Today’s small business owner rarely sits still. Monday may be spent in the office while Tuesday is spent in an airport, waiting to head off across the country. Sometimes tracking expenses becomes an exhausting chore, especially for business owners with limited staff.
Naturally, there are software solutions that can help, but for a business owner who is always on the go, installing software on one PC won’t work. The mobile business owner needs a mobile solution. With so many Cloud-based options, there should be more than a few ways for small business owners to track expenses without having to carry around a stack of receipts.
“Small business owners spend over a third of their management time running their business on the go,” Eric Sikola, CEO of ExpenseCloud, says. “The old days of receipts and expense sheets are history.”
But which service is the best for your small business?Here are some of the most popular expense reporting solutions.
- ExpenseCloud–ExpenseCloud can track mileage and expenses from both PCs and mobile devices. You can even scan in receipts to reduce your paper trail. Free individual accounts are available, with business accounts starting at $90 per month (includes ten users).
- ExpenseWatch–This Cloud-based solution provides various modules you can customize to fit your business’s needs. Modules include expense reports, purchasing, payable invoices, and more.
- QuickBooks Online–Those who have been in the business world a while are likely familiar with QuickBooks, which has long been the preferred bookkeeping software of many small businesses. The online version adds connectivity from any web browser, with a “Simple Start” plan available for only $12.95 a month after a 30-day free trial. Free smartphone apps allow users to access the software on the go.
- Moneytrackin’–The great thing about this solution is its price. It’s free. But while Moneytrackin’ is great for tracking your spending, it has limited functionality for things like scanning and saving receipts, which is one of the biggest benefits to expense tracking software.
- Lemon.com–This app lets you scan in receipts via smartphone. You can also load scans of your credit card information into the app, storing it as a backup in case your wallet is ever stolen. An included money manager analyzes your expenses, creating a report that details where your money is going. This app is designed for the home user, although for one-man small business operations, this can be a great free app for storing receipts.
Obviously, with anything that captures such sensitive data, it’s imperative to consider security when choosing software. Don’t be afraid to ask hard-hitting questions about the type of security used, the staff that will have access to your information, and more. And, as always, be sure when using the software on your PC, laptop, or smartphone that you incorporate complex passwords and keep your device locked and password-protected when not in use.