In this roundup, we are going to talk a little bit about why it’s important to keep track of your personal and business expenses, and take a look at some of the best expense tracker apps that are available – free and paid – to help you achieve your financial goals.
Many people are not too good at handling their own money. In Canada, 26% of its citizens are having trouble managing their finances.
Astonishingly, in the USA, 45.5% of people do not have any savings for their retirement, and there is a high chance they will be broke when they retire.
However, people who are in business are finding it even more difficult to save every month. This could be because their income varies every month making it difficult to maintain a budget, as opposed to people with consistent salaries.
The good news is, there are various expense tracker apps to help people with this ordeal.
The Best Business Expense Tracker Apps in 2020
For most people who run businesses, tracking expenses is by far one of the least fun features. Luckily, there are now various cloud-based solutions that help small to medium businesses modernize and automate tasks such as; expense tracking and reporting and controlling employee business expenses.
It is now possible to use mobile apps and smartphones to use receipts that have been scanned or photographed. They also provide a solution in which organizing and turning in expense reports online is far quicker and much easier.
Let’s take a look at some of the best expense tracker apps for small businesses.
1. Intuit QuickBooks – Mileage & Expense Tracker App
Price: $12.5 per month
Intuit Quickbooks is one of the best expense tracker apps, which is great for small businesses. Users can manage all of their finances with one click. They receive instant access to customer, vendor, and employee information.
Customers receive free support and upgrades with the online version, along with a 30-day free trial.
There are multiple reasons why QuickBooks is our top pick for the best business expense tracker apps. It has strong reporting, customizable invoices, inventory capabilities, multiple currency support, and 600+ integrations.
They also give their users the option of live bookkeeping, where users can outsource their bookkeeping tasks to an online accounting expert.
- Data from transactions can be imported from the user’s bank, third-party apps, and much more.
- There is an auto-update option in which numbers stay updated and there is no need for manual data entry.
- It helps the user get ready for tax time, and it sorts out all the tax time expenses into tax categories.
- Payments can be received that have been deposited, in the next business day. However, there is a small fee of 1% (maximum $10) to receive bank transfer payments the next business day.
- There is an option for a Live Bookkeeping Partner, in which a live bookkeeper organizes the user’s books. There is a certified expert that is assigned these bookkeeping tasks.
- With the use of their smartphone, users can track their drive up mileage deductions with mileage tracking. This feature tracks both, business and personal trips, making it the best mileage and expense tracker app.
- Simple Start: The cost is $12.5 per month. Includes features such as; track income & expenses, capture & organize receipts, maximize tax deductions, invoice & accept payments, track miles, run general reports, send estimates, track sales & sales tax, and manage 1099 contractors.
- Essentials: The cost is $20 per month. Has all of the Simple start features including; manage bills, track time, and three users can be included for collaboration.
- Plus: The cost is $35 per month. Has all of the Essentials features including; track project profitability, track inventory, and five users can be included for collaboration.
- Advanced: The cost is $75 per month. Has all the features of Plus including; manage and pay bills, business analytics & insights, batch import & send, customize access by role, dedicated account manager, on-demand online training, restore company data, automate workflows, and 25 users can be included for collaboration.
- Self-Employed: The cost is $7.5 per month. This is perfect for freelancers. The features it has are; track income & expenses, capture & organize receipts, estimate quarterly taxes, invoice & accept payments, track miles, and run basic reports.
Price: Free to use
Next up in this roundup of the best expense tracker apps, we have Personal Capital. It allows people to track their entire portfolio for free, manage their finances, and maintain their accounts in place.
Personal Capital gives its customers award-winning financial tools. They also give them personal attention from registered financial advisors for significantly less than what traditional financial advisors would charge.
Pragmatic and light on the pocket, Personal Capital is one of the best expense tracker apps to manage business expenses.
- The Dashboard gives the user a dynamic view and allows them to easily track and manage their whole financial life.
- Retirement Planner lets the user build, manage, and forecast their retirement from one convenient place.
- Fee Analyzer saves the customer thousands of overly expensive mutual funds fees that are hidden.
