Whether you are a startup or an entrepreneur, keeping a track of business finances and managing it right is one of the challenging tasks. Remembering every single spending and maintaining an accurate record of all business expenditures actually narrates how well your business is handling money flow. This is where most businesses, especially startups make the biggest mistake. 

Since startups always look for ways of cost-cutting, therefore, they always avoid having a team that can keep a track of their expenses. However, with the great influence of technology, now organizing your business expenses in the right order has become no more far fetched task. 

Today, you can find a number of business expense management and tracking apps that help you immediately upload every single business receipt into an expense tracker app and saves you from all the hassles and time spent on managing manual expense records. The most exciting thing about these tracking apps is that they do more than just keep a record of receipts. With the implementation of the right expense tracker app in place, businesses can monitor their credit, send invoices, create a budget, reconcile accounts, track the performance of business investments and more. 

Using software to track your expenses can save you time and money while helping your employees to operate more efficiently. Top of that, with accurate financial insights, businesses can remain aware of their spending habits and overall make it easier to calculate annual taxes. 

If you are also planning to get started with the business expense tracker app, then firstly you need to understand what type of expense tracking app you need for your business. Different businesses have different requirements, therefore customized solutions to track different types of spending. Lack of clarity will end you up with complicated finance tracking apps. 

Therefore, before you proceed to invest in developing an expense tracker app, it’s time to look for such important parameters that help you build get the right expense tracking app.

Important Parameter to Consider While Building an Expense Tracking App For Business in 2022

When it comes to developing an expense tracking app, there are a number of things that you need to evaluate. But the central question is what to consider while developing an expense tracker app? If you are still confused, then here we are explaining to you such tips that help you get the best expense tracking app for your business. 

• Compliance with Regulations

All software that is to be used for tracking business expenses must comply with the Sarbanes-Oxley Act, better known as the Public Company Accounting Reform and Investor Protection Act. The purpose of SOX is to protect investors by ensuring more accurate and reliable disclosures of corporate information.

Aside from that, a good business expense tracker app should be able to store your data for at least seven years. This is according to the Internal Revenue Service should an audit request be made.

• Simple and Easy to Use

If employees will be submitting expenses on behalf of the business, you’ll want to make sure the platform they use is easy to use.

For the sake of your international employees, you will want to make sure they can access the software in their local language and submit expenses in their local currency.

• Mobile-Friendly and Responsiveness

With that in mind, part of being user-friendly means offering a mobile app with many features, since it’s the easiest way to track expenses.

In order to achieve this, your app should contain receipt-image capture technology that enables you to upload scanned images to the app with the help of your mobile phone. To extract as much detailed information as possible from receipts, you want a tracker that can detect handwritten or printed text to convert it into machine-encoded text, as many don’t allow you to enter specific details from a receipt manually.

• Providing Insights and Analytics

Your business expense tracker should be able to help you track and organize your spending data so that you can better understand where your money is going. For example, you should be able to see how spending varies from week to week, month to month, and year to year. It is important to create budgets and assign expenses to specific budgets to check that you are living within your means.

• Attractive and User-Friendly Interface

When staff submit expenses on behalf of the company, you want to make sure it is easy for them to set up and use the software. Utilizing a platform that is easy to get the hang of will eliminate unnecessary scheduling obstacles in the future.

When employing overseas workers, you will want to ensure they have access to the software in their native language and are able to submit expenses in their local currency.

Best Expense Tracking Apps That Small Businesses Should Know in 2022

If you are looking to save money, then you might want to consider taking control of your expenses. By maintaining an expense tracker app, it will not only be easy to track your daily purchases, but also help you make smart and efficient financial decisions that could ultimately improve your business’s bottom line in the long run. So, without further ado, here are the best expense tracking apps in 2022 that small businesses should have if they plan on surviving and thriving in this competitive landscape.

1. BizXpenseTracker(BXT) – An Ideal Software For Small Businesses

The BizXpenseTracker (BXT) is a great way for small-business owners to stay organized by recording all expenses, mileage, and time. It has been available on the market since 2010.

It’s the perfect small-business expense tracker app with which you can generate reports for import into Excel, use advanced features such as sorting, filtering, linking to files, and more. Live mileage tracking allows for total mileage tracking so that no miles or time are wasted. When it comes to time tracking, and expense tracker app can be used to keep time records by the hour, day, or number of visits. Additionally, the app makes it easy to calculate your overtime hours.

2. Certify: Best Feature Rich Expense Tracker App

Among its core features, Certify contains ReceiptParse, which can use optical character recognition to extract expense data from receipts.

