Business expense tracker software is essential for managing finances effectively for businesses in the Philippines, but why is this happening? Eventually, traditional pen-and-paper methods are increasingly outdated as we move into a fast-paced digital world.
Therefore, business expense tracker software has transformed how organizations handle their finances. However, finding the right one can be challenging with many options. To help, we’ve compiled a list of the 17 best options for 2024. This guide will streamline your expense management process.
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What is Business Expense Tracker Software?
Business expense tracker software is a digital tool designed to help businesses manage, monitor, and record their expenses efficiently. It automates tracking of various business expenditures, such as travel, meals, office supplies, and utility bills.
This accounting software can also automatically categorize expenses and generate detailed financial reports. Its integration with accounting software further streamlines financial management, reducing manual data entry and enhancing the accuracy of financial statements.
The Importance of Business Expense Tracker Software
Expense tracker software is vital for financial management in companies of all sizes. Its importance lies in the following key benefits:
- Enhanced accuracy: The expense tracker software minimizes errors and ensures reliable data by automating expense tracking. This reduces manual data entry and mistakes caused by human error.
- Time and cost savings: Expense tracking software streamlines processes, reducing administrative tasks and freeing employees to focus on more productive work. It also reduces the costs associated with paper-based systems.
- Real-time visibility: Businesses gain real-time insights into spending, allowing proactive decision-making, better budgeting, and improved financial control.
- Data analysis and reporting: With built-in data analysis tools, businesses can generate custom reports and streamline the reconciliation and forecasting processes, effectively addressing companies’ common accounting problem.
What to Look for in Expense Tracker Software
When searching for the right expense tracker software, consider these key factors to ensure it aligns with your organization’s needs:
- Mobile access: In today’s mobile-centric world, it’s crucial to have software accessible on smartphones or tablets. Look for a solution that offers a mobile app or a responsive web interface to capture and submit expenses on the go.
- Receipt uploads: Choose expense tracker software that allows for the upload and storage of digital receipts. This feature enhances accuracy and simplifies record-keeping by reducing reliance on paper receipts.
- Auto-categorization: Opt for software that automatically categorizes expenses using AI or machine learning algorithms. Auto-categorization saves time, ensures consistency, and improves reporting accuracy.
- Automated reports: The software should allow easy report generation with customizable templates and real-time data synchronization. This feature reduces manual efforts and provides timely insights into expenses.
17 Best Business Expense Tracker Software 2024
Here’s a list of the top expense tracker software to suit a wide range of businesses, from startups to large enterprises:
1. HashMicro Expense Tracker Software
Why we choose: Customizable automation features and mobile access simplify expense management.
HashMicro offers comprehensive business expense tracker software that automates data entry, receipt scanning, and expense categorization to save time and reduce errors. With a user-friendly interface and mobile app, employees can easily manage expenses.
Business people, HashMicro also integrates with other accounting software to ensure smooth and accurate data flow. Its best expense tracker software offers a free demo that is recommended by 1750+ businesses in Southeast Asia with some robust features, such as:
- Cash flow reports: Monitor the company’s cash inflows and outflows to ensure sufficient liquidity, make appropriate financial plans, and identify and address potential financial issues.
- Multi-level analytical: You can see the trend or insight of all financial transactions in real-time, and they can be filtered based on various categories (project, branch, etc.).
- Profit & loss: A report comparing gains and losses’ value with the original budget and previous estimates.
- Financial ratio: Provides the best accounting software that automatically calculates various critical financial ratios such as liquidity ratios, profitability ratios, debt ratios, etc.
| Pros | Cons |
| Free to add users without additional cost | The system implementation time may vary according to your desire for customization. |
| User-friendly interface | |
| Strong integration with ERP systems | |
| Secure and reliable data handling | |
| Customizable workflows tailored to industries | |
| Strong customer support |
2. Zoho Expense
Why we choose: User-friendly interface with seamless accounting integration.
Zoho Expense provides a simple and user-friendly platform for tracking and managing expenses efficiently. Its intuitive interface and features, such as automated tracking, digital receipt scanning, and customizable reports, make it suitable for all business types.
Key features:
- User-friendly interface
- Receipt uploads
- Expense approvals
- Multi-currency support
- Integration with accounting software
| Pros | Cons |
| User-friendly and clean interface | Limited offline access |
| Offers multi-currency support | It can be overwhelming for first-time users due to the numerous features |
| Integration with popular accounting software | Some advanced features are locked behind premium plans |
| Streamlines receipt uploads | Support response can be slow during peak times |
3. Wallester
Why we choose: Real-time tracking with flexible virtual and physical card options.
Wallester is a financial institution that issues VISA payment cards and provides a complete expense management system. With physical and virtual cards, businesses can easily track and control spending. Its platform offers simple and integrated reporting, making financial analysis and management more effective.