- The Personal Strategy feature is a customized approach to a portfolio. It combines Personal Capital’s innovative technology with the expertise of their financial advisors, and they deliver a globally diversified multi-asset class portfolio.
- Customers are offered both personal financial management/budgeting, plus investment management in one platform.
- A unique feature is that it acts as a financial platform, which operates as both a financial management service and an investment management service.
Personal Capital is free to use. However, wealth management has a fee structure that is based on the client being charged a percentage on the amount of investment. Normally, a fee of 0.89% to 0.49% is charged for accounts over $1 million.
Price: $9 per user/month
Abacus is a real-time expense management solution. To automate expense creation and approvals, it uses data and behavior analysis. Because of its powerful capabilities, it is one of our top picks for the best business expense tracker apps this year.
This allows expense workflows to be optimized and helps the management focus on glitches and high priority items.
This is one of the best apps to monitor spending. Abacus gives advice and alerts expenses for review, and it immediately manages recurring expenses within policy.
It is probably the simplest way for teammates to be reimbursed, reconcile corporate credit cards, and apply/execute an expense policy.
- With the use of bank/credit card integration, the app can easily take in all the receipts that are in the credit card statement database.
- The Abacas mobile application stores data from travel itineraries, electronic documents, and any updates regarding travel delays/changes.
- Users can directly submit their travel requests and expense reports to the approver in-charge.
- Invoices can now be created by a standard invoice style library, which can also be branded/customized. Users can now send printable or electronic invoices.
- Employees can be directly reimbursed to their bank accounts, and they can also integrate the app with their payroll system.
- Travel systems such as Uber, airline ticketing systems, hotels, etc, are now allowed advanced integrations with Abacus, making it one of the best mileage and expense tracker apps.
- Starter: The cost is $9 per active user/ minimum 2 users, billed per month. This is great for small businesses that need to track expenses and reimburse employees. The features it has are; direct deposit reimbursements, corporate card reconciliation dashboard, multi-currency conversion, mileage tracking, basic accounting productivity, and travel integrations, unlimited data storage and export, and email support, and much more.
- Professional: Custom quote and billed annually. This package is good for companies with high expense volumes and advanced workflows. Includes all of the Starter features along with; comprehensive implementation package, company-branded portal and notifications, commercial card integration, and reconciliation dashboard and much more
- Enterprise: Custom quote and billed annually. This is package is essential for companies with complex workflows and multiple subsidiaries. Includes all of the Professional features along with; connected organizations, CRM integration (Salesforce), SAML-based single sign-on (SSO), and REST API access.
4. Shoeboxed – Best Receipt Tracker App
Price: $18 per month
Shoeboxed is a top-notch expense tracker app that also works as a document management service. It can scan and organize receipts, business cards, and other paperwork entered in the searchable cloud database.
When it comes to choosing the best small business expense tracking app, Shoeboxed would be our choice. Shoeboxed helps them obtain optimal levels of the organization by turning a paper trail into digital data.
This, in turn, allows them to maximize tax deductions and reduces the tedious task of accounting and administrative work.
- Seamless band and credit card integration that allows users to easily take in receipts from credit card statements.
- Calendars are integrated with systems that provide information and notify about upcoming flights, hotels, rental cars, etc.
- Receipts or even parse receipts can be converted and assigned to a report from a mobile device with pure ease.
- Users can apply Shoeboxed’s algorithm to help them provide a workflow for intricate approval forms.
- Employees receive automatic reminders if they have not completed their expense reports or their timesheets.
- Users are allowed to track mileage from the mobile device through maps or GPS.
- Startup: The cost is $18 per month and is billed annually. This package is good for individuals and freelancers. The features it has are; digital documents are allowed 600 per year, physical documents are allowed 300 per year, for document mail-in: 1 prepaid Magic Envelope per month, fees may apply for document returns, unlimited file storage, unlimited users, and iOS App usage.
- Professional: The cost is $36 per month and is billed annually. This package is good for professionals and small businesses. Includes all of the Startup features along with; digital documents are allowed 1800 per year, physical documents are allowed 1800 per year, for document mail-in: unlimited prepaid magic envelopes, free document returns, and Quickbooks online integration.
