When the time comes to start your own business, there are many things that you’ll need to think about, from investing in local talent to designing the perfect product. One of the most important considerations for any company, regardless of size, is cash flow and avoiding too much debt. This is a good read about the UK’s average debt.
If you can’t keep track of your incoming and outgoing money in your company, then you have no idea whether you’re making a sustainable profit. Fortunately, for today’s business owners and would-be entrepreneurs, plenty of tech solutions make managing your cash a little simpler. Here are just 3 of the best apps for keeping track of your business expenses.
1. Expensify
Expensify is one of the leading cost management tools today, offering an extensive range of automation features and capabilities. You can use this service to check your business costs on a day-to-day basis and rest assured that everything has been approved and endorsed by the AICPA.
Expensify is not just for managing expense reports. It can do a lot more than you might expect. The mobile technology even comes with SmartScan, so you can avoid the headaches associated with tracking receipts and manual invoices. All you need to do is snap a picture of the receipt, and the details will be automatically coded for you. Expensify even helps with mileage tracking for trips, too. Moreover, the app is very easy to use, making it great for beginners and freelancers.
2. Zoho Expense
Another top contender for one of the leading expense tracking apps on the market today is Zoho Expense. Zoho offers a wide selection of business and IT solutions for modern businesses, including Zoho Office, and even a variety of collaboration tools. Zoho Expense is bound to be an easy-to-use solution for companies that have benefited from the Zoho portfolio before.
With Zoho Expense, business users can quickly and easily store copies of receipts and record crucial expenses when they happen. With the app, you can pin receipts to reports, sort through expenses according to category, and add specific data fields. There’s a built-in GPS tracker, maps, and more to help with logging mileage for everyday trips. The app is perfect for employees who need to travel regularly. You can also access even more convenient features by connecting your credit card to the system to benefit from automatic reports. Expenses can be easily combined, analyzed, and sent to managers via email and other services. For business leaders, analytics services are great for tracking excess spending.
3. QuickBooks
Finally, QuickBooks is a name that rarely needs to be introduced in accounting software. With QuickBooks, business leaders and finance teams can create comprehensive invoices or monitor their day-to-day cash flow. You can track profit and loss and easily make the most of extensive end-to-end reports.
Tracking information becomes even easier once you connect your bank or PayPal accounts to the QuickBooks app. You can keep a close eye on everything happening on your business’s financial side. What’s more, if you’re trying to create a more professional image for your company, QuickBooks can also help customize your invoices and sales receipts. The QuickBooks app also includes support for more than 80 app integrations.
Not only is QuickBooks intuitive, but it’s also easy to use and commonly appreciated by accountants throughout various countries. You must give your accountant access to your QuickBooks rather than provide them with a pile of receipts at the end of each year.
Choosing Your Accounting Tech
Auditing your expenses doesn’t have to be the most exhausting part of running your business. With the latest apps and technology, you can conveniently automate everything from expense tracking to mileage management in just a few seconds. Also, remember to keep a home safe if your business requires you to travel frequently.
