Businesses incur all kinds of expenses, including staff wages/salaries, rent, inventory, equipment, licenses, etc., which can affect the general profits if they’re not adequately tracked. You need a business expenses and profit tracker so that you can operate within your budget. Additionally, you’ll also face an easy time when filing tax returns and claiming tax deductions. This tracker also plays a significant role in helping you know your cash flow structure so that it becomes easy to understand the unnecessary areas you can reduce spending on. There are many business expenses and profit trackers that you can choose from, as explained below:
1. QuickBooks
This is the most common and effective tracker with more advanced features. QuickBooks is appropriate for all business sizes. It mainly ensures all accounting procedures run smoothly. This tracker has a real time dashboard where businesses can update all their financial transactions. This means you can easily retrieve the data whenever you want for analysis. QuickBooks also helps in invoice tracking, meaning that it’s easy to know and follow clients who haven’t made their payments. It also tracks sales tax following the standard tax procedures.
2. Expensify
Tracking expenses and profits can be a nightmare for people who work remotely. With Expensify tracker, it becomes easy to track your expenses and profits by cutting off all accounting hassles and keeping your financial books up-to-date. Expensify allows you to scan receipts and generate real time reports to make it easier to know how your business expenses are versus the profits generated.
3. Rydoo
This is the easiest to use business expenses and profit tracker. It helps in streamlining business expenditure by reducing paperwork and manual data input. It allows real time uploading of receipts from where the tracker extracts essential information while categorizing each product. Rydoo Tracker records and generates reports in various formats, including PDF, XML, XLS, and CSV.
4. Bench
This business expenses and profit tracker provides a good experience in terms of bookkeeping. You can easily import, review and categorize each expense you incur monthly. Additionally, you can also upload your receipts on the tracker since it provides unlimited storage capacity. Bench also provides monthly financial reports that can make it easy to monitor your finances and cash flow. This tracker also helps a lot when filing your business taxes.
5. Concur Expense
This is an app that helps in all aspects involving the management of invoices and expenses. Concur Expense is also important in meeting regulatory compliance. The tracker allows you to take receipt photos and make claims which reduces business operation costs. It also incorporates the integrated ERP that helps in business budgeting and forecasting.
These are some of the top business expenses and profit trackers. Other essential trackers are Hurdlr, FreshBooks, Pocket guard, and Zoho Expense. Regardless of the tracking tool you need, it’s essential to choose the right one by considering how receipts are captured and organized, how sales and reports are tracked, how secure your data is, inventory tracking, organizing tax deductions, and invoice management.