- Business: The cost is $54 per month and is billed annually. This is package is essential for businesses with high volumes. Includes all of the Professional features along with; digital documents are allowed 3600 per year, and physical documents are allowed 3600 per year.
5. Zoho Expense
Price: $2.5 per user/month
Next on this list of the best expense tracker apps – it is Zoho Expense. This app’s purpose is to make expense tracking and reporting painless.
It automates expense recording, connects with credit cards, updates approvals, and allows the user to achieve spending control and prospects.
Zoho Expense is quite popular among small businesses and can easily be the best business expense tracker app for your needs. It works well with other apps, such as Zoho Books + CRM, QuickBooks, Slack, Office 365, G Suite, etc.
- Zoho Expense has the auto-scan feature, where the user’s receipts or even a photograph of a receipt, are immediately saved. For example, the important details; date, cost, and establishment’s name.
- Expenses are recorded on the go and as they happen, that way time is saved during a busy schedule, and data is not lost.
- Expenses can be categorically organized with written notes and additional data entry fields. All the user has to do is attach the receipt, enter the cost, and pin the expense to the report.
- An expense allowance can be created for all the employees and the countries that they have to travel to. Food, cab fare, lodging can all have separate allowances to ensure no overspending is done.
- Expense reports can be created and sent to customers, and similar expenses can be merged to avoid the error of duplicate entries.
- Receipt tracking is done and handled safely on the cloud.
- Free: The cost is free and includes a minimum of 3 users. The features it has are; 1 policy, 1 automated workflow, 5 GB receipt storage, mileage expenses, multi-currency expenses, basic expense rules, customer/project tracking, and email support.
- Professional: The cost is $2.5/user per month billed annually, or $3 billed monthly, and includes a minimum of 10 users. Includes all of the Free Plan features along with; 25 policies, 25 automated workflows, unlimited receipt storage, and auto-scans, expense report automation, accounting integration, advanced approval flows, corporate card reconciliation, and customizable roles.
- Enterprise: The cost is customized with a minimum of 500 users. Includes all of the Professional Plan features along with; unlimited policies and automated workflows, TMC integration, ERP integration, single sign-on (SAML), live chat support, and a dedicated account manager are available.
6. Rydoo Expense – Travel Expense Tracker App
Price: $6 per user/month
If you are looking for mileage and expense tracker apps that are easy on the pocket; Rydoo Expense is the one for you. It is one of the leading travel and expense tracking apps that simplifies expense tracking processes for businesses with high-growth capabilities.
The principle idea behind the Rydoo Expense tracker app is to rid companies and their employees of unnecessary travel and expense tension. This app can search flights and hotels, and even book a seat on the train or find a cab with an efficient price rating.
- Expense reports are created with ease and they take up less time, and it is simple and easy for new users to operate.
- Receipts from credit card statements can easily be pulled in through bank/credit card integration. This is the best app spending tracking.
- Notifications are set and given upcoming flights, hotels, rental cars, etc. This is set through the integration of calendaring systems.
- AP systems can be integrated to help with adequate reporting and recognize the revenue aptly.
- It stores travel itineraries, electronic documents, and any changes or delays in the travel journey.
- Employees are sent reminders to finish their incomplete expense reports or their timesheets.
- Team: The cost is $6 per user/month billed annually, includes a minimum of 50 users. The features it has are; OCR scanning, mileage expenses, and approval flow.
- Growth: The cost is $8/user per month billed annually and includes a minimum of 50 users. Includes all of the Rydoo Team features along with; the second level of approval, expense policy rules, and per diems.
- Enterprise: The cost is customized with a minimum of 500 users. Includes all of the Rydoo Growth features along with; direct bank transactions feed, ERP integrations, and API access.
The Best Personal Expense Tracker Apps in 2020
Practically everyone wants a little extra cash set aside for a rainy day, and there isn’t a day people aren’t looking for a way to control and track expenses for this reason.
Thanks to the innovative tech produced nowadays, there are various financial tools and budget apps that act as a personal expense tracker app.
Most of these apps help the user understand and learn a specific method of budgeting, transactions impacting their bank account, etc. The great part is that most of these apps are free and they are available on the web, Android, and iOS devices.
