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No matter what type of business you have, tracking expenses is essential. Here’s how to make sure you’re using the best app.
Collecting receipts for business trips and other expenses can be a tedious and laborious task. The number one concern employees have at the end of the month is finding the documents they need for their expense reports. Traditional approaches to expense reporting waste your team’s valuable time and can even increase work-related stress and frustration.
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Expense tracking and reporting applications are solutions that can help alleviate some of these pain points for both employees and employers. Specifically, for employers or managers, being able to track spending allows them to more quickly understand how well their business is handling money and whether changes need to be made to their travel policies.
If your business is interested in adding an expense management tool to your tech stack but isn’t sure where to start your search, we’ve put together a list of the 5 best expense tracking solutions for travelers. We’ll cover the main features, strengths, weaknesses, and pricing of these apps.
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Top Expense Tracking Solutions: Comparison Table
Best expense tracking solution for business travelers
Expensify: Great for getting receipts
Expensify is great at getting receipts, but it does more than that. In addition, it offers other useful expense tracking features such as automatic mileage tracking, trip reminders, expense categories and flight delay notifications.
The problem with paper receipts is that they are easy to misplace. With Expensify, simply take a picture with your phone’s camera and your receipt will be instantly uploaded to the app. Most of the top expense reporting apps offer receipt capture, but Expensify’s approach is particularly effective and user-friendly.
Main function
- Integrates with various applications like Uber, QuickBooks, Gusto
- Business trip mileage tracker with GPS
- business credit card expense reimbursement
- For more information, see Automatic Receipt Scanning
Strong Points
- Easily tag, group, and categorize expenses in reports
- next day refund
- Free monthly receipt scans available in free version
Cons
- Automatic reading of receipts may take longer than manual entry
- Uploading PDF receipts is not intuitive
price
- free: $0
- collection: $5 per user per month
- Control: $9 per user per month
The paid version allows users to take advantage of custom reports, access control features, and more.
QuickBooks Online: Great for Comprehensive Expense Reporting
QuickBooks Online is a popular accounting software package. It offers one of the most comprehensive expense reporting apps with several advanced features such as real-time dashboard, automatic bank account, PayPal and credit card sync. The app automatically categorizes expenses, but you can also manually reject them.
If your business already uses QuickBooks for accounting, it makes sense to use it for expense reporting. However, the interface can be difficult for new users, especially compared to other competitors that offer a clean and simple UI.
Main function
- Integration with 650+ third-party apps
- Generate profit and loss report
- Customized report with business logo
- Multiple permission levels for user access
- accountant access
Strong Points
- Superior security features such as firewall-protected services and encryption technology
- Ability to link credit cards and bank accounts
- Automated expense tracking in multiple currencies
Cons
- Expensive
- Not-so-friendly user interface
price
- Easy start: $30/month
- Necessities: $55/month
- plus: $85/month
- Altitude: $200/month
QuickBooks Online frequently offers discounts per plan.
Goodbudget: Best for Beginners
Goodbudget is perfect for business users who want a simple, easy-to-use app to report their expenses. Goodbudget offers a “digital envelope” that allows users to more easily track their spending, savings, taxes and more. Users can also display data in charts for a quick visual representation. Goodbudget’s intuitive user interface means it takes very little time to figure out how to use the app.
If you don’t want an app with a steep learning curve, Goodbudget is for you. However, there are some drawbacks to consider when making your decision. The app does not have an automatic scan, so you have to manually enter your expenses. There is also no automatic synchronization of bank accounts and credit cards.
Main function
- Import bank transaction file
- Supports multiple users and devices with paid plans
- Debt account feature to track payoff progress
- Ability to sync and share budgets between users
Strong Points
- friendly user interface
- Multiple device support with automatic synchronization
Cons
- Limited function
- manual entry required
- No syncing with bank accounts or credit cards
price
- free: $0
- plus: $8/month or $70/year
Everlance: Best for Mileage Tracking
Everlance is an expense tracking app for businesses and the self-employed. Perfect for users who need to track mileage, simplify refunds, and meet tax compliance requirements. The app allows users to track his 30 business trips per month for free, but he can subscribe to a paid plan if he wants more.
Everlance is one of the few expense tracking apps that offers automatic mileage tracking in its free version. The free version comes with a 7-day premium trial so you can test it out before deciding if the paid plans are worth it. You can set up rules to automate your recurring expenses.
Main function
- automatic mileage tracking
- long session tracking
- Customizable workflow
- team report
Strong Points
- Ability to export mileage reports to various formats
- Unlimited users on any plan
- IRS compliant mileage log
- Track your mileage and expenses in one app
Cons
- Free plans are not linked to bank accounts or credit cards
- Paid plans can be expensive
price
- free: $0
- Mileage Tracking and CPM Program Plans: $12/user/month
- Plans for Fixed and Variable Rate (FAVR) programs: Contact Everlance for more information
Emburse Spend: Great for quick approvals
Emburse Spend offers the fastest processing speeds on this list. Users can enter expenses from a variety of sources, including receipts and credit card transactions.
One of the key features of Emburse Spend is the ability to automate expense approval hierarchies to expedite approval of expenses. Additionally, you can add expense policy rules that can automatically check the compliance level of each report before submission. A simple dashboard further facilitates the approval process.
Main function
- Budget control features to limit spending
- Expense reporting with multiple devices and users
- GPS mileage tracking
- automatic credit card monitoring
- next day refund
Strong Points
- fast approval
- Direct reimbursement to employees
- Integration with many leading accounting software solutions
- Many features available in the free version
Cons
- Users report technical issues with receipt scanning and refunds
price
Emburse Spend primarily promotes its free version. However, interested prospects can speak directly with the Emburse team if they would like a customized package quote.
Expense reporting app FAQ
What’s the best way to track expenses?
The best way to track your expenses is with an expense tracking app that stores your data and automates some steps in the process. Top expense tracking apps allow users to capture and automatically scan receipts and collect information such as date, amount charged, and location. Expense tracking apps are ideal for businesses that travel frequently or have multiple employees or departments that need to track expenses.
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There are many ways to track business expenses. The traditional method is to record all expenses in a notebook or personal ledger and keep all receipts. This method is obsolete because it is inefficient and prone to data loss and errors. A better way to manage your expenses is with an expense tracking app.
What is the expense tracker used for?
Whether you are a small business or a large enterprise, tracking expenses is essential to your business health. Expense Tracker allows employees to track their expenses along with receipts and other documents needed to verify expenses.
Employees can use the expense tracking app to get reimbursement for expenses for business-related activities. If you use a company credit card, you can use expense reports to monitor and review your expenses.
Expense tracking and verification is important, but employers prefer that expense tracking not interfere with an employee’s other duties and responsibilities. Expense tracking apps are convenient because they allow employees to take pictures of receipts on their smartphones, send expense reports to their boss for approval, and utilize other expense management features to maximize efficiency.
How to choose the best expense tracking app
To choose the best expense tracking app for your business, you should consider several factors. It’s best to start by making a list of priorities and features you want. For example, if you have an employee who travels a lot on the road, an expense tracking app that offers GPS tracking will make it easier for users to track their mileage.
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Similarly, if you plan to integrate your app with your existing tech stack, check compatibility before making a decision. Other factors to consider include automatic syncing with bank accounts and credit cards, price, and ease of use. Most expense tracking apps offer a free version, so it’s a good idea to try the app for a few days before purchasing.
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