Top 5 expense tracking apps of 2023

No matter what kind of business you are in, it is very important to keep track of expenses. Here’s how to make sure you’re using best practices to help.

Collecting receipts from business trips and other expenses can be a tedious and painful process. At the end of the month, the last thing an employee wants to worry about is finding the documents they need for their expense report. The traditional approach to expense reporting uses up your team’s valuable time and can even increase work-related stress and frustration.

TO SEE: Travel and business expenses policy (TechRepublic Premium)

Cost tracking and reporting applications are solutions to alleviate some of these problems for both the employee and the employer. For the employer or manager in particular, being able to track expenses can provide better and faster insight into how well the business is handling money and whether any changes to business travel policies are needed.

If your business wants to add a business expense management tool to your tech stack, but you’re not sure where to start your search, we’ve compiled a list of the five best expense tracking solutions for business travelers. We will discuss the key features, pros, cons, and pricing of these apps.

Jump:

Best expense tracking solutions: Comparison chart

The best expense tracking solutions for business travelers

Expensify: Best for capturing receipts

Image: Expand

Expensify is great at capturing receipts, but that’s not all. In addition, it offers other useful expense tracking features, including automatic mileage tracking, trip reminders, expense categories, and flight delay notifications.

The problem with paper receipts is that they can easily be misplaced. Expensify lets you instantly upload receipts to its app by taking a photo with your smartphone’s camera. While most of the best expense reporting apps offer receipt recording, Expensify’s approach is particularly effective and user-friendly.

Main Features

  • Integrates with a variety of apps including Uber, QuickBooks, and Gusto
  • Business travel mileage tracking using GPS
  • Expensify business credit card
  • Automatic receipt scan for details

pros

  • Easy to tag, group and categorize spending in a report
  • next day refund
  • Free monthly receipt scans are available in the free version

Cons

  • Automatic receipt reading may take longer than manual entry
  • Uploading PDF receipts is not that intuitive

Pricing

  • Free: 0 $
  • To collect: $5 per user per month
  • Control: $9 per user per month

With the paid version, users get custom reporting, access control features, and more.

QuickBooks Online: Best for comprehensive expense reporting

The Intuit QuickBooks logo.
Image: Intuit QuickBooks

QuickBooks Online is a well-known accounting software package. It offers one of the most comprehensive expense reporting apps with a variety of advanced features, including real-time dashboards, automatic bank accounts, PayPal and credit card synchronization. The app automatically classifies expenses, but you can override this manually.

If your business already uses QuickBooks for accounting, using it for expense reporting would be a natural fit. However, the interface can be challenging for new users, especially when compared to other competitors that offer a cleaner and simpler UI.

Main Features

  • Integration with 650+ third-party apps
  • Generate profit and loss report
  • Customized reports with business logo
  • Multiple permission levels for user access
  • Accountant access

pros

  • Excellent security features including firewall-protected service and encryption technology
  • Ability to link credit card and bank accounts
  • Automatic expense tracking in multiple currencies

Cons

  • Expensive
  • Not very user friendly user interface

Pricing

  • Simple Start: $30 per month
  • Fundamentals: $55 per month
  • Plus: $85 per month
  • Advanced: $200 per month

QuickBooks Online has frequent discount offers for each of its plans.

Goodbudget: Best for beginners

Goodbudget logo.
Image: Good budget

Goodbudget is ideal for business users who want to report spending with a simple and easy to use app. Goodbudget offers “digital envelopes” that allow users to more easily keep track of their spending, savings, taxes and more. Users can also view data in graphs for a quick visual presentation. Goodbudget’s intuitive user interface means it takes very little time to figure out how to use the app.

If you don’t want a hard-to-learn app, Goodbudget might be the best choice for you. However, there are a few disadvantages to consider when making your decision. With this app, you have to manually enter the charges as there is no automatic scanning. It also lacks the automatic sync feature for bank accounts and credit cards.

