Comprehensive Guide to Expense Tracking Tools for Small Businesses

Expense Tracking

Last Updated March 19, 2024

Effective expense tracking is essential for small businesses, ensuring accurate financial records and simplified tax deductions. To help you manage your expenses efficiently, we’ve compiled a list of the top six expense-tracking tools tailored for small businesses.

Mint

Holistic Financial Management for the Self-Employed Mint, renowned for its finance capabilities, offers a seamless experience for small businesses and freelancers. It allows you to create budgets, set financial goals, and monitor your credit score, all within an intuitive dashboard.

Moreover, Mint provides features like bill reminders and purchase alerts, empowering you to stay informed about your finances.

Platforms: Android, iPhone, web browser Price: Free

QuickBooks

Advanced Expense Management for Financially Savvy Businesses QuickBooks is a robust tool beyond basic expense tracking, offering comprehensive financial management solutions. It enables you to handle payroll, accept online payments, track bills and expenses, and manage taxes.

While QuickBooks requires a certain level of expertise, it can be immensely valuable with the right knowledge or a dedicated admin.

Platforms: Android, iPhone, web browser Price: Starts at .50/month

FreshBooks

Simplified Expense Tracking for Busy Entrepreneurs FreshBooks provides a user-friendly interface for entering business expenses through its desktop or mobile app. It automatically syncs with your bank account daily, importing recent expenses for easy reconciliation and receipt attachment.

With basic reporting features, FreshBooks offers a quick overview of your profit and loss status.

Platforms: Android, iPhone, web browser Price: Starts at /month (One month free for Bench clients)

Expensify

Streamlined Expense Management for Business Travelers Expensify simplifies expense tracking, particularly for frequent business travelers. It allows you to capture receipts on the go by snapping pictures, eliminating the need for paper receipts. Additionally, it can track mileage and automatically import receipts from services like Uber and Airbnb.

Expensify offers currency conversion and integrates seamlessly with most accounting software.

Platforms: Android, iPhone, web browser Price: Starts at .99/month

My Count Solutions

Effortless Expense Tracking and Bookkeeping Bench takes the hassle out of expense tracking by managing all your bookkeeping needs. Their team imports, reviews, and categorizes expenses monthly, providing you with financial reports and working directly with your accountant at tax time.

Platforms: Web browser Price: Varies based on business needs

How to Track Business Expenses Effectively Follow these steps to manage your business expenses effectively:

  1. Digitize Your Receipts: Scan or photograph your receipts and store them digitally for easy access and organization.
  2. Separate Business and Personal Transactions: Maintain separate accounts for business and personal finances to simplify expense identification and compliance with legal requirements.
  3. Regularly Review and Categorize Expenses: Set aside time weekly to review and categorize expenses accurately, ensuring your financial records are current.

By implementing these best practices and utilizing the right tools, you can streamline your expense-tracking process and gain better control over your finances.