With emerging technological innovations and savvy tools, stepping into the business world has become effortless. All you need is an incredible social media presence, digital storefront, and you are good to go. While starting a venture sounds fun and games, ensuring survival and profitability is quite challenging. From managing cash flow to keeping tabs on expenses – you have to maintain a check-in balance on all business inflows and outflows.
After all, most businesses struggle in the long run because of their inability to pay for day-to-day expenses. Sometimes, marketing campaigns exceed the budget, while at times, businesses encounter unexpected expenses – machinery breakdown, inventory damage, etc. Therefore, it is essential to understand the ‘cost-revenue’ structure of the company. It will help cut back on unnecessary expenses that are consuming vast chunks of profits.
If you are facing troubles with manual expense management, why not take advantage of savvy tools? Today, you can find countless expense tracking software that can streamline your business operations. In case you are clueless about it, have a look below. Here we are listing eight foolproof expense tracking tools for micro-businesses.
No one has time to organize a stack of expense receipts for all purchases in this fast-moving world. Fortunately, applications like Hurdlr are making expense management effortless. It is an incredible expense tracker tool that leverages artificial intelligence to record all business expenses. It offers workflow tools and real-time status updates. It also generates an expense report by the end of every month, giving you insights into spending patterns.
Moreover, Hurdlr links with over 10,000 banks and integrations, which means you can connect your credit card or bank account with the app. And in turn, it will capture and categorize expenses automatically. It also identifies payments that you can use for tax deductions, reducing the overall taxable income. Even if you can’t locate a fee or need assistance with the app interface, Hurdlr offers live chat, offering an instant response to queries.
From buying office supplies, paying utility bills to purchase software -businesses incur countless expenses daily. Thus, keeping track becomes next to impossible. Therefore, instead of making your employees do this monotonous task, download Shoeboxed. It integrates with your Gmail account to monitor digital receipts automatically. You can also scan and upload pictures of it to track expenses. Additionally, it comes with a ‘magic envelope’ that you fill in with receipts. All these impeccable features come with a $39 monthly subscription, which might add to your long list of expenses.
We are far past those days when people had to carry a diary for managing money. With the help of digital applications, you can enter transactions on your smartphones and keep track of all expenses. Monefy offers a simple expense recording process. You have to fill in the expense amount, add a name, and hit the add button. The app will sum up your total expenses while giving a summary of your spending distribution. Nevertheless, this app doesn’t offer automation. As a result, you won’t have access to reminders and pay-through app features.
Do you have a remote team? Coordinating with remote workers while tracking business and travel expenses can be quite burdensome for business owners. Luckily, software like Concur can streamline your operations, helping you achieve more oversight. You can book airline tickets, hotels, and rent cars. You can also access this software from the desktop, making it flexible for employees.
Moreover, the Concur app is ideal for international business trips because it knows how to calculate currency exchange rates. However, you need to have a minimum expense of $89 per month to start with this software. After all, it charges fees on every transaction.
Mint Bills is a free money-management app, helping you stay on top of all recurring bills and make payments. You have to enter the receipts, link your bank accounts, and the app will manage everything else. It would automatically direct and send notifications when due dates are around the corner.
Mint bills service works with credit card companies, internet service providers, car loans, utility companies, etc. Thus, you can schedule payments and pay through the app directly. Any idea of how it works? The app has a simple layout with a color-coded design, which means you can quickly differentiate between the paid and pending bills.
Unlike other apps, Expensify offers automatic expense approval based on the company’s policies. Hence, you no longer have to entertain employees’ approval and reimbursement requests. The app can automatically approve all significant and small business expenses. At the same time, it also reimburses employees for all personal costs within 24 hours. Expensify’s corporate control version offers custom data exporting, advanced policy enforcement, and much more. The software integrates with many different programs like QuickBooks, Zenefits, and organizing the accounting and HR department.
Bills Monitor is an excellent expense tracking application with various built-in features. It lets you add different bills and fosters tracking through notifications and a calendar view. You can set up multiple reminders on the calendar to avoid missing out on the deadlines. Similarly, it analyzes your mobile bills against two million contracts to close doors for overcharging. Moreover, it provides a free expense analysis with your savings potential. Thus, you will come across some handy tips on cutting back on expenses and saving money. Additionally, you can catch sight of monthly bill check-ups to identify the high expense arenas.
In addition to offering bill tracking services, Money Manager can help with budgeting and forecasting. It follows all expenses and checks areas to determine financial leaks. For instance, there could be hidden charges, incorrect deductions, etc. Likewise, it has a separate ‘accounts’ menu where users can view different financials – assets, liabilities, income, payables, etc. Moreover, the app is secured by passcode, keeping all your financial information safe. Do you know the best part? Money Manager has visualization features. It creates graphs, statistics, infographics, and charts to display your company’s weekly, monthly, and annual financial progress.
In this modern era, the benefits of technology are no surprise to anyone. Therefore, take advantage of these expense management apps to keep a check-in balance on your business outflows. It will disclose expenses that consume the highest chunk of profits while giving suggestions on curbing extra costs. All these applications are cloud-supported, keeping your financial information secure and centralized. Thus, instead of worrying about expenses, you can focus more on increasing business revenue and profits.