Do you often find yourself saying “my system works for me”, while in reality, you’re drowning in excel sheets and tears? Well then, to quote every millennial, there’s an app for that!It’s increasingly important to retain agency of your finances by recording, budgeting, and tracking spending habits accurately. But this process often translates to wasted time and resources, not to mention frustrating back-and-forths.Expense tracking and management apps are your pocket-sized personal accountant. They’re virtual employees created to monitor your company’s business expenses, travel costs, billable time, and even mileage allowance.Before we delve into our top candidates’ specific strengths, we´ll discuss the common features of expense tracking and management apps and what they do.
What’s an expense tracker app?
Keeping thorough records of your company’s expenditure can mean the difference between profit and loss. Expense tracking apps automate this process efficiently, leaving little room for human error and fraud by archiving manual-data-entry. These are now an integral part of most expense management processes in the corporate travel management world. Just as doctors’ tools monitor your physical health, these tools digitally monitor your organization’s financial health.Their main purpose is to save money and time and streamline processes. They act as channels through which you can manage current and recurring budgets, and virtually upload and organize receipts– all on the go!The customized approval flows and spending policies let you track and approve business travel management expenses quickly. These apps also automate expense processes such as currency conversion, mileage tracking, and employee reimbursement.A once painstaking task best left for the end of the month for both business travelers, finance teams, and travel managers can now be completed in real-time with minimal effort. To help find the right fit for your company travel program, we’ve assembled the top-tier applications for your review.
Zoho Expense’s streamlined approval process makes it the runner-up for SMBs and large-scale businesses.Popular features:
Simplified approval hierarchy
Expense recording
Mileage tracker
SmartScan receipt upload
Multi-currency support
Credit card importing
Employee reimbursement
Integration with Zoho CRM/ Zoho Invoice
IOS/Android compatible
Markets: Central and Southern Americas, UK, Europe, Australia, China, Africa, India, and Japan.Supported languages: English, Spanish, Chinese, German, French, and Portuguese.
Rydo Expense’s smooth integration process with other expense managing services is tailored to medium and large-scale companiesPopular features:
Integration with Enterprise Resource Planning packages
Approval processes
Mileage tracker
Multi-currency support
Digital receipt/invoice upload
Reimbursement management
Supports external services, ie. DropBox
Credit card statement analysis
IOS/Android compatibility
Markets: Central and Southern Americas, UK, Europe, Canada, Middle-East, and MexicoSupported languages: English, Dutch, French, German, Italian, Portuguese, and Spanish
Expensya is an expense tracking software used by all types of businesses––from freelancers, mid-market businesses, and large corporations.Popular features:
Digital receipt management
Optical character recognition (OCR) technology
Automated expense validation
Duplicate claim detection
Multilingual and multi-currency management
Real-time centralization of data
Digital receipt capture
Mileage allowance management
Integrations with HR, payroll, accounting, and travel solutions
ExpenseIn’s low pricing point makes it an excellent business travel expense tracker for smaller businesses, while also offering robust features for medium to large companies in any industry.Popular features:
As well as many other business travel expense features, Shoeboxed’s “Magic Envelope” feature allows organizations to mail their business travel expense receipts to them in a prepaid envelope to be digitized.Popular features:
Digital receipt capture
IRS-accepted receipt images
Optical character recognition (OCR) and human data verification
TripLog is a mileage, time, and business travel expense management solution that’s suitable for self-employed individuals, mid-sized businesses, and enterprises.Popular features:
Centralized web dashboard
Real-time location monitoring
Travel policy application
Digital receipt capture
Bank and credit card integration
Classification of business/personal trips
Established “Frequent Trip Rules”
Tax-compliant mileage reports
Supported language: English
What’s the best free expense tracker?
If we’re talking about saving money, it follows that this is the first question and Expensify is your answer. Expensify has won numerous international awards as the best expense tracker app. Its clean and intuitive user interface, customizable features, streamlined approval policies, and extensive automation capabilities are even more attractive because they’re free!The free features include unlimited SmartScans of receipts and invoices, automatic mileage tracking, and automated expense claims. Expensify also grants a gracious six-month free-trial period, which is ample time to revitalize your accounting system.Of course, like any product that knows its worth, there’s an option to upgrade and gain unrestricted access to exclusive features. Not only is the pricing model affordable, but you can try personalized pricing plans based on your accounting needs.
What’s the best expense tracker software for admins?
Zoho Expense offers increased visibility on spending patterns and policy violations. You can set up budget limits and monitor employee spending through customized approval policies.This app lets you receive digital receipts and invoices automatically and arrange for mileage allowance payments. Reject or approve expense reports in bulk with a swipe of the finger.The transparency offered by Zoho fosters shared responsibility for the company’s financial well-being. When everyone shares information and liability, they stay engaged and committed through a collective sense of success.There are more comprehensive alternatives such as Quickbooks, which are all-encompassing accounting and administrative software. However, if you are looking for just an expense solution, then Zoho remains a good choice.
What’s the best expense tracker for the employee?
Xero understands that sometimes you need to spend money to make money. Whether you need to claim expenses for a business trip or lunch, your company will be chasing you for those pesky little papers.Rather than digging around every pocket for last month´s crumpled receipts; reach into your pocket, pull out your phone, snap a picture of the receipt, and watch the expense report literally write itself.This app is quick, simple, and designed to be used on the move. You can request reimbursement for travel and HMRC subsistence expenses and have them approved that day. Feel confident about reporting your expenses and watch the friendly-reminder emails dramatically decrease in your inbox.
How can an expense tracker app detect expense fraud?
The UK alone loses approximately 190 billion GBP per annum to business expense fraud. Expense tracking apps’ automated features combat intentional fraud, such as falsified or inflated expense claims, and fraud that occurs due to oversight.Expense fraud costs companies money as well as having an adverse impact on their reputations. Digitalizing expense reporting massively lowers the risk of doctored numbers as receipts and invoices are SmartScans of the primary documents.As your business continues its digital evolution, why not profit from the possibilities afforded by new technologies? Let the apps focus on the paper so you can focus on the work.See our guide on identifying and preventing expense fraud for more information.
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