A business spending tracker can make managing your finances more accessible, regardless of whether you’re an entrepreneur or small business owner. The top company expenditure trackers can assist you with business expense tracking receipts, classifying your expenses, and integrating with widely used accounting software.
This will not only simplify vendor and employee payments, but it will also enable you to take advantage of the most tax deductions possible. By reading more about them, see which of our best business spending trackers might be ideal for you. Let’s review most popular accounting software that can assist you in basic accounting, categorize expenses, financial reports, and scan receipts.
Table of Contents (App for Business Records)
What are apps for business records?
You can quickly access your digitally created versions of your paper receipts from a digital file system by using receipt scanning apps that take pictures of them.
They primarily function similarly. After downloading them to your phone, you can snap photos of your receipts. The app’s OCR (Optical Character Recognition) feature then scans the text and numbers on the receipts and converts them to digital files that can be kept in an organised filing system. With the ability to swiftly search for them using keywords and filters, these “smart receipts” are more difficult to misplace and more straightforward to find.
Popular accounting software for keeping track of business documents:
You may discover a variety of account management software online. To help you decide, we have gathered the top apps from all those. To help you manage your business expenses in one location, we bring you the best applications for accounting and business transaction records.
FreshBooks:
You probably have experience managing several clients, payment deadlines, invoicing, and other tasks if you own a small business or work for yourself. There are always new things to keep in mind. Accounting software like FreshBooks is explicitly made for freelancers, sole proprietors, and small business owners. Sending and receiving payments, sending invoices, and keeping track of spending are all made simple by the software. Although there are other options for accounting software, FreshBooks is especially well-suited for smaller enterprises and those with a single principal owner.
The FreshBooks user friendly interfaces serve as the platform’s entry point. It provides you with a summary of your company’s outstanding revenue and overall profit.
Using the left sidebar, you can easily navigate between payments, expenses, and any other necessary functions. There is minimal room for confusion because of the straightforward layout.
For independent contractors, one-person businesses, and small company owners, FreshBooks is an excellent accounting and invoicing software because of its many features. It makes it simple to create an invoice and take payments by PayPal, Stripe, ACH transfers, credit and debit cards, and more.
The standard credit card processing cost for Visa, Mastercard, and Discover is 2.9% plus 30 cents per transaction. 3.5% plus 30 cents is the American Express transaction fee.
FreshBooks provides the standard features and functionalities expected of any accounting software. Its simplicity, rather than any distinctive feature, makes it stand out from the competition. Accounting can be overwhelming and perplexing for business owners who aren’t experienced accountants. The dashboard is simplified by FreshBooks, making it simple to switch between different features and expense reports.
FreshBooks is renowned for its user-friendly interface. The sidebar is easy to use and doesn’t become bogged down in technical jargon, whether you are entering expenses or collecting payments. In addition, FreshBooks features an easy-to-use mobile app that lets you enter data when you’re not in the office. Working away from your workstation keeps you from falling behind on entries.
With FreshBooks, filing taxes is simple. To ensure that you report your business income correctly, quickly examine your entire revenues. Expenses are categorised so you may run expense reports and see the overall amount of your deductions. You may discuss this information with your accountant because it is readily available.
Accountant access is available for the more expensive plans, which facilitates the sharing of essential information between a business owner and their tax preparer and lowers the possibility of mistakes.
Hours spent by employees on a project are among the most significant costs a business owner has to monitor. Thanks to its integrated Time Tracking Software, you can quickly and easily create invoices with FreshBooks. For business owners to know how many hours are put into a task it also aids in project and client management.
With FreshBooks, filing taxes is simple. To ensure that you report your business income correctly, quickly examine your entire revenues. Expenses are categorised so you may run expense reports and see the overall amount of your deductions. You may discuss this information with your accountant because it is readily available. Accountant access is available for the more expensive plans, which facilitates the sharing of essential information between a business owner and their tax preparer and lowers the possibility of mistakes.
Hours spent by employees on a project are among the most significant costs a business owner has to monitor. Thanks to its integrated Time Tracking Software, you can quickly and easily create invoices with FreshBooks.
For business owners to know how many hours are put into a task, it also aids in project and client management.
BookKeeper:
As a bookkeeper, you may encounter circumstances when you must assess another bookkeeper’s work, comprehend their actions, and ascertain the current state of affairs. This could occur if you hire bookkeepers to work for you in your bookkeeping business or if you take on a new client who worked with another bookkeeper. You need a mechanism to examine their work in these cases without going through every input they produce.
BookKeeper offers comprehensive accounting solutions to businesses. No prior experience with bookkeeping or accounting is necessary.
