feature-rich. You may use this software to keep track of both personal and corporate costs separately. Automatic mileage tracking, creating and sending invoices from anywhere, estimating taxes quarterly (no math needed), and more options are available. For just $12 a month, you can also combine QuickBooks Self-Employed with TurboTax to have a very simple tax filing experience. The ideal users of this programme are independent contractors or proprietors of small firms, as the name suggests.

FreshBooks

A single user and up to five customers may use FreshBooks, a feature-rich cloud-based accounting tool, for as little as $7.50 per month. But if you run a small business, we advise you to choose the $25 monthly plan. This package includes a variety of practical project management tools, an unlimited number of clients, and an additional employee. FreshBooks is an excellent alternative for entrepreneurs that want a fully complete accounting package that also includes mobile expense-tracking capabilities because it can be used on any iOS or Android device in addition to your PC.

Marcus Insights

The greatest elements of Goldman Sachs’ Clarity Money app were included into the company’s Marcus brand before it was discontinued in March 2021. Marcus Insights is a group of intelligent tools and trackers that you may access in the Marcus app or on Marcus.com. The app is simple to use and supports a variety of external accounts. Major merchant locations make it simple to keep track of your spending, keep an eye on your cash flow, and get a breakdown of your spending by category. There are iOS and Android versions of the Marcus app.

Mint

One of the top applications for personal finance tools is Mint, which is also a fantastic choice for small enterprises or side hustles. The free app Mint assists with tracking expenses, keeping tabs on bills and credit, and creating budgets. It also supports a large number of banks and lenders. Both Android and iOS support it.

Mvelopes

Mvelopes adopts a suggested-spending strategy rather than scrutinizing your past financial decisions. It keeps you from spending too much and claims to be able to assist users in creating a budget in only 15 minutes. The programme works by having you deposit money into several virtual “envelopes,” creating a monthly budget that you are not allowed to go above. Both Android and iOS support it.

YNAB

Under YNAB (You Need a Budget), you must account for every dollar they spend and 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. It is currently available on iOS and Android.

What to look for in an expense tracker

Whichever expense tracker you decide to use, you should look for one that can handle the following tasks:

Tracking income and expenses

Business spending and any income should be able to be tracked via an expense tracker app. Maintaining a healthy cash flow and being eligible for deductions that might lower your taxable income both depend on careful budgeting. Separating your personal and corporate funds will make it much easier to keep track of both.

Transactions from your banks, mobile wallets, and credit cards should be imported via an expenditure tracking app. It ought to provide you with a clear picture of your income and outgoings. You may use the programmed to see if your spending is manageable given your income.

Capturing and organizing receipts

You should be able to record every receipt you get or pay for using a decent app. Every receipt needs to be filed in the relevant category. These receipts are available at any moment because to cloud storage. The use of this function is especially advantageous for employees who travel for work. As a result, a lot of receipt-tracking software is made to work effectively with numerous connected accounts, different devices, and mobile applications.

Organizing tax deductions

An app should categorize the tax required for payment after you key in your income and expenses. Of course, it is always helpful to understand which business tax deductions you can take (and which deductions you should avoid).

Accepting payments and managing invoices

Debit cards, credit cards, net banking, and bankers straight to your invoice should all be accepted by the app. You have should be able to monitor the progress of invoicing and credit card statements via the app. The app ought to provide payment reminders and automatically match your payments to your invoice. Additionally, each of your invoices have to have a unique logo.

Running reports

Expense apps should generate and run reports for profit and loss, expenses, income, and balance sheets. You should be able to customize the reports to indicate business needs, as well as to generate budgets and inventory reports.

Tracking sales

Ideally, an expense app should double as an e-commerce solution. The app should connect to your preferred e-commerce application programming interface (API). It should also integrate credit cards to seamlessly track your sales from various payment methods.

Managing vendors and contractors

An expense app should have a feature that allows you to add vendors and contractors and assign them to specific categories.

Providing secure access

You should be able to grant secure access to your records to a third party, such as your accountant, using an expenditure management software. To cut down on mistakes, it should also grant specialized access to particular features of the expenditure management programmed. You may delegate tasks to specific individuals and boost team productivity with secure access without sacrificing security. To preserve the protection of critical data, you may also define unique permissions for deposits, expenditure reports, balance sheets, and sales transactions.

Tracking projects and inventories

An app for managing expenses should be able to track products and their costs, as well as alert you when supply is getting low. Direct vendor management and purchase order creation should be possible within the app.

Offering analytics and insight

With the help of this function, you may make personalized reports that include graphs and images for ease of understanding. The examination of these reports can be used to guide your financial choices. The top budgeting applications offer detailed analytical features to help you assess how well your business is performing. You may predict future sales and company requirements using the previous and present reports.

Automating workflows

You may enhance your customer connections, cash flow, and sales with the use of automated reminders. You no longer have to spend as much time following vendor and bill payment activity.

Despite the fact that keeping track of your company spending might be difficult (particularly at first), expense-tracking software can help. To save time and successfully manage your cash flow, look for solutions that provide a variety of capabilities, such as cross-platform and on-the-go capability.