Below are some of the best personal expense tracker apps for everyone.
7. Spendee – Best Personal Expense Tracker
Price: $1.99 per month
Spendee is one of the best expense tracking apps, especially for those who have trouble managing personal finances. With this personal expense tracker, it is easier to set smart budgets to help the user not to overspend, and stick to their daily budget, allowing the user to understand their financial habits.
Users can connect their crypto wallet and e-Wallet for a complete overview of their cash flow. Through Spendee, this allows users to gain entire control all over their cash expenses, bank accounts, e-wallets, and crypto-wallets.
They can a quick overview of their total incomes and expenses with one glance from one place.
- Spendee is great for couples, families, roommates, and anyone that uses shared wallets.
- People that prefer making payments through card opt to use Spendee since they can connect their bank accounts to the app.
- Spendee lets its users customize their categories, add a picture or a location to every expense.
- Spendee favors multiple currencies when managing money all over the world, which is needed by travelers and digital nomads.
- Users can set alerts and reminders as notifications so budgets are not exceeded or to pay a bill etc.
- Everyone that uses Spendee can sync and backup across all their devices, all while sharing with others.
- Basic: The cost is free, instills healthy financial characteristics, and enables users to see their money spending habits. The features it has are; data back-up and sync, some cash wallets and budgeting allowed are 1, it also provides secured data and a detailed overview.
- Plus: The cost is $1.99 per month or $14.99 annually. This package is great for those who want to save money collectively with their family and friends. Includes all of the Spendee Basic features along with; unlimited number of cash wallets and budgeting, and shared wallets with others.
- Premium: The cost is $2.99 per month or $22.99 annually. This package is essential for those who want to save for something particularly important. Includes all of the Spendee Plus features along with; bank account synchronization and automatic categorization.
8. Wally – Free Expense Tracking App
Price: Free to use
Wally is one of the best expense tracking apps for the iPhone. This app is especially good for users that want to manage their finances. It helps them make a comparison of their income and expenses and helps them create an understanding to track their money and spending variations.
Wally’s purpose is to function simply, seamlessly, and provide money managing insights. Wally is noted as an app to control expenses, and help the user understand their money spending psychology.
It helps users achieve their budgeting and expense tracking goals and is one of the best free expense tracker apps you can get your hands on in 2020.
- One of the best income and expense trackers, which helps users set and achieve their goals.
- Wally has taken high precautions to respect their user’s privacy, they make sure their information is safe and secure with them.
- All forms of currencies are available on this app, from the American Dollar to the Congolese franc.
- Users can save pictures of receipts with every expense. All they have to do is log in and take a picture of the receipt for their records.
- Passwords can be set on the app to increase security, however, users are urged not to forget it otherwise their information will be lost.
- Soon it will be fully functional on Android and the web.
- A completely ad-free experience – no annoying ads while managing your expenses for free.
Wally is completely free to use at present. However, in the future, they plan to add some optional premium features (ranging from $0.49 – $4.99). This will include features, such as currency conversion for travelers, family budget management tools, etc.
9. Expensify – Easy-to-use Expense Tracker
Price: $4.99 per month
Next up on our list of the best personal expense tracker apps, it is Expensify. This app is for people who need to manage their expenses and track their receipts on the go.
All the user has to do is take a photo of their receipt and the app will automatically transcribe the details to make expense logging quick and effortless.
Expensify can categorize and code each receipt. It also takes the pain of submitting business expenses for approval and reimbursement by automatically sending them on the user’s behalf.
It saves time with strong features such as; corporate card reconciliation, multi-level approval workflows, and syncs with all major accounting software.
- Expensify uses the OCR SmartScan, therefore, it allows the user to add expenses using its mobile app.
- The mobile app is great for data capture. The user just has to take a photo of the receipt at its sale point, assign it to a report, and then the software takes care of the rest.
- Expensify has fun and easy to operate user interface. However, this app can interpret the text on a scanned receipt is amazing.
- The user can split the expenses. The user or approver just has to enter the expense and use the ExpensePoint feature to split the cost.