Key features:
- Physical and virtual card issuance
- Real-time expense tracking
- Custom spending limits
- Automated expense categorization
- Reporting and analytics
| Pros | Cons |
| Real-time expense tracking with card issuance | Requires KYC (Know Your Customer) process for setup |
| Custom spending limits for control | Limited flexibility in expense categories |
| Automated expense categorization | The learning curve for managing virtual cards |
| Detailed analytics and reports | Less suitable for small-scale businesses due to pricing structure |
4. Rydoo Business Expense Software Tracker
Why we choose: Centralized receipt management and streamlined reporting.
Rydoo simplifies expense tracking with features like digital receipt uploads and automatic categorization. It provides a centralized place to store receipts and streamlines the expense approval process. The software’s user-friendly design and integration with other systems help companies enhance efficiency.
Key features:
- Receipt management
- Expense approvals
- Mileage tracking
- Policy enforcement
- Integration with accounting software
| Pros | Cons |
| Centralized receipt management | UI might feel cluttered for some users |
| Easy-to-use mobile application | Requires internet for most functionalities |
| Simplifies approval workflows | Pricing plans may not suit smaller businesses |
| Supports multiple languages | Limited customization of expense categories |
5. Emburse Certify
Why we choose: Intelligent automation for accurate expense tracking.
Using intelligent algorithms, Emburse Certify automates expense management tasks like data entry and receipt categorization. It extracts data from receipts through Optical Character Recognition (OCR) technology, minimizing errors and saving time.
Key features:
- Automated data extraction (OCR)
- Multi-level approvals
- Receipt uploads
- Expense policy enforcement
- Report generation
| Pros | Cons |
| Automated data extraction from receipts | It can be complex to set up for new users |
| Intuitive interface for expense tracking | Higher-end plans can be expensive |
| Supports multi-level approvals | Limited offline capabilities |
| Real-time policy enforcement | Occasional delays in system updates |
6. FreshBooks
Why we choose: It is ideal for small businesses with straightforward invoicing and cloud-based tracking.
FreshBooks is cloud-based accounting software designed for small businesses and freelancers. It features professional invoicing, online payment gateways, and automated expense tracking. Users can easily upload receipts and monitor cash flow, helping them stay on top of their finances with detailed reports and insights.
Key features:
- Customizable invoices
- Time tracking
- Expense categorization
- Mobile access
- Online payment gateways
| Pros | Cons |
| Simple invoicing system | It does not support complex expense categorization |
| Easy integration with payment gateways | Lacks advanced reporting features in basic plans |
| Mobile app for expense tracking | It can get costly as the business scales |
| Cloud-based for accessibility | Limited customization in invoice templates |
7. Expensify
Why we choose: Automated reporting using advanced OCR technology.
Expensify automates expense reporting using advanced technologies like OCR to extract data from receipts. Users can capture receipts via mobile or email, and the software processes them for reporting. Its features reduce manual entry, save time, and ensure compliance with company policies.
Key features:
- Automatic data extraction (OCR)
- SmartScan receipts
- Expense categorization
- Approval workflows
- Integration with accounting systems
| Pros | Cons |
| Automated expense reporting with OCR | The high learning curve for advanced features |
| Mobile app for receipt scanning | Premium features can be pricey |
| Supports multi-currency transactions | Customer support can be slow at times |
| Real-time policy violation alerts | Limited offline functionality |
8. QuickBooks Online
Why we choose: Comprehensive accounting with robust financial integrations.
QuickBooks Online is a popular accounting software that helps small to medium-sized businesses manage finances, track expenses, and generate reports. It supports the automatic categorization of bank transactions and offers customizable invoicing to facilitate faster payments and improve cash flow.
Key features:
- Automated expense import
- Custom invoicing
- Receipt capture
- Bank reconciliation
- Reporting tools
| Pros | Cons |
| Widely recognized accounting platform | The interface may feel outdated for some users |
| Comprehensive reporting tools | Some features are only available in premium tiers |
| Integrates with various financial accounts | Setup and configuration can be time-consuming |
| Invoicing with multiple payment options | Limited customer support for lower-tier plans |
9. SAP Concur
Why we choose: Real-time tracking and policy enforcement for travel and expenses.
SAP Concur offers a comprehensive business expense software tracker. It automates expense tracking, enforces policies, and integrates with other financial systems. This allows businesses to save time, reduce costs, and gain complete control over spending while ensuring compliance.
Key features:
- Policy compliance
- Expense categorization
- Multi-platform access
- Expense report automation
- Integration with travel services
| Pros | Cons |
| Robust policy enforcement features | It can be expensive for smaller businesses |
| Comprehensive travel and expense management | Requires thorough training to use it effectively |
| Real-time tracking and reporting | Limited customization options in standard plans |
| Integrates with multiple financial systems | Complex user interface for beginners |
10. Divvy
Why we choose: Offers real-time tracking with flexible budget control.
Divvy is a modern expense tracker that simplifies expense management with features like company credit cards, real-time expense tracking, and automated approvals. Businesses can set budgets and monitor spending, optimizing financial workflows and avoiding unnecessary costs.
Key features:
- