In order to ensure effective financial management, you require a proper account of the income and expenses. To do so the first step is to track all your expenses and spending. Keeping track of the outflow of money will ensure that you work within a budget or appoint someone who works as your expense tracker.
Small Businesses incur all sorts of expenses which include inventory, marketing, rent, supplies. One of the biggest challenges for small business expense tracking can be to stay on top of your accounts. So the question arises how to keep track of the expenses? In order to do so, you can take the following steps as a small business owner.
1. Open a separate business account
Once you have set up your new business, separate your business and personal account. It is the first step to ensure that you can separately track business and personal expenses.
2. Choose a proper accounting method
Prior to starting tracking expenses and income, choose an accounting method based on your business needs. The real challenge for small businesses lies in applying an accounting system to maintain accurate records.
3. Tracking expenses
After you have chosen and implemented an accounting system, it is important to track down the income and expenses. Monitoring of expenses is essential to keep track of the deductibles and prepare tax returns. With the right information in your hand, you’ll have complete knowledge of how your business is functioning.
Tracking and maintaining records can prove to quite a hassle, however with the help of an expense tracker app the task is a lot easier. Some of these apps are cloud-based and can be accessed easily via your phone making it much easier to store a copy or share it with your accountant on the go.
As there are many apps available in the market, you might get confused. So to help you here’s a list of features which you should look for in a good expense tracking app.
- Easy of usage
- Reports which are easy to understand
- Tracking of previous income and expense history
- Ability to generate custom reports based on income & expenses
List of Best Expense Tracker Apps
One of the first expense tracking apps came out as desktop programs which include the likes of Microsoft Money and Quicken. But the expense tracking world has come a long way since then and now you have everything available at the click of a button.
Let us look at the best apps for 2020 and the type of app will suit your business.
1. Abacus – Easily automate expense tracking & management
Available on: iOs / Android
Pricing: $9 per user/month
It is one of our top picks in the list because of its powerful capabilities to automate expense creation. It is a real-time expense management solution which uses behaviour analysis and helps the management focus on high priority items.
Abacus advises, alerts the expenses which are to be reviewed and manages any recurring expenses within the company policy.
Features of expense tracker include:
- Integration with bank & credit card to store receipts which are present in the credit card database.
- Storing data from electronic documents, travel itineraries and travel charges
- Direct submission of travel requests and expense reports to the approver
- Direct reimbursement of employees to bank accounts and integration with the payroll system
- Integration with travel systems such as Car booking, airline ticketing and hotels
App Pricing
1. Starter package: It is priced at $9 per active user, billed per month. Small businesses can try this package to track expenses and manage employees. It includes features such as travel integrations, unlimited data storage and basic accounting productivity.
2. Professional: Custom quote is available and is good for companies which have high expense volume. All features of the starter package are included along with card integration, reconciliation dashboard and implementation package.
3. Enterprise: Custom quote is available and is useful for companies with multiple subsidiaries and complex workflows. It includes all features present in the professional version along with CRM integration, connected integrations and SAML based single sign-on.
2. Shoeboxed – Top-notch small business expense tracking
Available on: iOs / Android
Pricing: $18 per month
Shoeboxed is one of the best expense tracker apps which scan & manage receipts, documents, business cards and other business-related paperwork. When it comes to picking up a small business expense tracking app, Shoeboxed helps in ease of organization by turning the paperwork into searchable digital data reducing the tedious task of administrative work.
Features of expense tracker include:
- Seamless bank and credit card integration
- Integration with calendars to notify about upcoming travel work
- Easily convert and assign receipts to a mobile device
- Automatic reminder to employees for timely completion of expense reports
- Usage of the Shoeboxed algorithm to provide a workflow for approval forms
App Pricing
1. Starter package: It is priced at $18 per month/ billed annually. The package can be considered good for individuals and comes with features which include digital documents (600 per year), unlimited file storage and users along with 1 prepaid Magic envelope every month.
