Today, the management of business expenses is taking a turn as many companies are migrating from the contemporary spreadsheets techniques to new online or cloud-based tools. Companies are pursuing financial management tools in the form of apps and software to simplify the process of filing taxes and claiming of deductions.
In addition to that, the tools have been designed to help business managers handle invoices and payment receipts apart from the usual daily expenditure. An excellent financial management tool will provide an entrepreneur with ample time to focus on other production services.
Here are some of the top 10 cost management tools for businesses I have collected for you.
ExpenseBot is a rather simple easy-to-use yet powerful expense tracking software for the SMBs. I like that it offers my accountants with unique customization options. Expense data is entered into the app by sending the receipt to a dedicated email ID or through a credit/debit card. The app extracts useful information like vendor name, the category of the expense and the date of the transaction which can all be compiled in a report.
2. BizXpense Tracker
This expense tracking tool performs its duties in the most comprehensive way I’ve ever witnessed with PC- or phone-based apps. I would deem it perfect for small business owners. Besides its primary duties of expense tracking, the software doubles in recording working hours of every employee and the amount to be paid to them respectively. The software also customizes the expense categories and subcategories to generate intuitive reports. I prefer this app because it offers accountants with a vast supply of customized templates containing information which can help in expenditure management.
Expensify is another expense management app with which I’ve interacted and was particularly impressed by its remote tracking capabilities. It allows me to add a business card to my Expensify account as it charges and documents the expenses straight into an expense report. I found another option for those who aren’t comfortable with linking their debit or credit cards which involve taking pictures of receipts with the phone. The app then extracts valuable expenditure information from the picture which I use to formulate an expense report quickly and accurately.
4. Xpenditure Small Business
Xpenditure is a user-friendly end-to-end expense management software that offers users with an array of comprehensive tracking tools such as multi-accounting software, OCR tech, and a multilingual interface. Having used the software, I can state comfortably that it is a great tool for tracking your business expenses and salaries at a global level. One thing I liked about the app is that you can submit a single expense at a time or choose to establish a whole report for approval. The recipient also has the option to approve one expense for reimbursement and send back the others individually for further clarification.
Square expense tracking and payment app is best suited for businesses such as retail shops. It comes with a portable card reader that can be attached to a phone, tablet or PC from where I make quick payments. The app can also work for large businesses with a net worth of up to $250,000 annually. However, I realized that one has to contact the Square managers to have custom pricing for goods. At the end of the sale, one can easily track down sales and payment receipts to document them for reference during tax filing and related issues.
TimeCamp is among the top rated project management and time tracking software that helps companies and freelancers to manage their expenses and productivity. TimeCamp brings with it great features like auto and manual time tracking, issuing of payment invoice, advanced report creation, hours billing, and budgeting. I loved it because of the cloud technology that allows businesses to coordinate the expenditure data perfectly.
This software is an integrated enterprise budgeting tool that provides an array of expense managing objects called Maestros. The main functions carried out by the software include forecasting, issuing of financial reports and receipts. Centage software has an edge in the sense that I can use it together with other reputable business management software such as Sage and QuickBooks.
8. Concur Mobile
This app is suitable for small businesses. I would recommend it across Android, Windows and iPhone platforms where it works perfectly. The app’s primary job is to allow the employees in a firm to make detailed expense reports remotely. It would be my expense management app of choice if my business involved lots of traveling to meet remote clients. The app allows me as a manager to monitor transport costs, approve trips and make hotel reservations or book flights whenever I have to dispatch one of my employees to a business trip. Besides that, the app also lets users add a credit or debit card for automatic importing of charges.
9. Zoho Expense
Zoho expense tracking business tool is a piece of software meant for small-midsize businesses. Administrators, as well as accountants, use the app to capture receipts and synchronize cards to share expense information. The app has a ‘bulk add expense screen’ which gives me the opportunity to organize various expenses on a single page for quick reference. In the log, I can enter the payment date, merchant details, amount, and receipt numbers. These issues can be quickly executed especially after a lengthy business trip with a backlog of transaction receipts and expenses to be filed.
10. Certify Now
Certify now is another expense managing tool that works well for SMBs in services such as receipt capture, storage, and geolocation services. The app offers users with essential tools such as scanning of receipts through a cell phone camera which picks valuable information like the receipt number, payment details, and dates. That is accomplished with the help of a cutting edge OCP known as ReceiptParse. Users can select between the user-report pricing or expense report based pricing after which the implementation fee will be based on your needs.
My compilation in this post contains top tools in the form of apps and software for managing business expenses through the most convenient ways possible. The tools are compatible with both cell phones and PC’s and allow entrepreneurs to manage business expenditure on the go. Pick one today and make sure to send some feedback or share with me your experience.