- There is a web dashboard the user can use to provide modest reporting on the categorized amounts spent, using tag and time references.
- This is one of the best mileage and expense tracker apps, allowing you to track mileage via various measures: typed-in distance, odometer readings, or by using the GPS.
- Track: The cost is $4.99 per month, with free 25 SmartScans per month. This is great for individuals and sole proprietors to track receipts and expenses. The features it has are; automatic mileage tracking and auto-categorize expenses
- Submit: The cost is $4.99 per month, with free 25 SmartScans per month. This package is for employees and small business owners to send receipts to administrators or accountants. Includes all of the Track features along with; auto-submit reports for reimbursement, submit receipts to anyone.
- Collect: The cost is $5 per user/ month, with Expensify card. This is great for teams and organizations the money flow to automate receipt collection and reimbursement. Includes all of the Submit features along with; auto-sync to accounting software, and free Expensify card with auto-reconciliation.
- Control: The cost is $9 per user/ month, with Expensify card. This package is for companies that need expense reporting, card management, approvals, and reimbursements. Includes all of the Collect features along with; manage any corporate card and multi-level approval workflows.
10. Mint – Best Free Expense Tracker App
Price: Free to use
Mint is the best free expense tracker app, which is also one of the best personal expense tracker app. It syncs all of the user’s credit cards, bank accounts, and investment accounts in one place.
This app is the brainchild of Intuit (QuickBooks and TurboTax). They’re particular about keeping user financial data safe. Intuit has made sure that Mint uses bank-level security and encryption, especially when transaction data is being pulled in, to keep user data safe.
They have Mint operations as such that the longer a Mint Account is in use, the easier it is for all sorts of accounts (bank, credit cards, and utility companies) to be connected.
- Transactions from all of the user’s accounts can be refreshed, and are placed in the chosen categories.
- Other than bank accounts and credit cards, users can connect most of their utility companies.
- Mint has an Overview Screen, in which the user can oversee their account balances, receive alerts or offers that may be available, and an overview of their budget.
- Budgeting of funds can be customized according to user needs. There is a free and easy savings goal creation feature, which gives notifications and reminders via email.
- These are financial accounts that can be linked to Mint; IRAs, real estate, checking accounts, savings accounts, 401(k), brokerage accounts, loans, and much more.
- This app can also virtually connect to all the financial institutions online. It can scan credit cards, banks, and brokerage offers that fit that user’s needs.
Mint is completely free to use.
Price: $4.99 per month
PocketGuard is one of the best budgeting and expense tracker apps, designed specifically for personal finance management. One of its best features is the ability to monitor potentially unnecessary and unauthorized charges, hidden fees, billing errors, and scams/frauds.
Even though PocketGuard is only available as a mobile app, for both Android and iOS, the web app is currently being beta tested. However, the web version does not have all the features and services that are available on the mobile app.
Note: PocketGuard is only available in the U.S. and Canada for the time being.
- Users can check on their finances from one place by linking their credit cards, checking and savings accounts, investments, and loans to the app.
- The automatically updates and categorizes transactions as they happen, which in turn helps the user understand their spending cycle and learn to save.
- The feature in my pocket saves the money that may be left over after all the bills have been paid.
- This app immediately builds its user a personalized budget, which is based on their income and expenses, and goals set by the user.
- PocketGuard will calculate funds to find ways to save money for health finances, negotiate lower bills, getting high-interest savings account, and much more.
- Account data safety and security are given top importance at PocketGuard. They use an encrypted token system to download and categorize the user’s data from their bank.
PocketGuard is available at $4.99 per month, or $10.99 per quarter, or $34.99 per year.
12. Household Account Book
Price: $0.99 (one-time fee)
Household Account Book is by far one of the best, distraction-free budget and spending tracker apps. This expenditure tracking app uses cute illustrations to make budgeting and expense tracking less stressful and boring.
Users can keep the money they spend and save for the whole month. it has a bonus feature of a free comic book. The longer the user keeps using this app, the longer they will be able to read the comic book.
Since it gives users an incentive to use the app, I believe it is one of the best free expense tracker apps that are super easy to use.
