Expense reports play an important role in operating a business. Not only do they help you make decisions, but they also allow you to track budgets. However, they can also be time-consuming to create.
The solution? Expense report app.
If you still report expenses by hand, you could be wasting a lot of time and money. Manual processes put you at risk for human error, and they also take away time from other tasks. Fortunately, plenty of alternatives exist.
Today’s technology makes it easier than ever with expense tracker apps. In fact, the number of different expense report applications can make it difficult to choose one. In this article, you’ll learn more about some of the best expense report apps and their benefits. You can also find out more about free options. By the time you reach the end, we hope that you can find the best expense tracking app for your business.
What is an Expense Report App?
In order to truly know which is the best fit for your company, you must understand expense tracking apps. What’s their purpose? How do they help?
Businesses use expense tracking technology to monitor and report all of their expenses. The process can be especially overwhelming for companies with hundreds of transactions each day. It can be nearly impossible to keep up with all of them with manual expense reporting.
With an app, it is quick and easy for employees to upload receipts and record expenses from anywhere. More efficient expense tracking allows you to create real-time expense reports. These reports can then be used for both tax purposes and accounting.
There’s more to an expense reporting app than that!
Some of the best expense tracker apps also allow real-time reconciliation and reimbursements. If your employees make purchases with personal credit cards, an app can speed up the approval process. Many apps even allow you to direct deposit reimbursement so that employees can get paid right away.
Benefits of Automatic Expense Reports
Now that you know more about what expense reports do, it’s time to uncover some of their benefits. In addition to easy reporting, expense reports serve businesses through:
- Better Business Making: When you have access to real-time analytics, you can make smarter, more accurate business decisions. You no longer have to rely on your gut instincts. You can let the numbers speak for themselves. Expense reports show you areas you can increase spending in, and they can show you where you should cut back.
- Simplified Tax Filing: If you haven’t been tracking expenses throughout the tax year, the process is more stressful. Fortunately, expense reporting makes it easier and faster to file taxes. Not to mention, improved accuracy optimizes your return.
- Employee Accountability: Since expense reporting apps have approval flows, you can keep your employees accountable. The apps automatically look for charges that go against company policies. For example, the app ensures employees don’t get reimbursement for their entertainment on a business trip.
Are There Free Expense Reporting Apps?
We know that not every company has a large budget. Luckily, you don’t have to spend a lot of money to get an expense reporting tool for your business. Small business owners and self-employed individuals have several free expense tracker apps. Though they may not offer all of the extra features, most provide the basic functions you need for expense management.
It’s important to note that some expense report applications come with different subscription levels. You may find that the free version works well for your small business needs. If your company grows, you can always upgrade your subscription for more benefits and features. This flexibility allows you to continue expense tracking with no interruptions. Keep reading to learn about some of the best free options for your company.
5 Best Expense Report Tools
If you’re feeling overwhelmed by the many expense management options, you don’t have to stress anymore. We’ve thoroughly researched several of the top expense tracking tools in the business. We were most impressed by five tools for automatically generating expense reports.
To start with a free option, Wellybox not only offers a free trial, but also a free plan for life. If your small business needs more scanning power and storage space, however, you need to upgrade. The other plans are reasonably priced for an accounting solution. For just $5.99/month, you can scan up to 100 business expenses. One of the best features is business email scanning. It allows you to scan unlimited email accounts to look for business travel expenses, invoices, and other receipts.
That’s not all! There are plenty of other reasons to love Wellybox business expense tracking. The bottom line is that you can enjoy the following benefits for an affordable price:
- Seamless Expense Reporting
- Digital Receipt Creation with Easy-to-Use App
- Integration with Expense Management Software
- Cloud-Based Storage
2. Zoho Expense
Zoho Expense is another free option. You can get started with the basic version for absolutely no cost. If you need to upgrade, they offer premium plans for just $5 per month. We love this free app because it is available for all mobile phone users. Both iOS and Android phones can download the expense report app.
The price isn’t the only reason Zoho Expense finds its place among the five best expense management apps. Users also enjoy using this expense tracker because it offers:
- Receipt Scanning: As long as your employees have access to a mobile device, they can digitize any paper receipts. This feature is especially useful for creating expense reports while traveling.
- Ease of Use: The app offers a straight-forward interface and automatic approvals. As a result, you can create your reports quickly and efficiently.
- Mileage Tracking: If part of your business requires you to travel a lot, you’ll love the mileage tracking feature. Zoho Expense has a built-in GPS, so you can automatically calculate mileage with accuracy.
- Credit Card Reconciliation: You can sync your bank account and credit cards for effortless reconciliation and reimbursements.
If you can afford to invest a few dollars every month, we suggest that you check out Expensify. Individuals can get plans as low as $4.99 each month. If you own a business with multiple employees, you’ll have to pay per user. Their expense management plans start at $6 a month per user and go up to $9 for more features. This mobile app is a great option for large businesses because the expense report app is available for iOS and Android phones.
The entry-level subscription focuses more on tracking expenses. Users who upgrade to the premium subscription can do so much more. The following are just a few of our favorite features:
- Automatic Mileage Tracking
- Automatically Reimburse
- Syncing with Accounting Software
- Free Expensify Credit Card
- Expense Management for Corporate Cards
- Multi-Level Approval Workflows
- Concierge Travel Agent
- And More!
Do you already use Quickbooks for your accounting software? If so, it makes sense to use their mobile expense tracker too. Doing so makes sure that all of your important information stays in one place. If you don’t already have a Quickbooks account, you have to sign up for at least $12.50 a month. Advanced plans can cost as much as $75 per month.
When you use Quickbooks for your expense management needs, you can enjoy several benefits and features:
- Sync Accounts: You can automatically import data from credit cards and banks when you sync them to Quickbooks.
- Create Estimates: If part of running your business involves estimates, this app is for you. You can quickly create an automatic estimate on the go.
- Scan Receipts: As long as you have access to the internet, you can scan and upload any receipts. The app turns them into smart receipts and automatically categorizes them.
- Real-Time Analytics: Since the mobile app automatically imports all of your expenses, you can create updated expense reports.
Abukai is another free option like Zoho Expense. It is available for web and mobile devices, so you can access it from anywhere. It’s important to note that the free version is best for individuals with occasional expenses. If you have more than 12 per year, we recommend upgrading to the single-user plan for $99 per year. Businesses with multiple employees should inquire about pricing for:
- Custom Expense Reports and Categories
- Credit Card Reconciliation
- Approval Flow Options
- Accounting Software Integration
The Best Expense Report App for Your Business
Still searching for the best expense management app? Check out Wellybox. Our mobile app is available for both iOS and Android platforms, but more importantly, it’s free! However, we recommend that small businesses upgrade to our paid plans starting at $5 each month.
When you sign up for our services, you can submit expenses through your email and the app. After scanning all of your receipts, you can create helpful expense reports. You can also send the data to cloud-based storage or accounting software.
Ready to get started expense tracking and reporting? If so, we recommend that you download our app today! You can enroll in our free trial, or you can upgrade to our premium plans for all of the benefits and features.