It also offers barcode production, barcode scanning, and inventory management. Additionally, you may use receipts to keep track of all your expenses and attach them with only a quick snap. It provides an estimated value that is a generalised form of sale order. Additionally, you may sync your data across other devices. This software can have several users, each with their own assigned tasks. The manager is in charge of deciding who can access what information and how. With BookKeeper, your data is always safe and secure.
You have two options: download the software from the app store or Play Store or use their web version.
Orders, invoices, and purchase and expense records can all be created. Maintain BOM, batch, expiry, serial number, and inventory management while creating barcodes and managing warehouses.
There is no need for accounting skills or complicated accounting concepts. Book Keeper is very easy to use, even for non-techies.
Produce and submit GST reports (GSTR1/2/3B/4/9) and JSON. Simply click to generate an e-Way bill.
Create and modify VAT/tax reports per your nation’s regulations.
Create completely editable invoices and estimates. There are many different invoice templates online. Use a laser, dot matrix, or thermal printer to print immediately, then share the result on WhatsApp. Your data is safe and fully encrypted while in transit. It is possible to establish several users and grant role-based access to them.
A thorough examination of your company using extensive financial data. More than thirty financial, expense reports to gauge every facet of your company.
Xero
One of the most dependable accounting software is Xero. Additionally, it is cloud-based, supporting bookkeeping, financial and spending tracking, and inventory management for enterprises. To alert the firm, it generates reports while monitoring the bank balance, expenses, unpaid debts, and other details.
Everything you require is available on the dashboard, which displays all completed and unfinished projects. It offers charts that make analysing the expansive patterns easier. The receipts can be scanned and uploaded straight to the account management interface. You wouldn’t need to add anything in this manner manually.
For a new business, this software is fantastic because it provides everything simply and concisely. The scanning function is also quite helpful for automatically transferring all of the data to the accounting software.
The internet version is also available, or you may download it from the Play Store or App Store. This full-service accounting software is surprisingly free of jargon, yet it meets the needs of much larger businesses. Beginners will find it straightforward to use as a result, and they will value the free online training offered. Freelancers and business owners of all shades, from authors to graphic artists, love Xero. Its beginner version is perfect if you’re searching for the most basic self-employed accounting tool. Among the features are project management tools, automated payments, and online invoicing. You can use its app to do bookkeeping while on the go from any mobile device.
QuickBooks
One of the most significant and widely used cloud-based accounting programmes, QuickBooks, aids in the financial management of numerous firms. Keeping track of all invoices, billing, payments, etc., benefits the company. It gives the company a forecast report based on the spending from the prior year so that they may create a budget that considers everything.
Additionally, you can link your bank accounts so that you may report transactions automatically rather than by hand. Additionally, small business records detailing the company’s gains and losses were sent. This makes the company’s next strategy more realistically planned.
For individuals unfamiliar with technical matters, it’s an excellent account manager because it allows the customisation of many software applications. Additionally, they offer online and app services.
For many years, no accounting service has been better for small businesses than Intuit QuickBooks Online. It integrates very efficient accounting features with a first-rate user interface. The service is unique because it is highly configurable, has hundreds of add-on apps in many versions, and provides superior mobile access compared to most competitors.
Due to its high cost, Intuit QuickBooks Online is best suited for small enterprises with limited technology resources. Although QuickBooks Online is feature-rich enough for a more demanding user to access its advanced accounting features, it is yet simple enough for a novice bookkeeper to understand. Many businesses find it appealing because of its high degree of customisation and user-friendliness.
GoSimpleBooks
You may focus on the more essential facets of your company using GoSimpleBooks, saving you time from having to undertake tedious duties. GoSimpleBooks simplifies small business accounting for accountants handling small business finances, sole proprietors, and small businesses with its user-friendly interface and automatic math capabilities.
Your company’s worth is determined by your point of view. SimpleBooks updates your finances in real time by focusing on your revenue, expenses, cash flow, VAT, and more. Additionally, because our online bookkeeping software is cloud-based, you may use safe, distant data storage.
Whether you’re a partner, limited company director, independent contractor, or solo proprietor— Your finances’ more intricate details must be in order. Say farewell to paper records since reports and bank statement reconciliations are integrated into the SimpleBooks platform. You can quickly observe how they impact your profits and the direction your company is taking.
We are aware of the difficulties associated with pursuing down invoices. If you work with us, those problems will be solved since SimpleBooks can create and distribute invoice templates and persistent reminders to clients to make payments when they’re past due. Additionally, our user-friendly quoting system makes bidding for new clients simple.