- Simple to use, this app is has a manual setting where the user can put small amounts of random cash spent on things that can add up expense wise.
- The main screen of the app is clear and always shows the monthly balance of income and expenses, which have been punched-in manually.
- Users can change, omit, and create their income & expense categories. They can use images, graphics, or pictures.
- Household Account Book creates a pie graph that shows the user what they spend their money and what is the percentage of the money they spend on particular items.
- Even though this app is free to use, it does have ads that play while you are using it. However, it only costs $0.99 to remove these ads permanently.
- It is super simple and easy to use, there are no judgments passed by the app or messages or tips on how to save money or budget.
Price: $11.99 per month
Moving further down the list of the best personal expense tracker apps, we have You Need A Budget (YNAB). It, quite honestly, is the personal expense tracker app that everyone needs.
The mobile app allows the user to instantly refer to their accounts, categorized budgets, enter new transactions, and modify any changes through your mobile phone.
YNAB is available on the web, Android, and iOS, therefore, allowing the user to keep their budget data up to date. This app syncs in with all of the user’s devices. However, the web version of the app has more features such as; different educational tools and guides to help users build good budgeting habits and financial discipline.
- Bank accounts and all other financial accounts are synced easily, letting them all connect and be accessed from one place.
- The app gives real-time budget updates across all the devices.
- YNAB helps its users in setting goals and tracks them to let them see if they are achieving them.
- There are personalized reports made according to the user’s set goals to help them see if they are achieving the wanted level of success.
- All the YNAB customers received personal support and teaching aids 7 days a week.
- There is a no-risk, 100% money-back guarantee Refunds are given without any hassle and no questions asked.
- Users are offered 15 different workshops such as; Create a Debt Paydown Plan and Saving Money On Groceries to help them achieve higher-level goals.
YNAB is available at $11.99 per month or $84 per year. It is also available with a no-commitment 34-day free trial so you can see for yourself if it works for you and helps you cut down on expenses.
Price: $7 per month
Goodbudget is one of the best budget and expense tracking apps. It takes both the traditional envelope system (where a person physically places cash into categorized envelopes) and has digitized it to a virtual, less risky, system.
This app is available both on the mobile and website and lets the user specify how they want to save their funds. This is a more refined way to budget and is one of the best apps to record daily expenses.
The Free-Free Forever plan is perfect for novices who want to learn to control and track their finances. However, those with larger budgets might want to upgrade to paid memberships.
- There is a regular envelopes feature in which the user places funds for their frequent daily expenses.
- The feature more envelopes are used to save funds for particular expenses such as vacations or emergency funds etc. They can be customized according to the user’s needs.
- Users can enter any amount of money they receive or spend in their Goodbudget account.
- Once the envelopes have been assigned amounts of cash, the user can start entering their transactions and it immediately starts showing the impact on their budget.
- Users can gain a spending perspective because Goodbudget allows the user to glance at personalized reports. This helps them see how their budget has been broken down by expenses.
- Even though Goodbudget is easy to use, it is not easy to maintain. Bank account and credit cards do not automatically sync with the account, and all the data has to be manually logged in.
- Free: It is free of cost. The features it includes are; 10 regular envelopes, 10 more envelopes, 1 account, 2 devices, 1 year of history, debt tracking, and community support.
- Plus: The cost is $7 per month or $60 annually. The features include; unlimited regular envelopes, unlimited more envelopes, unlimited accounts, usage of 5 devices, 7 years of history, debt tracking, and email support.
? Expense Tracker Apps – FAQs
? What is the Best App for Expense Tracking?
For investors, Personal Capital is the go-to app. If you have most of your cash flow under control but want better graphical representation for your finances, then Personal Capital is great to use. It is like hiring a full-featured investment manager, but once you sign-up they give you a free personal finance dashboard.
For small businesses, Intuit QuickBooks is the expense tracker app. QuickBooks comes in many different versions with various features depending on your needs.
It isn’t perfect, but it is the best option currently to control your entire business management, including expense tracking, contract management, and payroll, all in one app.
For Households/Personal Finance
Another app by Intuit is Mint, which is also the most popular personal expense tracking app. It is free, supports integration from various banks and lenders. Mint helps with budgeting, expense tracking, credit monitoring, and paying bills. It is the best personal expense tracker app.