Main Features

  • Import for bank transaction files
  • Multiple user and device support with paid plan
  • Accounts Payable feature to track payment progress
  • Ability to sync and share budgets between users

pros

  • friendly user interface
  • Support for multiple devices via automatic sync

Cons

  • Limited features
  • Manual entries required
  • No syncing with bank accounts and credit cards

Pricing

  • Free: 0 $
  • Plus: $8 per month or $70 per year

Everlance: Best for mileage tracking

Everlance logo.
Image: Everlance

Everlance is an expense tracking app for businesses and self-employed professionals. Ideal for users who need to track mileage, simplify refunds, and meet tax compliance requirements. The app allows users to track 30 business trips per month for free, but they can subscribe to a paid plan if they need 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 seven-day premium trial so you can test it out before deciding if the paid plan is worth it. Finally, Everlance’s customizable workflows are great and give you the ability to set custom expense rules and automate recurring expenses.

Main Features

  • Automatic mileage tracking
  • Long session tracking
  • customizable workflows
  • Team reporting

pros

  • Ability to export mileage reports in different formats
  • All plans have unlimited number of users
  • IRS-compliant mileage log
  • Mileage and expense tracking in one app

Cons

  • Free plan does not connect to bank accounts or credit cards
  • Paid plans can be expensive

Pricing

  • Free: 0 $
  • Mileage Tracking and CPM Programs plan: $12 per user per month
  • Fixed and Variable Rate (FAVR) Program plan: Contact Everlance for more information

Emburse Spend: Best for quick approvals

Warehouse logo.
Image: Embedded

Emburse Spend offers some of the fastest transaction 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 that it speeds up the approval of expenses by automating the expense approval hierarchy. Additionally, you can add expense policy rules that can automatically check the eligibility levels of each report before it is sent. The simple clipboard makes the approval process even faster.

Main Features

  • Budget control features to limit spending
  • Expense reconciliation via multiple devices and users
  • GPS mileage tracking
  • Automatic credit card tracking
  • next day refund

pros

  • quick confirmations
  • Direct reimbursement for employees
  • Integration with many top accounting software solutions
  • Many features available in the free version

Cons

  • Users report technical issues with receipt scanning and refunds

Pricing

Emburse Spend primarily advertises its free version. However, interested prospective buyers can contact the Emburse team directly if they would like a quote for a customized package.

Expense reporting app FAQ

What’s the best way to track expenses?

The best way to track expenses is with an expense tracking application that stores data and automates several steps of the process. The best expense tracking apps allow users to capture receipts and automatically scan them to gather information such as date, invoice amount and location. Expense tracking apps are ideal for companies that travel frequently for business and/or companies with multiple employees and departments that need to track expenses.

TO SEE: Payroll processing checklist (TechRepublic Premium)

There are several methods for tracking business expenses. The traditional method is to record all expenses in a ledger or personal ledger and keep all receipts. This method is outdated as it is inefficient and prone to data loss and errors. A better way to manage expenses is to use an expense tracking app.

What are expense trackers used for?

Whether it’s a small business or a large business, tracking expenses is vital to the health of the business. Expense trackers allow employees to keep track of their expenses along with receipts or other documents needed to verify their expenses.

Employees can use an expense tracking app to get reimbursement for their expenses on business-related activities. If they used a company credit card, the expense report can be used to track and verify expenses.

While tracking and verifying expenses is important, employers prefer that expense tracking does not interfere with the employee’s other job responsibilities and duties. Expense tracking apps are useful as they allow the employee to take pictures of receipts with their smartphone, send the expense report to their supervisor for approval, and use 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 or features you need. For example, if you have employees who travel a lot for business on the road, you might benefit from using an expense tracking app that offers GPS tracking, which makes it easy for users to track their distance travelled.

TO SEE: Mobile device security policy (TechRepublic Premium)

Similarly, if you plan to integrate the app with your existing technology stack, check compatibility before making your 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.

Read next: Billing best practices for small businesses and self-employed (TechRepublic)

Leave a Reply

Your email address will not be published. Required fields are marked *