If you run a business, whether it is a small store or a large establishment with several employees, you must have a system to track down your expenses. Entrepreneurs end up losing lots of money in little bits. At the end of the year, when you check your balance sheet, you realize that you had capitalized on resources that could have helped address other developmental projects. Having in place the right expense software can help eliminate these losses within a short period. Forget about fixed costs like rent, internet, or energy bills; the other petty amounts of cash that you give out for operational purposes are the source of problems. The software will help manage cash flow with the aid of automated tools tailored to suit your business. It is cost-effective, time-saving, and also accurate.
There are several such software, but below are some of the most competitive.
It is modern expense software that works with QuickBooks, Xero, and Zenefits, among other accounting applications. It has provision for next day reimbursement for employees and checking of accounts through the automated clearinghouse. It is suitable for one or many users as you can install it on mobile gadgets. Also, it has a corporate plan with far much better benefits. You can import credit card transactions into the companies’ digital expense report. The cost of repurchasing it varies depending on the number of users. However, if it is only one person in charge, then you can enjoy the zero-rated services.
TravelBank expense tracking is the modern all-in-one business travel and expense management platform, powering the expense and travel solution for more than 20,000 companies. Organizations gain immediate control of their travel expenses, reducing travel spends by 30% on average while improving employee satisfaction through a user-friendly design and travel rewards program. Companies can create and deploy custom travel policies with ease and create a baseline for travel spend, and have access to TravelBank’s in-house customer success team for 24/7 concierge-level support, always available by phone, email, or chat.
Zoho expense allows you to sync all proper credit and debit card transactions in one pool for you to be able to create a comprehensive expense report. It works with QuickBooks online, Zoho books, and can sync a day’s activities in one platform. However, you will require to seek services from a third party to help import transactions every 24 hours. You can make and scan as many receipts as necessary since there is no limit, unlike other software. You will require to key in data, and in case you are not active in 120 days, it automatically deletes all the information. The software costs $15 for up to ten users and an additional $2 for every new member.
It is the most popular software due to its high levels of convenience. Xpenditure offers companies three plans, and the choice will depend on you. It is equipped with almost ten accounting programs to suit any needs that you may have. Furthermore, it allows for the uploading of credit card statements for easy tracking. Has an option for cash advances to employees and creation of purchase orders for them to get approval for whatsoever reasons. The software always has added new features, and with time the company making it will upgrade it to an adequate level.
Before making a conclusion on which is the best, you must consider critical features to ensure you purchase the type that will work for your business. Most of the expense tracking software operates under the same principle, but you can take advantage of the below tips to help you do valuations.
Draft A Budget
If you have an expense tracking software, it will help manage the cash flow in your business. Therefore, before you make the first move, create a realistic budget since you will encounter different prices. Analyze your employee’s in terms of roles to establish how many you would want to access this software. The sellers usually charge per head. If you opt for a comprehensive plan, it will be cheaper. Many service providers are offering free software in the market. Please stay away from them since, in the long run, you could incur worse financial losses.
Consult Relevant People
If it is a first-time affair; you could go in blindly and end up making mistakes that can jeopardize your business. Therefore, take time to do in-depth research and consultations about the credibility of this expense software. Visit a few companies and find out which type they are using. Confirm if it has been beneficial to them try then to establish if it can serve you as well. The best avenue to get accurate information is from your competitors. Make appointments for business meetings and let someone walk you through the entire process.
Additionally, you can seek assistance from a software consultancy firm. The knowledge they have on the subject will help them explain to you all scopes of the different software available. They will give you unbiased advice on which one to go for and how to handle it for your betterment.
Establish You’re Accounting Needs
You cannot go in search of software without sufficient information on the needs of your company. It is the most critical step in searching for this tool. Find out the specific challenges that your company is currently facing in terms of management and finances. Analyze your current state and where you think you could be standing businesswise in the next few months. Find the loopholes and draft down the solutions that can streamline the business processes. The report you make should cover all aspects of your company since it can project the future.
Every company selling such products tends to speak highly of their capabilities, but you could just be opening your door to more problems. Come up with a shortlist of at least three expense software that you deem fit. Take time and make comparisons with the help of a professional. Check on the kind of service to see if it will work concurrently with your operations. Ask if they can customize just in case you have unique needs. Once you finish this process, you will have sufficient information to distinguish them, hence selecting the type that will work for you.
Investing in business expense software might seem costly, but the results will save you from losses. The system helps in the accounting of not only money but also all your employee’s activities.
Furthermore, you can export it to other relevant accounting programs that you had been using previously, and it will take up all the tasks.