By default, Certify ReportExecutive creates expense reports for your entire company with a reporting schedule, reminders, review of submissions, and the submission of reports. The service also offers a variety of ways to submit receipts including by text, email, or scan, as well as fax.

With the Spend Smart suite, business members can rate vendors, enabling the entire company to make better spending decisions. Additionally, QuickBooks integration, reporting suite, global function, and customized permissions are present.

There are three pricing plans on Certify: Certify Now, Certify Premium, and Certify Advanced. it costs $8 a month and supports up to 25 users, making it perfect for organizations of any size. on the other hand, you’ll get all of the aforementioned features, including being quote-based and capable of accommodating up to 200 employees. The Enterprise plan is also a quote-based subscription service and is appropriate for businesses with more than 200 employees.

The Professional and Enterprise subscriptions grant you additional features like travel management, ACH capabilities, automated invoices, additional integrations, receipt backups, and personalized card feeds.

3. Expensify: A Perfect Solution For SMEs

Expensify is a digital receipt solution that can make record keeping a whole lot easier. Launched in 2008, the app reads, scans, and imports receipts. For example, foreign currency purchases may be captured with this expense tracker app, as company expenses will be imported automatically.

Receipts can be uploaded with this app, providing business managers or the company accountant with instantaneous expense approval or rejection and next-day reimbursement features. This can be organized by categories, tags, and groups so reports can be created more easily. The free expense tracker app allows for a certain number of complimentary scans per month.

4. Wally: Best For Millennials

Beautifully designed and built with Millennials in mind, Wally is an expense tracking app with an attractive, intuitive design and robust social features. Wally integrates all of your bank accounts so you can track your spending. This is achieved by syncing with your financial accounts and using artificial intelligence. The app’s focus is on expense management.

Wally’s budget tracker lets you easily set a budget and stay on top of day-to-day spending categories. You can quickly tell if you are on a budget or off-budget. The app has a social feature, where you can create groups among family and friends and plan a budget together. If you enjoy a consolidated view of joint accounts, then this is one of the best expense tracker apps for you.

5. Quick Books: An Advanced App Version To Manage Financial Operations

QuickBooks Online is one of the most extensive financial management programs on the market for small-business expense tracking. One of the program’s top features is the ability to upload receipts with a photo. An app automatically matches the receipt to existing expenses or creates new ones.

In addition to importing and categorizing expenses, QuickBooks has the capability of creating invoices, tracking inventory and receiving payments. Additionally, there is QuickBooks Capital. This feature allows you to access your business credit score. Your business credit score is determined by collecting information from banks, vendors, business credit card usage and other third-party sources. Banks, lenders and vendors will use this score to decide whether to do business with your company. A high score means a better chance of getting approved for loans or credit cards.

If you’re looking for a free expense tracker app, Google Sheets is a great option. This app comes preloaded on all Android devices and can be downloaded on iOS devices through Apple’s App Store. It’s easy to set up an account and start using it right away because it uses Google Drive as its back end.

How Much Does It Cost To Build An Expense Tracking App?

Developing an expense tracking app? But still, juggling with the question that how much will it cost to create an app? Well, getting an accurate answer to this question is always challenging especially when you are not sure what exactly you are looking to create for your business.

So, if you are looking to create an expense tracking app but are curious to know how much will it exactly cost you, then it is worth hiring an app development company that can explain to you each parameter contributing to the final app development budget. But determining the app development cost is no brainer if you know what to evaluate while calculating the app development cost. So if you are not sure what major factors are affecting the app development cost, then you need to know this:

• The features and functionalities
• Complexity of the app
• UI/UX design
• App testing
• App development team 
• Its location and hourly cost

These are the few major factors affecting the app development cost. So if we conclude all such factors then it is estimated that the average cost to create an expense tracking app will be ranging from $20,000 to $25,000+ and beyond $35,000 if choosing to implement such advanced technologies like AI, ML, Blockchain and more.

So instead of just trusting these figures, it is recommended to get in touch of experts for real estimations. 

Conclusion

There are so many expense tracking apps available on Google Play Store and Apple App Store that it is quite difficult to choose one among them. But no app can fit your business needs as each solution is mindfully tailored to cater to the needs of the business. So if you are planning to create an expense tracking app for your business then “Alcax Solutions” is one of the leading mobile app development companies that can help you build a unique, scalable and secure application for your business. You can schedule a free consultation meeting with our experts to discuss the project details and get a real estimation.