2. Professional: The Pro version is priced at $36 per month/ billed annually and is good for small businesses and professionals. Along with all the startup features the digital documents allowed per year are 1800 and unlimited prepaid magic envelopes along with Quickbooks integration.
3. Business: It is priced at $54 per month/ billed annually. It is essential for businesses with high volumes includes all the professional features and allows 3600 digital documents per year.
3. Personal Capital – Track your entire portfolio free
Available on: iOs / Android
Pricing: Free to use
The next app on the list is Personal Capital. It is available for free and allows people to track their portfolio, manage finances and maintain accounts. It is an award-winning app with the best of financial tools offering. The unique feature of this platform is that it offers financial as well as investment management.
Features of expense tracker include:
- Dynamic dashboard to allow users easily track and manage their finances
- Free analyzer to help users analyze the hidden mutual fund’s fee
- Retirement planner for users to build and manage their retirement
- A customized approach to portfolio management with expertise of Personal Capital’s financial advisors
App Pricing
The app is free to use, however in case of wealth management a fee is charged based on the amount of investment done for over $1 million.
4. Zoho Expense – Quick & Easy expense tracker app
Available on: iOs / Android
Pricing: $2.5 per month
One of the apps on this roundup is Zoho Expense which makes expense tracking and reporting quick and easy. It allows automation of expense recording, integration with bank/ credit cars and allows users to control spending.
It is quite a popular app among small businesses and works well with Slack, Office 365 and G Suite.
Features include:
- Records expenses on the go to save time
- Comes with an auto-scan feature where user’s receipts and important details such as cost & date is saved
- Categoric organization of expenses with notes and additional data input field
- Creation of expense reports which can be sent to customers
- Receipt tracking which is manageable on cloud
App Pricing
1. Basic: The basic version is available free and allows up to 3 users. Other features include 5 GB receipt storage, basic expense rules, customer tracking and multi-currency expenses.
2. Professional: The Pro version is priced at $2.5/user per month and is billed annually and includes a minimum of 10 users. The features include all of the Free plans along with 25 automated workflows, accounting integration, auto-scans, advanced approval flow and expense reporting automation.
3. Business: The enterprise version is available for over 500 users and includes all the professional features along with automated workflows, ERP and TMC integration and SAML based single sign-on.
5. Rydoo Expense – Best Travel Expense Tracking App
Available on: iOs / Android
Pricing: $6 per user/month
In case you are looking for an app which is easy on the budget, look no further. One of the leading apps, it helps simplify expense tracking for businesses. The aim of the Rydoo app is to get rid of the administrative work done by employees.
Features of expense tracker include –
- Ease of expense report creation
- Simple and easy to operate
- Bank/ credit card integration to track credit card statements
- Easily search for flights and hotels through the app
- Storage facility for electronic documents and travel itineraries
- Reminder to employees to complete expense reports
App Pricing
1. Starter: The cost is €6 per user/ month and is billed annually. It includes a minimum of 50 users and features include easy scan, drive, approval flow and OCR scanning.
2. Growth: It is available at €8 per user/ month and is available for 50+ active users. The features include all the Starter features along with Netsuite connect, audit and expense policy management.
3. Enterprise: Custom quote is available and can be customized with a minimum of 500 users. It includes all the Growth features along with ERP integration, API access and direct bank feed.
Best Household Expense Tracker Apps
Everyone wants to keep track of their expenses in order to have a little cash in order to meet any contingencies. Thanks to the available tech nowadays, there are various apps to help keep personal expenses on track. And what’s great is that most of the apps are free for usage.
Let’s look at some of the best household expense tracker apps.
6. Spendee – Track personal expense with ease
Available on: iOS / Android
Pricing: $1.99 per month
It is one of the best expense tracking apps out there, especially for those having any trouble keeping track of their personal finances. With this app, it is easier to set up budgets so that a user does not overspend, allowing them to understand their financial consumption pattern. Spendee also allows integration with e-Wallet to gain control over the cash expenses and bank accounts
Features of expense tracker include:
- Easy to set smart budgets
- Great for families, friends and anyone who is using shared wallets
- Lets users set reminders so budget isn’t exceeded
- Can easily sync and back up across devices
App Pricing
1. Basic version: It is available for free and enables users to inculcate healthy financial habits. Features include data back up, budgeting and secured data.
