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How to Track Your Expenses

Author: E. Walgamuth Date: August 24, 2012

Utilizing an online tool or mobile application to track your business expenses.

Many small businesses are using online tools and mobile applications to track their expenses. According to James Quigley, CEO of Canvas Solutions Inc., a mobile app creator and store in Reston, Va., the apps that gain the greatest traction are those that:

  • Scale easily to handle more users as startups grow.
  • Adapt to evolving, unique employee needs.
  • Seamlessly integrate with other business applications.
  • Have built-in exporting capabilities with a clean user interface so expense reports can be sent to clients.
  • With that in mind, we’ve highlighted these four tools to simplify expense tracking.

1. Concur Breeze:

This travel-oriented tool is best for businesses that travel often. With Concur, you can file and approve expense reports on the go, and Salesforce integration syncs business card transactions immediately.

Cost: $8/user/month (30-day free trial)

Key Features: Cloud-based storage allows access anywhere; includes a mobile app, includes Google Maps [Is Google Maps the mobile app? Reads like something’s missing here.] to track travel mileage; organizes travel when used with TripIt.

2. Expensify:

A mobile app that tracks everything from expenses to miles traveled. Expensify uses SmartScan to extract information from receipts. Its compatibility with Outright and QuickBooks allows you and your employees to add expenses to existing reports and submit expense anywhere.

Cost: Free for individuals, $5/user/month for companies.

Key Features: Includes IRS-ready eReceipts and a currency converter.

RELATED: How to Ditch Paper Receipts

3. IXpenseit:

iXpenseit is simple to use with easy-to-read graphs, and its password -protected with backup and restoring options for your data.

Cost: $5 or iXpenseit lite for free

Key Features: Digital photo receipts; total, monthly and average expense summaries; quick expense approval and reimbursements

4. MoneyDance.com:

For a more old-fashioned approach, use MoneyDance—a Web-based software that categorizes expenses upon entry and syncs with the iPhone app over Wi-Fi connection. "MoneyDance is a plain old check-register program," says Al Canton, president of corporate book publisher Adams-Blake Publishing in Fair Oaks, Calif. "It’s a Quicken look-alike that works on Mac, Windows and Linux."

Cost: The initial software download is $49.99, iPhone app is free

Key Features: Encryption ensures security, anywhere-access to expenses, compatible with JAYA123, Adams-Blake Publishing’s back-office invoicing and customer management and inventory program.

RELATED: Using Technology to Reunite Small Businesses with their Customers

 

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