Expense management is crucial for businesses. These handy digital tools simplify how organizations record, manage and analyze expenditures.
However, each platform targets different demographics. Some, like Zoho Expense, deliver an excellent all-around approach that welcomes beginners. Others, like QuickBooks Online, are more complex for long-term scalability.
Don’t worry if this sounds confusing. We did the work for you. Let’s review our shortlist of the top five expense tracker apps for your business.
Top expense tracker apps comparison
Each software title delivers nuanced features and capabilities. For example, QuickBooks Online boasts top-notch payroll processing, which Shoeboxed lacks.
However, for a swift peek, here’s a quick side-by-side comparison.
Zoho Expense: Best overall
Zoho Expense is our top pick thanks to its easy-to-use interface and robust feature set. It delivers everything you need to get started quickly, without much fuss. Any beginner with no prior experience can grasp it. Plus, it’s also highly affordable, with all plans under $10.
But don’t let its low price and beginner-friendliness fool you. Zoho Expense is chock-full of handy perks. For example, it can record expenses automatically by scanning receipts via a one-click internet browser plugin. You can also tackle advanced financial items, like cash advances and corporate credit card reconciliation. And for more power, you can connect to Zoho’s other software offerings.
Why we chose Zoho Expense
We picked the platform for its beautifully simple, beginner-friendly platform that still packs a punch with functionality. Moreover, its seamless integration with Zoho’s suite of products and other popular accounting software makes it a top choice for businesses looking to centralize their financial operations.
For more information, read the full Zoho Expense review.
Pricing
- Free: No cost for up to 3 users with limited features.
- Standard: $4 per user per month for 3 or more users.
- Premium: $7 per user per month for 3 or more users.
- Custom: Contact for a quote if you have more than 100 users.
Features
- Automated receipt scanning.
- Multi-currency support.
- Custom approval workflows.
- Integrated analytics dashboard.
- Real-time expense reporting.
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QuickBooks Online: Best mobile app
QuickBooks Online is a household name for good reason. It expertly blends expense tracking with broader functions like payroll and tax filing. So, you get lots of functionality for the money. And thankfully, that power isn’t lost when you’re on the move.
That’s because the title dishes out a full-featured mobile experience. You can track expenditures, capture receipts and even prepare for tax time, all on the go. Plus, you can sync with other smartphone apps from parent company Intuit. Options include TurboTax and Credit Karma.
For comparison, many competitors fail to offer a beefy mobile experience. Some only support simple receipt uploading or mileage tracking. But not the QuickBooks Online app, which vastly stays true to the full-fledged experience.
Why we chose QuickBooks Online
The platform wins thanks to its highly rated, beginner-friendly mobile experience, providing business owners the flexibility to manage their finances anytime, anywhere. The app is robust, delivering full functionality that’s often rare in mobile versions of business software.
For more information, read the full QuickBooks Online review.
Pricing
- Simple Start: $30 per month.
- Essentials: $60 per month.
- Plus: $90 per month.
- Advanced: $200 per month.
Features
- Automatic receipt capture via mobile app.
- Mileage tracking.
- Expense categorization.
- Advanced analytics.
- Highly customizable invoices.
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Shoeboxed: Best for physical receipts
Shoeboxed is a godsend for businesses dealing with lots of physical receipts. In fact, it exclusively specializes in managing these pesky hardcopy slips.
The platform simplifies managing your paper trail by automatically scanning and recording receipts in bulk. You get thousands of scans yearly — or even more with a custom-built subscription. Many competitors, like Zoho Expense, only bundle a few dozen scans or less.
The title is unique because it also boasts full-service scanning. This perk involves mailing in bunches of receipts in a prepaid package called a Magic Envelope. Shoeboxed staff then input all your data and either shred or return your documents. This benefit is a massive time saver not typically offered elsewhere.