2. Plus: The plus version is priced at $1.99 per month and $14.99 annually. It is great for those who are looking to save money collectively and includes all functions included in the Basic version along with unlimited cash wallets.
3. Premium: It is priced at $2.99 per month and is packaged with all the Plus features along with bank/ credit card synchronization.
7. Wally – Free Expense Tracker App
Available on: iOs
Pricing: Free to use
It is one of the best tracking apps for the iPhone and is available for free. This app lets you manage finance and make comparisons for income and expenses to create an understanding of spending patterns. It is simple to use and gather insights.
Users can achieve their goal of expense tracking and budgeting with one of the best expense tracker apps in 2020.
Features of expense tracker include:
- Multiple forms of currency available on the app
- Save receipt pictures with everyone
- Set password on the app to increase security
- No annoying ads on the app
- App Pricing
The app is currently free to use, however, the company can soon add some premium features such as family budget management and currency conversion.
8. Mint – Best Expense Tracking App
Available on: iOs / Android
Pricing: Free to use
It is one of the best apps for personal expense tracking and can sync user credit cards and bank accounts in a single place.
Being the brainchild of Intuit the app has been made keeping in mind the security of bank details to keep the user data protected.
Features of expense tracker include:
- Maintain transaction data from all user accounts in a single place
- Connect data related to bank and credit cards
- Oversee the account balances and create an overview of the budget
- Scan credit cards and brokerage offers which fit the needs of a user
- App Pricing
The app is completely free to use and is thus useful for individuals and households to keep track of their expenses.
9. Intuit Quickbooks – Manage finances in a single click
Available on: iOs / Android
Pricing: $12.5 per month
One of the best expense tracker apps which is great for small businesses and individuals. You can receive instant access related to customer and employee information along with free support and upgrades.
A 30 day trial period of the app is available along with reporting service, inventory management, multiple currency support and over 600+ integration features. It also gives users the option of live booking.
Features of expense tracker include:
- Importing data from transactions and third-party apps
- Auto-update option to eliminate the need for manual data entry
- Prepare timely tax expenses
- The option of Live bookkeeping partner to organize the user’s books
- Track both business and personal trips
App Pricing
1. Self-employed: The variant is available at $7.5/ month and is considered perfect for freelancers. Its features include income & expense tracking, organizing receipts and tracking basic reports.
2. Simple Start: It is priced at $12.5 per month and includes features such as income & expense tracking, capturing and organizing receipts, invoicing payments and tracking sales.
3. Essentials: The cost for this version of the app is $20 a month and offers all the simple start features along with tracking time, managing bills and adding up to 3 users.
4. Plus: The variant of this app is priced at $35 per month and can support upto 5 users along with features such as inventory tracking and project management.
5. Advanced version: This version is available from $75 per month and features bills management, business analytics, batch import, dedicated account manager and workflow automation.
10. Expensify – Easy to operate
Available on: iOs / Android
Pricing: $4.99 per month
Next on the list of the best personal tracker is Expensify and is made for those who need to manage their expenses and receipts on the move. All the user requires is to take a photo of the receipt and the app can automatically convert into expense logs online reducing the time and effort.
It can categorize and convert the receipt and reduce the pain of expense management. Save time with its beneficial features such as multi-level approval, accounting software sync and corporate card reconciliation.
Features of expense tracker include:
- OCR smart scan feature allowing users to add expenses via the mobile app
- Ease and usage and fun to operate
- Use the ExpensePoint features to split the expenses
- Dedicated dashboard to provide reporting on categorized amounts with time references
- Track mileage via various measures such as odometer reading or GPS
App Pricing
1. Individuals: The app is priced at $4.99 per month which offers free 25 SmartScans per month. It is great for usage by individuals to track receipts and expenses and include auto-submit reports.
