Looking for a way to manage your business expenses? Consider using an expense-tracking app. Tracking business expenses can be tedious and time-consuming without the right tools. But with so many business expense tracker apps available in the market today, it doesn’t have to be so hard!
This blog post looks at how expense tracker apps help business owners and business expense managers stay on top of their budgets and safeguard business bank accounts.
8 ways the right business expense tracker app can improve your business
1. A business expense tracker app can help you save money on taxes
Whether you are tracking receipts, mileage, or purchases, the right expense tracking app like Shoeboxed, for example, can offer you the best options for staying on top of your budget and maximizing tax deductions. In addition, this expense tracking app shows in great detail how much money was spent per category, so businesses can better budget their funds.
2. Tracking expenses with an app is much easier than using a paper journal
For small businesses, tracking business expenses with a paper journal is tedious, time-consuming, and can lead to errors. Expense-tracking apps have improved over the years by offering robust capabilities that allow businesses to keep tabs on how much they’re spending and where their money goes!
With a business expense manager app like Shoeboxed, you’ll never miss another receipt or misplace your mileage log again.
3. An expense tracker app is more intuitive than tracking on spreadsheets
With an expense reporting app, you won’t have to worry about formulas or remembering which cell is for what because it’s all set up in one place!
Excel lacks the ease of use and intuitiveness of an app like Shoeboxed. This app makes it easy to categorize your expenses into sub-categories (e.g., food, hotel) to organize the data better and see where all funds are being spent.
4. The best expense-tracking apps will help you keep track of your spending and make it easy to categorize the different types of expenses
Your receipts are about to get a whole lot easier on the eyes. As soon as your receipt has been scanned, Shoeboxed categorizes the information by business, the amount spent, date, etc., so that you can see all of this information with one glance—no more scrolling left-to-right through an endless spreadsheet! The data is searchable and editable whenever users need to make changes or add additional details after scanning their documents in real-time.
5. The best expense tracker apps also track mileage
Looking for a corporate expenses app that will automatically track mileage? For frequent travelers, it can be hard to track your work-related trips and ensure you’re receiving the correct reimbursement for your time. With our GPS-enabled features, Shoeboxed makes it easier than ever to manage expenses through reporting on miles driven, so no more guessing how many miles were logged while running jobs and errands; it’s always accurate!
6. Expense tracking apps allow you to easily export tax data or send reports to your accountant if needed
Exporting and importing data is simple with Shoeboxed. Aside from being an automatic expense tracker, Shoeboxed allows you to export your expenses in various formats, including .pdf and .csv files, which can be used for tax purposes or sent directly to your accountant! This will significantly improve your mood and reduce stress during tax season every year.
For larger companies, accounting teams can easily track expenses from employees and manage cash flow, all from one dashboard.
7. With an expense tracker app, you can send in images of receipts
Digitally archived receipts are safe from being lost in the depths of your shoebox. The IRS and CRA will accept digital images, so you don’t have to worry about losing any crucial documents during an audit!
Shoeboxed is an expense tracking app that makes it easy for you to create expense reports directly from your phone and export them right into your bookkeeper or accountant’s system. Your tax professional can then get those records quickly and efficiently without needing to type anything in or scan anything out.
No longer do you have to wait days before getting any actionable data back about what’s happening inside your company where every dollar counts!
Shoeboxed lets workers work smarter rather than harder and spend less time inputting tedious information and more time helping to build your business.
8. Get receipts organized and scanned on your behalf
Receipt management can take days to organize everything properly. Suppose you haven’t calculated your expenses but kept all your receipts. All you have to do is gather all of your receipts in an envelope and send it over to Shoeboxed. The team will then manually sort through your receipts and convert your information into online data.
Frequently asked questions
A business expense tracker can help keep your finances in order if you have a large or small business. Some apps can help you manage receipts, categorize expenses, and work seamlessly with popular accounting software. A good business expense tracking system simplifies administrative tasks, from paying employees and vendors to maximizing tax deductions.
1. Best for paper receipts and tax season—Shoeboxed makes scanning and tracking business expenses effortless. The app is handy and easy to use. The Shoeboxed team will scan and digitize all of your paper receipts when you stack them in a Magic Envelope and send the envelope in. The app is super convenient if you collect receipts all year round and need to sort them out when it’s tax time.
2. Best for freelancers—FreshBooks is a tool that helps you keep track of your business expenses. You can connect your credit card and bank accounts to FreshBooks, which will then automatically update your online records. This way, you will always know how much money you’ve spent spending and where it’s gone. You can upload pictures of your paper receipts through the app or email digital receipts to have them scanned and processed automatically.
3. Best for tracing tax deductions—Everlance is an app that helps you keep track of your spending. You can upload receipts and sync your credit card to the app so it can track all your purchases. One of the app’s unique features is the discount finder tool, which scans all your expenses automatically. The app provides downloadable IRS-compliant Excel files and CSV files for your taxes.
See also: Rydoo vs. Shoeboxed: Which Is The Best Receipt Tracking App?
Follow these 8 steps to efficiently keep track and organize your business expenses:
Step 1. Create a separate business bank account.
Step 2. Have a business credit card for business use only.
Step 3. Select a suitable accounting system for your business.
Step 4. Subscribe to the right accounting software to automate all record-keeping and tracking tasks.
Step 5. Use a receipt scanning app to digitize your physical receipts and business documents.
Step 6. Link your business bank account to your selected accounting software to document all transactions.
Step 7. Place the expenses in the right category.
Step 8. Review all the transactions and due payments regularly.
Here are 6 simple steps to create a business expense spreadsheet:
Step 1. Select a spreadsheet template in your excel software or a specialized expense-tracking app.
Step 2. Customize your spreadsheet with the columns and categories required for your business.
Step 3. Insert itemized expenses with the related costs.
Step 4. Calculate the total costs with excel formula features.
Step 5. Attach a link to the digital scan of your receipts in the sheet.
Step 6. Save the sheet as a printable PDF file or email the report to your team.
Bonus infographic on the benefits of using a business expense tracker app
The best expense-tracking app for small businesses will keep track of receipts, mileage logs, purchase history, and other categories like food/drinks or hotel stay to provide users with a complete picture of their expenses. With Shoeboxed‘s intuitive interface and features like exporting reports directly to an accountant, it’s easy to see why this expense-tracking app should be on the list of considerations when looking at ways to streamline business processes!
Shoeboxed allows you to create an account and get started on a 30-day trial right away with your chosen plan. You’ll have 30 days to use the features of this subscription before deciding if it’s for you or not—no need to worry about getting locked in or wasting any time on a product that doesn’t serve your needs.
Originally published July 22, 2021. Updated on September 8, 2022.
Shoeboxed is a receipt scanning service that supports multiple methods for receipt capture: send, scan, upload, forward, and more!
You can stuff your receipts into one of our Magic Envelopes (prepaid postage within the US). Use our receipt app (iPhone, iPad, and Android) to snap a picture while on the go. Auto-import receipts from Gmail. Or forward a receipt to your designated Shoeboxed email address.
Turn your receipts into data and deductibles with our expense reports that include IRS-accepted receipt images.
Join over 1 million businesses scanning & organizing receipts, creating expense reports, and more—with Shoeboxed. Try Shoeboxed today!