Small Business Expense Tracking Made Easy with These Apps
If you want to increase your profits, make more sales. The trouble is, there’s another side to that coin. Spending too much can reduce those gains. That’s why tracking your expenses can be just as important. Luckily, there’s an app for that (several actually). Take a look at these expense-tracking apps that can help your small business make more sense out of the dollars you’re spending.
Featured in Apple’s TV commercials, this app helps small businesses simplify expense-tracking and monthly budgeting. It lets you track monthly expenses based on a budget you set. At a glance, you can tell how much money you have left in your planned budget for the month. That can help you decide whether you have the money to take advantage of a supplier’s sale on merchandise.
It also lets you snap a photo of a receipt and input it into your budget. It even helps you track mileage based on a pre-determined reimbursement rate.
This app was reportedly developed with small businesses in mind. It lets you customize expense categories to fit your business. That helps you track the kind of expenses you incur. And you can generate reports to share with your accountant. It also lets you track the time you worked on a project. That can be helpful for service businesses that bill by the hour.
This app also has the functionality to photo receipts that you can later crop and geotag. The receipts can even be attached to the PDF reports that you share with your accountant.
What makes this app different is its SmartScan technology. This feature can scan a receipt, recognize the information and automatically make an expense entry for you. You get ten free scans a month. It creates expense reports and can also integrate with QuickBooks.
The mileage tracker includes a GPS feature. Just start it when you begin your trip and stop it when you’ve arrived. It figures the miles for you.
Shoeboxed Receipt and Mileage Tracker
Still have a shoebox where you keep all of your receipts? This app transforms it into the digital age. Just snap a picture of the receipt with your phone. The app extracts the key information and organizes it into common categories that are searchable. If that’s too hard, you can stuff them into a prepaid envelope, mail it to Shoebox, and they’ll do it for you—for free.
It also lets you create expense-tracking reports that can be exported. And it has a GPS feature to help you accurately track mileage. The app is free and monthly subscriptions start at $9.99.
Don’t let runaway expenses offset an increase in sales. Consider whether low-cost apps like these can help your small business track everyday expenses so you can manage the dollars you’re spending.