The best business expense tracker apps enable users to optimize their expenditure and provide the surest receipt tracking. This, in a nutshell, allows businesses to maximize their profits by keeping their overheads manageable. Not only that, importing credit card transactions and complete integration of most accounting software can be easily achieved, giving users a comprehensive overview of their fiscal assets in real-time.
As a result, businesses significantly reduce the amount of time spent tracking down and cataloging expense receipts so that they can take advantage of tax deductions. This process saves a wealth of time and in today’s digital age is practically a prerequisite for successful operational management.
Most of us will have come across Sage accounting software or the ever-popular QuickBooks. Both these staple accountancy platforms promote mobile financial management. In short, it’s never been easier than ever before to track your expenses, especially with new EDE (expense data extraction) technology. But beyond the brands that we all know, what track business expenses apps will significantly improve your day-to-day fiscal management.
We’ve compiled a list of what we consider to be those apps that you can’t afford to not consider when managing your commercial assets.
One of the most recognized expense tracking platforms, Expensify is ideal for the solo entrepreneur or directors of SME businesses who are looking for a scalable solution to their online expense management tracking. Users can choose from the Expensify Individual Plan which is 100% free, the Expensify Team Plan which costs $5 per active user per month and the Expensify Corporate Plan which amounts to just $9 per active user per month.
There is, of course, a tiered structure to each of these plans that allow users to unlock more features with the more they pay each month.
The Individual Plan allows users to scan five receipts a month and has unlimited receipt storage and basic expense approval. The Team Plan goes beyond the Individual Plan, giving users the chance to access next-day reimbursements once approved and it integrates with Xero and QuickBooks. The Corporate Plan is ideal for mid-large sized businesses and provides users with direct access to NetSuite, Sage Intacct, Dynamics and Zenefits and multi-tagging of expenses.
This app has a free plan for sole traders and the option to upgrade to a paid plan for just $15 dollars a month. For this highly affordable price, users get access to a wealth of essential features for up to 10 employees. Better yet, the free plan includes the option of adding an extra seven users.
Choose either plan and you can track mileage expenses, per diem allowances, expense policy enforcement, and be able to manage multiple currency transactions when traveling abroad. Zoho Expense offers comprehensive expense management that no business should be without.
Anything else? Yes. Choose Zoho Standard edition and you can track the expenses for up to 1,000 employees across varying departments and offices. With multilevel approvals, custom roles, and online reimbursement features will streamline the entire business expense tracking process. Not only that, Zoho Expense offers a tailored price plan for businesses of more than 1,000 employees.
Unlike Expensify and Zoho Expense, SAP Concur does not feature a free plan option. However, with price plans that start at a mere $8 per user a month, the app is highly affordable. One attribute that is a real benefit to this expense and receipt tracking platform is that it can easily accommodate small businesses and Fortune 500 companies. It’s a clear testament to the platform’s prowess when retailers like Starbucks and Uber have invested in the technology.
SAP Concur Standard edition enables users to capture and complete receipt tracking with the app or via a desktop computer. There’s also the ability to create an approval workflow. Once employees send their expense reports, an alert is sent to supervisors making managing the whole process straightforward.
If you choose SAP Professional Edition, you will receive advanced workflow approvals, advanced guidance on corporate expense policy, the opportunity to manage multiple bank accounts simultaneously and VAT tracking.
Ideal for a large enterprise organization with hundreds or even thousands of employees in different offices around the globe, SAP Concur’s Professional edition typically offers more than one level of approval and adherence to comprehensive corporate expense policy rules that must be set up prior to using.
If fraud prevention is your primary concern, the best app you can use to track business expenses is Tallie. Not only that, the app goes well beyond the basic features of simple tracking of receipts minimizing the potential of theft which has left some online platforms open to.
This app features intelligent automation which accelerates the expense submission process, eliminates duplicate reimbursement, and immediately notifies you of any potential policy violations.
Moreover, Tallie utilizes optical character recognition to automatically categorize expenses by the nature of the purchase, such as office equipment or corporate entertainment. Not only that, users can drag and drop expenses to the applicable expense report, making managing your finances simple.
You also get a choice of tiered plans. The Business plan is priced at just $9 per month. For this, users have the ability can are pending approval. Like the SAP Concur Standard plan, Tallie Business plans are ideal for businesses with less than 100 employees who are looking to automate their expense management processes.
Alternatively, the Tallie Enterprise plan enables users to customize the platform to their specific needs. You can connect to an unlimited number of personal and corporate credit cards, receive customized training for your team and have dedicated customer support. Ideal for expense and receipt tracking of large organizations with more than 100 employees, the Tallie Enterprise also features customized training making it easy for everyone to use.
So, there you have it. Four excellent choices for businesses considering which expense tracker apps to use. Time remains to be seen whether these apps will see their popularity persist into 2021 though one thing is assured, these apps are here to stay. If they make use of the latest OCR technology for more efficient EDE then they will have more success.