Wave:
Wave has never cost anything unless you need payments and payroll. The programme is still great and offers a lot for free, but it has recently lost some of its allure with the addition of a $8 monthly fee for scanning spending receipts. Wave is adept at managing transactions and creating invoices while adhering to regular accounting guidelines. The software offers a clever feature set tailored to tiny businesses and supports numerous currencies. However, it lacks inventory management, a specific time-tracking tool, and extensive mobile access.
Wave is intended for independent contractors and single proprietors who require an online accounting solution and may require some expansion space. It works particularly well for small enterprises that issue a lot of invoices. Although there are better options for small firms with a few employees, it is a viable solution due to its integrated payroll and support for double-entry accounting. Furthermore, even those with little experience in finance can use it due to its easy-to-understand user interface.
Zoho Books
Zoho Books is the accounting component for small businesses of Zoho’s business software ecosystem. Email, customer support, and CRM are relevant tools and features that can be seamlessly connected with your accounting data. In traditional bookkeeping categories (sales and purchases, time and project tracking, and inventory management), Zoho Books’ usability, versatility, and depth match—and occasionally exceed—those of its competitors.
Surprisingly reasonably priced, Zoho Books even offers a free version. Though its usefulness isn’t restricted to such situations, generally speaking, firms that employ other Zoho products will benefit most from Zoho Books. Because of its adaptability, depth, and usability, we suggest it to more extensive, small, expanding, and established companies. Nevertheless, enterprises with more sophisticated demands may find the breadth of their functions intimidating, while tiny businesses may find it welcoming.
Sage
Sage 50 Accounting is an extensive desktop-based small business accounting programme. It is also occasionally called Sage accounting or Sage business cloud accounting. It’s the most feature-rich accounting programme we’ve looked at, and it takes care of more than most small firms require. It also costs a little bit more. Because the software connects with Microsoft 365 Business, it provides built-in web connections that facilitate some remote work. Sage 50 Accounting is a robust piece of software even with its antiquated UI, lack of a mobile app, and the requirement to install it on a desktop or laptop computer. Sage 50 Accounting is particularly suitable for businesses that require extensive inventory management features. It works best for organisations that require more sophisticated accounting features, customisation options, and data capacity, who don’t mind using desktop software, and whose remote workers install the program on their computers (though they can share company data via Sage’s Remote Data Access).
Patriot Software Accounting
We’ve examined Patriot Software’s payroll programme for years and were curious how the business handled integrated accounting. It is straightforward, inexpensive, and has strong support. Its appealing, user-friendly interface, excellent mobile accessibility, and simple navigation contribute to its allure. It’s a good, low-cost solution. However, it lacks some functionality competitors provide and has some language and ideas that competitors hide.
Patriot Software Accounting works best for modest, straightforward firms unlikely to grow beyond it. While the payroll application interface with Patriot is undoubtedly beneficial, the accounting side is shallow regarding things like time tracking, inventory, and contact information. It’s an excellent option for a beginner or a tiny start-up because to its affordability, extensive support, and ease of use.
TrulySmall Accounting
The same business that makes Kashoo, which we have evaluated for many years, also makes TrulySmall Accounting. At this early stage, it offers billing, contact and transaction management, and it will likely remain simple and tiny. Its unique approach to accounting in a market where so many competitors are moving in the other direction and providing more features and services made it appealing to us, in addition to its simplicity and usability.
Seeing a software developer take a step back and create an elementary accounting programme for the millions of minuscule firms that do less than 500 transactions annually is refreshing. The user interface was made with beginning bookkeepers in mind and established but still modest businesses that don’t require accounting features.
What Do Accounting Apps for Small Businesses Do?
Financial bookkeeping requires a lot of effort and time. It can be difficult enough for business owners to handle the necessities like tracking incoming cash and paying the bills, let alone providing answers to important queries like “Are we profitable, and why or why not?” Will your company have enough cash to pay all its taxes on schedule? Is it time to buy new equipment? Do you need to look into getting funding? If certain employees must work from home, can they still access your accounting data?
Based on the data you provide, a competent small business accounting service will provide you with information that will assist you in responding to these queries. After providing the service with information about your bank accounts, clients, suppliers, and the goods and services you purchase and sell, you may utilise that data to generate transactions, which the programme can then utilise to provide insights. You may find the smallest information and get high-level insights into the performance of your business with the aid of instant search tools and customisable reports. No matter where you are, you may access your funds using websites and mobile apps. Connect with us, we have smart digital marketing ideas for your business expenses automatically.