Whether you do your own accounting or employ an accountant or bookkeeper, trying to reconcile your business’s expenses is a time-consuming disruption in your already busy day. Plus, with everything going digital these days, you may not even have a paper receipt to file.
Here are four cool tools to help keep track of your spending.
Available for the iPhone and iPad, BizExpense is a free app that allows you to scan receipts on your smartphone or tablet and export the file directly to an Excel file. That way, you never have to worry about forgetting what purchases you made.
If you use freelancers, have them download the app to help keep track of their reimbursable expenses. It’s handy for business trips or if you need to bill clients by the project. BizExpense also generates an expense report and breaks down expenses by budget categories.
Similar to BizExpense, but available in more formats including Android, Windows and Blackberry, Expenisify uses SmartScan to snap a picture of your receipts and then upload them to your Expensify account. SmartScan fills in the expense details, attaches the receipt to the associated credit card expense, and adds the information to an expense report. There is also a “distance” button to help figure out mileage.
If you and your team (even if it’s only your business partner) travel on business, you need an organized travel management system to manage your plans and expenses. TripIt for Teams gives SMBs the ability to centrally manage business travel, stay connected on the road and provide insight into the company’s travel spending. Everyone knows who’s out of the office on what dates, where they’re staying and how much the trip will cost. A travel calendar makes it easy for the team to access confirmation numbers, maps, directions and other trip details anywhere at any time.
4. PEX Card
If you find yourself having to dole out petty cash for employee expenses or need to advance money to a freelancer, consider the PEX Card, a business prepaid card specifically designed to help small companies take control of their expense management. You can decide how much you want to spend on a project and then track transactions as money is spent. There is a one-time setup fee plus a monthly flat fee, but no transaction fees and no interest charges. You can easily add funds to the cards through the PEX website, and the money is available immediately. If you’re having trouble keeping track of a project’s expenses, PEX is a good way to gain control.
Business expenses can feel overwhelming at first, especially as your business starts to take off and more money is going both in and out. Using some of these tools can help you stay on top of your spending, and help your business grow.
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