Expense tracking is not the most exciting of tasks, but as an adult, it is imperative to know where your finances stand.
Back in the day, expense tracking was a tedious ordeal because it involved an enormous amount of paperwork. Today, however, expense tracking, like most things, is merely a matter of a few clicks.
Perhaps the biggest challenge that most of us face is managing irregular expenses. Keeping track of small expense receipts is even worse. They can easily get misplaced, mixed up with other files, or get tossed in the trash. The entire experience is quite frustrating.
Enters, Expense Tracking Software
Expense tracking software is a game-changer. It simplifies monetary tracking. Simply link your financial accounts on the software and watch the magic happen. Charts and graphs will present in front of you, highlighting all your financial actualities; it is quite fascinating, actually.
Convenient, efficient, and thorough, not only does it allow you to enter the amount of your last purchase, but it also enables you to scan receipts and save them for future references.
The easy document scanning process is particularly helpful and profitable for business owners. Expense tracking software allows you to effectively monitor deductible expenses, which furthermore enables you to bank your profit and pay less in taxes.
To help you effectively manage your cash’s inflow and outflow, we present to you our top 5 expense tracking software picks for 2020. Let us review their features, so you find the best one suited for you.
Expensify has been titled the best expense tracker by many. Offering an extensive array of features and automation abilities, Expensify has been endorsed by many major organizations.
So, what is Expensify exactly? Expensify is an automated business app that helps you manage your expenses in real-time by cutting out all hassles concerning accounting.
Whether you wish to track receipts or manage reports, Expensify can do it all for you.
Its SmartScan technology eliminates the need for manual data entry. Additionally, you can track receipts on the go by automatically recording, reporting, and submitting your expenditures to generate reports. All you have to do is take a picture of the receipt and additional details; that is it. The best part about the app is that Expensify analyses your company’s policies and thus knows exactly what to submit.
Expensify supports per diem functionality, corporate card reconciliation, as well as next-day direct deposit reimbursement. The reimbursement system works by delivering money to your employees’ accounts based on your accounting reports. It can also be integrated with other services such as Xero, NetSuite, Quickbooks, etc.
The primary advantage of being real-time and cloud-based is that you don’t have to worry about losing important data. Expensify is thus one app that you can blindly trust.
QuickBooks has earned a massive following in recent years. Regardless of the size of your business, this app aims to keep your finances running smoothly.
If you are wondering whether you need to have a certain level of experience with accounting to avail QuickBooks' services, then we have got good news for you because this app is very user-friendly.
QuickBooks enables you to create inclusive invoices, effectively manage cash flow, and track your profits and losses. Its real-time dashboards allow you to stay updated with all your financial transactions.
The QuickBooks’ app comes with an invoice generator that makes tracking sent invoices as well as profits and losses much easier. All you have to do is connect your app to your bank account.
You can also download your account's data with QuickBooks. You will not have to type any information into spreadsheets manually. This feature will help you review and adjust your accounting records.
QuickBooks is one of the few apps in the market that allows you to customize your receipts, thereby aiding you better with necessary tax deductions. The app's functionality is further enhanced by support for a multitude of apps.
Perhaps the best feature of QuickBooks, however, is its advanced bill management tool, which allows you to set up and track your bills. You can also incorporate this app with third-party payment solutions such as Apple Pay, PayPal, and Bill.com, which makes it all the more convenient and user-friendly.
QuickBooks comes in various versions and editions depending on your business as well as computer needs. Although far from perfect, QuickBooks is an excellent software that enables effective business management, including payroll, contract management, expense tracking, etc.
Mint is one of the OG budgeting tools. This software has been around for years, so they must be doing something right.
Mint is a free budgeting app that links your financial accounts and assesses your financial position. Mint comes from one of the most prominent and most trusted names in the world of financial software, i.e., Intuit, and supports an extensive range of banks and lenders. Whether it is expense tracking, credit monitoring, bills, or budgeting, Mint does it all.
While Mint is great, it is not perfect. Often those working with a smaller bank or credit union find it challenging to sync their Mint accounts, thereby preventing their transactions from being logged in real-time. Another con with this app is the ads. Mint is flooded with advertisements that take a toll on the user's overall experience.
Despite its shortcomings, however, Mint follows a tried and tested format. No expense tracking software list is complete without Mint because when it comes to personal finance tools, Mint is one of the best ones in the game.
4. Zoho Expense
Zoho has earned a big name for itself in the world of business tools and IT solutions. Zoho Expense is the ultimate expense management solution that enables effortless expense tracking and more. This software primarily targets medium-sized businesses.
With Zoho Expense, you can share digital copies of your receipts and record expenses as you go. With this app, you can pin your receipts to reports, categorize your expenditures, as well as add more data fields. The receipts are stored in the cloud, so you never have to worry about losing them.
This text-heavy app comes with an in-built GPS tracker and Maps application, which help you assess mileage overheads for everyday trips making it the perfect app for those who travel extensively for work.
Connect your credit card to the app if you are interested in automatic importing and transactions management in multiple currencies. The apps enhanced analytics help you track extra spending and keeps your policy violation in check too.
Perhaps the best feature about Zoho Expense is that you can operate it offline as well.
5. My EasyFi
My EasyFi is a comprehensive expense tracking software designed for android, iOS, and web. This app aims to help you live a debt-free life while making a steady income online via affiliate marketing.
Financial planning is not something everyone can handle because it can be quite overwhelming. When you struggle, you seek professional help. While expert advice is great, all humans are prone to errors. This is where software comes in to save the day because algorithms do not lie.
My EasyFi is your personal financial assistant. This software effectively manages your financial goals with the help of monthly breakdowns while making sure that your money is safe and easily accessible from anywhere and everywhere. Sync your data automatically with this app. From banking to credit cards to retirement accounts, My EasyFi will help you stay updated on your money matters.
The app is equipped with some of the most competitive features in the finance industry, including debt elimination, future planning, affiliate program, and much more. You can add your income, plan your expenditures, and track your spending with this app.
This debt-crushing powerhouse is intuitive and straightforward, which makes it one of the most exceptional expense tracking software in the market.
Budgeting is simple: it is balancing your income with your expenses. If you are spending more than what you are making, you will have a problem.
Without budgeting, our finances would spiral. For this reason, everyone must follow a blueprint to ensure that they steer clear of losses.
When it comes to expense tracking software, you have a sea of options to choose from. The best pick, however, is the one that best matches your requirements.
Take control of your finances this year. Use our guide to find the one for you and become more fiscally responsible.