2. Groups: The cost is $5 per user/ month and is great for organizations & teams to automate receipt collection. It includes submitting features, auto-sync and auto-reconciliation.
3. Control: The version of the app is available at $9 per user/ month and is meant for companies which require expense reporting, reimbursements, card management and approvals.
11. You Need A Budget (YNAB) – An expense tracker everyone needs
Available on: iOs / Android
Pricing: $11.99 per month
Moving further, we have the You Need A Budget (YNAB) app and is one of the expense trackers which everyone can use. It allows users to instantly refer accounts, enter new transactions and make any changes using the mobile phone.
It is available for Android and iOS and allows users to keep their budget on track. The app syncs with other devices of the user and the web version have more features such as tools and guides to ensure good budgeting and book-keeping habits.
Features of expense tracker include:
- Real-time budget updates across all devices
- Easy integration of financial accounts
- Setting goals and tracking them
- Personalized reports to meet user’s goals
- The customer support which is available 7 days a week
Pricing
It is available at $11.99 per month or at $84 annually. To get a hang of the app you can try it free for a 34-day period to see what works for you and cut down on your expenses.
12. PocketGuard – Designed for Personal finance management
Available on: iOs / Android
Pricing: $4.99 per month
One of the best features of PocketGuard is the ability to monitor any unauthorized changes, billing error and frauds. It is available both for Android and iOs, while the web version is currently in the testing phase. For the time being the app is currently available for users in Canada.
Features of expense tracker include:
- Availability to check finances at a single place
- Automatic updation and categorization of finances
- Creation of personalized budget based on income and expenses
- Calculate bills to save money and work on reducing expenses
- Safety and privacy of account data
App Pricing
It is available for usage starting at $4.99 per month, or $34.99 annually.
13. Household Account Book – Distraction-free spending tracker
Available on: iOs / Android
Pricing: $0.99
This app uses illustrations to include creativity while working at budgeting and expense tracking. It also has a bonus feature of a comic book. The longer you use the app, the longer you can read the comic.
It focuses on giving the user an incentive to make expense tracking a routine.
Features of expense tracker include:
- Easy of usage with a manual setting for the user to put a small amount of cash spent on things
- The main screen of the app shows the income and expense balance clearly
- Users can create categories related to income and expense. They can also add images and graphics
- Lets users create a pie-chart to show where their money is being spent
14. Goodbudget – A refined way of budgeting
Available on: iOs / Android
Pricing: $7 per month
It makes use of the traditional envelope system and converts it into the digitized version which is less risky. The app is available on both web and mobile platforms and lets the user specify how they want to save funds. It comes with a forever free plan which is perfect for beginners who want to learn how to track their finances. However, those handling large budgets can switch to the premium version of the app.
Features of expense tracker include:
- Regular envelope feature in which a user can place the daily expenses
- Getting a spending perspective to allow the user to look at expenses and budget
- Easy to use but the bank account and credit cards are not synced automatically, for that to happen manual sync is required
Pricing
1. Free: The basic version is available free of cost and includes 10 regular envelopes, 1 account and 1 year of history, along with debt tracking.
2. Plus: The plus version of the expense tracker app is available from $7 a month or $60 billed annually. It includes all the features in the free version and unlimited regular envelopes, unlimited accounts, usage over 5 devices and 7 years of history.
Conclusion
So which is the best app if you may ask?
When it comes to Small businesses, Inuit Quickbooks comes at the top of expense tracker apps. It is available in different versions and is able to handle your entire business management which includes expense tracking and payroll, all in a single app.
For those looking to invest, then Personal Capital is the right fit. If you are looking for better graphical visualization of your finances, try this app.
For Households or those managing Personal Finance, Mint by Intuit is the go-to app. It supports integration from lenders as well as banks. It is useful in case of budgeting and expense tracking.
There you have it, folks, there’s an app to suit each of your needs. Evaluate the pros and cons, check the pricing and select the one which is right for you.