And of course, it has been said that Wally is the app for today’s millennials. It is an integrated expense tracker app that gives insights into your spending habits.
Wally has a big focus on expenses and gives feedback on how to cut expenses. It also has a social feature for shared expenses.
You Need A Budget? That’s right, the best for budgeting is You Need A Budget (YNAB). This app has the primary focus of budgeting and expense tracking.
YNAB forces its users to give a job to every dollar they earn, whether it is related to savings, expenses, or investments, and the in return app uses this process to show them their budgets.
Key Features to Look for in an Expense Tracker App
There are many types of apps that are used for expense tracking. However, before you choose one make sure it suits your needs. Below are some of the features a good expense tracking app should have.
The key features that an expense tracking app should have:
- Simple, easy to use, and intuitive UX
- Custom income & expense categories
- Graphical illustration of income vs. expenses
- Unlimited history of your income & expenses
- A list of the most frequent expense categories
- Analysis and reports that are easy to understand and export
? How to Keep Track of Business Expenses?
It is not easy to keep track of every business thrown your way, especially as a small business owner. The question does arise “how thoroughly monitoring business expenses and income?” Below are some steps to take for tracking business expenses and income.
1. Acquiring a Business Bank Account
Once the business is started, it is important to secure and separate your business and personal funds. This is the first step to tracking your business expenses and income.
2. Choose an Accounting Method
Before you can start tracking income and expenses, you must choose an accounting method. Which could be a cash basis or accrual basis, do some research as to which one is suitable for your business needs.
3. Apply the Chosen Accounting System
The real challenge lies here for small business owners since accounting can be a challenge for them. IT is important to keep an accurate record of your business expenses and income.
This will allow your data to give you a realistic snapshot of your business’s financial health.
4. Track Expenses
After an accounting system has been implemented, and you have started recording your income and expenses, it is important to keep track of those expenses as well.
Monitoring these expenses play a vital role in the growth of any business. It is wise to build financial statements, keep track of deductibles, and prepare tax returns.
5. Monitor Income & Expense Patterns
Information is power and timing is everything. You need to record your business expenses on time so you know how soundly your business is functioning. That means you need to record your business expenses and track your total income regularly.
Normally, once a month is sufficient to record and track your income and expenses. However, with the help of the best app to monitor spending and the best business expense tracker app, this task is made a lot easier.
? What is the Best Way to Track Your Expenses?
There are several ways to keep track of your expenses. Some of those systems may be similar to one another or completely different. However, people choose a particular method of tracking expenses that is suitable to their needs and lifestyle.
Below are some of the methods of tracking expenses that people use:
- The Paper Trail: In this method, people immediately note down the transaction after it has been completed. This is by far the most basic method and easiest to use to cross-check your credit card statements.
- Using Credit Card Statements: At the end of the month, people use their credit or debit card statements to keep track of their expenses. However, this isn’t the wisest option since it doesn’t record cash payments.
- Online Services: This is becoming the most popular method to track one’s expenses nowadays. This could be due to the influx of technology usage over the years. Instead of using a paper trail or credit card statements, people use the best app for tracking expenses and income. The most popular and free one to use these days is Mint.
? How Do You Record Daily Expenses?
Anyone can record their daily expenses using an expense tracking app. It will have an expense tracker where the user will just have to enter the amount of money spent. They will receive a detailed report of that expense after it has been analyzed.
This, in turn, helps in planning your expenses accordingly, which gives insight and provides an effective way forward to plan your daily and monthly expenses.
Taking care of your finances isn’t a responsibility that happens once you start working, this takes place a lot earlier. You need to start taking care of your finances when you start college and to be honest, probably earlier.
The earlier you start taking care of your finances, it becomes a lot easier to save and manage for later on in life. The risk of you falling into perpetual debt is a lot less, and you develop healthy habits regarding your financial situation.
The easiest way to go about it now is to use the best app to keep track of expenses. Have you used any? If so, which expense tracker app is your favorite and why do you recommend it? Please share your thoughts with us in the comments below.
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