Properly tracking expenses related to business activities is a critical to keeping tabs on the financial health of your business and maintaining necessary documentation for tax purposes. Depending on the size and scope of the company, however, this task can be daunting and can often get lost amidst other day-to-day business priorities.
Just like so many other aspects of modern life, apps have emerged to improve the ease of expense reporting and tracking for business owners. American Express’ OPEN Forum recently rounded up a few of the options out there. Please note, as with all app purchases, costs may apply and applicability may vary by device or operating system.
BizXpense Tracker: This comprehensive app not only tracks expenses and mileage, it also allows users to record time worked, customize categories and gene rate expense reports. It also uses templates that collect and provide information required by most accountants.
Concur Mobile: Designed for small businesses with a workforce that travels extensively, this app lets users track expenses and quickly create detailed expense reports. It is also equipped to approve employee travel spending and book hotels and flights.
Expensify: This app helps businesses track expenses, billable time and mileage. It has a receipt capture feature to scan receipts and create an expense report.
Mileage Log+: If logging accurate mileage in a timely fashion is a problem, this app can help. Created solely to track gas mileage, Mileage Log+ has a mileage log and IRS reimbursement rates.
MileIQ: This app automatically detects driving activity to capture mileage, saving users from manually logging each trip. Additional features include classification options, detailed report generation and wide range of preference settings.
Shoeboxed: The digital version of stuffing receipts into a shoebox, this app lets users capture receipts and file them for reimbursement or as a deductible expense.
Smart Receipts: This open source app offers the capability to scan receipts using a phone camera. Not only does Smart Receipts generate expense reports, it also allows users to email .CSV files or tabulated .PDF versions.