The 6 Best Online Expense Trackers for Small Businesses

Wednesday, July 05, 2023 | Expense Tracker

Talygen

All organizations must have a robust expense tracking system to ensure that they are not going over their budgets and can complete projects successfully. Small businesses, in particular, need to ensure they are not spending too much on expenses each quarter. Some of the benefits of small businesses using expense tracking software include tracking paperwork, managing expenses for remote employees, and allowing information from various credit cards to be in one place. Before small business managers decide on an expense tracking software system, they need to make sure that the software fits the company's needs. Small businesses can use project expense trackers like Talygen, Bench, Mint, Shoeboxed, Expensify, and Everlance to assist them in managing their expenses.

Overview of Expense Tracking Software for Small Businesses

1. Talygen

Talygen has an expense tracking module that small businesses can use to manage their expenses. Talygen's expense tracking system has many valuable features, such as the expense reporting feature, the reimbursement reporting feature, and the ability to upload expenses in bulk. The expense reporting feature is used to input expenses for projects and trips, such as investing in new equipment or taking a client out for dinner. Project managers are also given the authority to set expense limits on projects. Another benefit of using Talygen is that it will inform users of when an expense fee is overdue. Talygen can also integrate with third-party expense trackers like PayPal, QuickBooks, and FreshBooks. Talygen also works alongside Microsoft Excel so users can directly upload expense spreadsheets to the system for approval. Talygen's ease of use and range of features makes it an ideal online expense tracker for small businesses

2. Bench

Bench is an online expense tracker software for small businesses that want to reduce the time they spend on bookkeeping. Bench allows managers and administrators to monitor their business's financial health directly from the website or mobile app. Another benefit of using Bench is that financial data is stored within the cloud, so users can access their books anytime without worrying about the data being compromised. Bench can also integrate with third-party systems such as PayPal and FreshBooks. However, a downside of using Bench is that some small business managers may find it too expensive.

3. Mint

Mint is an online expense tracker that automatically assigns transactions into categories, making it an ideal system for small businesses that do not have an accountant or bookkeeper employed. Some key features of Mint include the app providing personalized insights into users' spending habits, sending reminders of fee deadlines, and allowing users to set budgets within the app. Mint also includes a centralized dashboard that displays data on expenses in bar graphs and pie charts. Another benefit of using Mint is that all of the business's credit cards and accounts are linked to the system for easy access. However, some small business managers may hesitate to use Mint as their expense tracking software because it lacks the ability to integrate with other software systems.

4. Shoeboxed

Shoeboxed is a project expense tracker that can assist small businesses in tracking their receipts, credit card information, and mileage, as well as creating expense reports. Users can upload receipts to the system by clicking on a picture of the receipt, and the software will automatically pull essential data. Receipts can then be sorted into tax categories and stored in the archive. Another benefit of using Shoeboxed is that it allows users to generate expense reports and email them within seconds. Shoeboxed can also integrate with third-party systems such as QuickBooks and Microsoft Excel. However, a downside of using Shoeboxed is that there is a limit on the number of receipts that can be uploaded to the app each month.

5. Expensify

Expensify is an expense tracking software system that small businesses can use to manage their financial transactions. One of the key benefits of using Expensify is that all company employees can make accounts and link them to the company account. Expensify also automatically imports expenses from users' bank accounts and credit cards to generate reports. Business expenses can then be submitted for approval and reimbursement. Expensify is also able to integrate with FreshBooks. However, a disadvantage of using Expensify is that there is a steep learning curve.

6. Everlance

Everlance is an expense tracking software system that is ideal for small businesses with staff that frequently travel. The most defining feature of Everlance is that it tracks mileage in addition to expense management. The app tracks users' mileage by using a GPS within the software. Users can then take photos of receipts and upload them to the app to receive reimbursements. Like other expense tracking software systems, Everlance can integrate with FreshBooks to optimize expense tracking capabilities. However, a disadvantage of using Everlance is that some features are locked behind a paywall, which may cause small business managers to look elsewhere for an expense tracking software service.

In conclusion, online expense trackers are valuable tools for small businesses to use. Small businesses should be using expense tracking software to assist them in tracking expenses such as mileage and reducing the amount of paperwork that comes from processing receipts and invoices. Small business managers should first consider the company's needs before deciding on an expense tracking software system.

If small business managers want to use the best online expense tracker, they should use Talygen. For more information on Talygen’s project expense tracker, visit www.talygen.com to receive a product demo.

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