Why we chose Shoeboxed
Shoeboxed is the go-to app for small businesses needing top-notch physical receipt management. Its ambitious focus on simplifying the receipt digitizing experience makes it hard to beat for paper-based expenses.
Pricing
- Start Up: $23 per month.
- Professional: $47 per month.
- Business: $71 per month.
Features
- Generous receipt scanning allowance.
- Full-service data entry available.
- IRS-compliant digital images.
- Automatic categorization of expenses.
- Detailed expense reports.
- Mileage tracking.
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Expensify: Best for employee expense tracking
If reimbursing employees is a huge chunk of your operation, then Expensify is your perfect match. The beginner-friendly platform delivers specialized perks like next-day reimbursement and automated expense approvals. It also boasts artificial intelligence-powered auditing. This tool helps detect fraud, duplicate claims, miscategorized receipts and more.
The title is also prized for its unlimited receipt scanning. Many other platforms limit this task. But with Expensify, your staff can scan their hearts out. And you’ll save time as the title automatically propagates data for you.
Why we chose Expensify
Expensify streamlines the expense report workflow and enhances compliance with company policies. Its strong focus on automation and integration capabilities makes it a superior choice for employee expense management.
Pricing
- Collect: $5 per user per month, paid annually.
- Control: $9 per user per month, paid annually.
Features
- Next-day reimbursement.
- Corporate card reconciliation.
- GPS mileage tracking.
- Receipt scanning.
- Integration with HR and accounting systems.
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FreshBooks: Best for basic expense tracking
FreshBooks offers a simple, user-friendly platform for small businesses and freelancers seeking no-frills expense tracking. So, if competitors seem overwhelming, this option is a breath of fresh air.
It caters greatly to independent contractors. Two standout features are its unlimited invoices and in-house time-tracking perks. These straightforward, fundamental tools save individuals plenty of time when billing clients. Plus, you can set up recurring invoices so you never forget to charge for your services.
As for keeping tabs on your own payments, FreshBooks packs a punch. The title can pull real-time data from your bank for hands-free expense tracking. Plus, you’ll also score automated receipt scans, detailed tax reports and accountant-approved analytics, among other sweet perks.
Why we chose FreshBooks
FreshBooks was chosen for its simplicity and effectiveness in managing day-to-day expenses and invoicing. It’s well-suited for freelancers and small businesses that need straightforward tools without much fuss.
For more information, read the full FreshBooks review.
Pricing
- Lite: $19 per month.
- Plus: $33 per month.
- Premium: $60 per month.
- Select: Custom pricing.
Features
- Simple expense tracking.
- Time tracking and unlimited invoices.
- Automatic expense categorization.
- Tax-friendly categorization.
- Integration with bank accounts.
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How to choose the best expense tracker app for your business
There are some must-haves when you’re looking for the best expense tracker app. First, consider your long-term growth plans. If you’ll remain a solo freelancer, then a simple option like FreshBooks is smashing. But if you aspire for the big leagues, then a more complex solution such as QuickBooks Online is better.
Beyond future goals, here are some other factors to consider:
- User-friendliness: Some titles cater to people with advanced knowledge. So, decide if you’d prefer a simpler, intuitive interface or one with complexity.
- Employee reimbursements: Options like Expensify specialize in paying folks back. These options are great if you have plenty of staff.
- Receipt scanning: Manually inputting physical receipts is time-consuming. Look for apps with automated mobile scanning to reduce your burden.
- Mobile app quality: If you’re constantly on the move, make sure to snag a software title with an excellent mobile app.
And perhaps most importantly, consider your budget. Some options, like Zoho Expense, include a free version. These zero-cost plans are often severely limited. But you can get started without payment and later upgrade to a premium tier.
Methodology
We chose these five apps due to their overall value for money, user-friendliness, specialization in certain financial needs and positive customer feedback. We also considered each title’s suitability for beginners, receipt scanning capabilities and long-term scalability, among other factors.
