Whether you’re booking flights, hotels, rental cars, or just trying to keep your expenses organized, Navan seems designed to make life easier for people who juggle hectic schedules. Our partners cannot pay us to guarantee favorable reviews of their products or services. In a nutshell, the IRS gets a percentage of what your business makes. The less money your business makes in a year, the less you owe in taxes, and that means more money in your pocket. If there’s one thing I’ve learned from implementing accounting systems, it’s that maintaining complete records requires well-designed technology that integrates with other systems in use. I know it sounds super boring, but you know what happens when you don’t take the time to check the details?

“Just do it:” How Bratjen Construction modernized processes, saved time, and improved accuracy with Ramp

We could assign cards to specific employees, set their spending limits, and even track departmental budgets. If I book part of my trip outside Navan (say, using a conference discount code), grouping those expenses with meals or transportation gets tricky. The platform isn’t intuitive and often feels like a manual workaround.While the auto-fill feature is generally great, I’ve seen it occasionally get things wrong. Fixing those errors manually can be a hassle, especially when uploading multiple receipts simultaneously.I also didn’t like how the mobile app didn’t have all the features of the desktop version.

• One that helps you stay organized, allows you to monitor your cash flow, and clearly understand where your money is going.
• Cloud accounting software also allows for real-time expense monitoring and facilitates financial decision-making.
• Enter all expenses in the most relevant category for accurate financial statements, reporting, tax returns, and compliance.
• Corporations or LLCs can qualify easily, as having at least $25,000 in any US bank won’t be a struggle for them.
• It’s made staying on top of our finances so much easier.I also appreciated how Ramp let us set up approval workflows to fit exactly how our team operates.
• Features like expense categorization, integration, and mobile options make expense tracking easier for your business.

Another useful feature is insight reporting, which shows you where you are overspending and identifies cost-saving opportunities. Plans start at $12 per user, per month, which could get a bit pricey if you have a larger company. Small businesses or freelancers who want powerful expense-tracking features for free. Kate Borucka Kate is a professional freelance copywriter and translator with a niche focus on time tracking software, time management, and SaaS solutions.

The capability of automatically importing costs is one of the many time-saving features included in FreshBooks. I can upload receipts, categorize expenses, and verify data while working on other tasks. This saves me from having to dedicate specific time to expense management, making the process unobtrusive.I found the automated reminders to file receipts incredibly helpful. The AI reads and categorizes information reliably, minimizing errors and reducing the manual effort on my end. I spent countless hours exploring various expense management software, testing everything from receipt tracking tools to advanced automated approval workflows.

Regularly Reconcile Financial Records

If you use a vehicle for work, a mobile app with mileage tracking makes it easier to accurately record and submit your vehicle-related work expenses. QuickBooks Online’s scores aren’t as high as other options on this list. Its expense tracking and card program scores fell short, which makes sense since it’s not designed as a standalone expense tracker. However, its built-in expense tracking works well for small businesses with minimal employee expenses.

Expensify: Best for Solopreneurs

Its real-time Mastercard and Visa feeds make expense reporting quicker and more efficient. In my scoring, Fyle stood out in expense tracking because of its flexibility. I’m impressed that it lets users record, submit, and attach receipts in multiple ways, while admins benefit from customizable approval workflows that help verify expenses efficiently. This adaptability ensures the process is smooth for both submitters and approvers. Xero’s online accounting platform provides the foundation on which you can build a complete business solution for tracking expenses.

Accurate tax reporting:

Designed for small business owners, FreshBooks expense tracking software offers a convenient and versatile way to manage all your business expenses. The cloud-based system makes it easy to sync all your expense data while the automatic expense importing offers a quick and easy way to track your receipts. Small businesses track expenses using tools like QuickBooks, Wave, or Zoho Expense for easy categorization.

This allowed me to review spending patterns and identify areas for cost reduction. By closely tracking your business expenses, you can confidently complete a cash flow statement, know how well your business is doing, and see where costs need to be reined in (or cut altogether). One of the challenges with tracking business expenses is storing and managing receipts. Physical filing systems aren’t ideal and can create problems during natural disasters or other unfortunate events. Business expense trackers are a solid investment for freelancers, solopreneurs, and other small-business owners who want to analyze costs and submit correct write-offs at tax time. Small business owners often struggle to maintain both a macro and micro view of their business spending.

Don’t get me wrong, having so many tools is fantastic, but it can sometimes feel overwhelming, especially for new users or smaller teams who don’t need everything all at once. I’ve also noticed that while the real-time features are great, there are occasional delays in syncing certain updates, which can be frustrating when expecting instant results. While these aren’t deal breakers for us, I can see how they’d matter for others.I’ve hit a few roadblocks here and there, like occasional login delays or server timeouts. If you’ve accidentally chosen a small business bookkeeping solution that doesn’t have the ability to link to your bank account, switch tools now.

You can scan receipts with your phone’s camera and even store them in the cloud. Remember to track all Accounting For Architects expenses, including mileage, travel expenses and meals, and keep the receipts. Auto-categorization helps you organize expenses quickly so you can instantly track spending patterns. How well will this expense tracker integrate with your existing systems? If you already have accounting software that you use, look for a tracker that can integrate with your preferred software.

It makes recurring payments much easier to handle and keeps everything organized.Another thing I appreciate is how it handles receipts. Attaching them to transactions is simple, and the categorization tools make my life much easier when it’s time to reconcile. Everyone on the team knows what’s left in their budget, so there’s no more awkward “Do we have enough for this? Sometimes, SmartScan didn’t get it right, and I had to fix things manually. One thing I’ve noticed is the occasional issue with duplicate expenses.