Top 4 Automatic Expense Trackers for Your Small Business in 2020
It’s never been so simple to track your small business’s expenses. A variety of user-friendly and even free expense tracking software and apps have cropped up that every small business owner should take advantage of.
These programs simplify and automate your expense tracking by letting you track your time, snaps photos of receipts, make invoices and reimburse expense reports, all in one place. It’s a great way to cut down on admin work and stay on budget, too.
In this article, we’ll cover:
FreshBooks eliminates the need for confusing spreadsheets or file folders of receipts. This powerful expense tracking software can be used on your desktop and any mobile device and since it’s cloud based, data is synced between mobile and desktop.
It’s designed for small business owners, not accountants, so the learning curve is minimal, too.
One of its best time-saving features is the automatic importing of expenses. Connect your bank account and credit card to FreshBooks and it imports all your expenses automatically, eliminating the need for manual entry. It’ll even automatically add categories for you, making matters much easier at tax time.
The app also lets you take photos of your receipts, add tax-friendly categories and input crucial details. All the data is then added to your expenses. You can also mark an expense as billable, add your markup and import it into an invoice to send to the client.
FreshBooks offers a free 30-day trial and tiered pricing according to your number of clients. Plans start at $15 per month.
Everlance does double duty by tracking both your expenses and mileage. This free mileage tracker app is 100 percent automatic, meaning it uses GPS to create mileage logs.
It also calculates how much you can deduct on your taxes according to current IRS mileage rates. Everlance estimates that subscribers to their mileage tracking app deduct over $6,500 a year on their taxes, which is a considerable savings.
The app is user friendly and simple to use—you can classify each drive with one swipe as business, personal, charity etc. It also integrates with FreshBooks so you can automatically import your mileage.
Everlance also lets you take photos of receipts and integrates with your bank account and credit cards to automatically import expenses.
Everlance is free for iOS and Android but you can get unlimited mileage tracking for $7.99 a month. The subscription price also happens to be tax deductible.
Expensify is an expenses app that automatically imports expenses from your bank account and credit card and generates reports. Create accounts for your employees too so they can make expense reports within the app. You can then view and approve the reports and pay back your employees, all in the app.
Another bonus is its automatic SmartScan receipt scanner software. Take a photo of the receipt and the app takes care of picking out and recording all the important details. Another option is to email digital receipts to an Expensify email address to automatically add the expense or use their Chrome extension.
Expensify is a budget-friendly option for freelancers, small businesses and contractors at $5 per month per user. It’s best suited for businesses with lots of expenses or that want a simpler way to reimburse employees. It integrates with your FreshBooks accounting software, too.
Abukai is another great automatic expense tracker app for iPhone, Android and BlackBerry devices. The app automatically imports data from photos of receipts, categorize your expenses for you and calculates exchange rates.
It acts as a receipt app by letting you take a photo of the receipt and pressing “submit.” Abukai then automatically adds an expense entry with the category, date, vendor and other crucial information, with an image of the receipt attached.
You won’t have to go back and correct details, either. Abukai is known to accurately read every kind of receipt, even foreign receipts. It does up-to-date currency conversion, as well.
It’s an intuitive and user friendly option that’s will substantially cut down on your admin work. Beginners will love it. Abukai also syncs with your FreshBooks cloud accounting software and automatically posts your expenses to FreshBooks.
Even better, this is a free business expense tracker. You can also get a free trial of its corporate plan which is $99 per year per user with a $49 one-time setup fee.
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Automatic Expense Tracker Apps
1. FreshBooks App
This is a full-fledged finance tracker app that lets you make and send invoices on the go. It even notifies you when clients view or pay invoices. It’s also an expense tracker app that has a feature to take photos of your receipts, input details and even mark the expense as billable so you can add it to an invoice.
This free mileage tracker app does everything. It tracks your mileage, imports it into FreshBooks and lets you take photos of receipts. It tracks your mileage using GPS so almost everything is automatic—you just need to categorize the drive with one swipe.
Expensify makes it easy to record all your expenses with minimal effort on your part. It imports expenses from your bank account and credit card and sends them to FreshBooks automatically. It can also scan receipts and import all the details.
This app makes it simple to scan and save all kinds of receipts. It’s known for automatically picking up details on all kinds of receipts, even foreign ones, and does currency conversions for you.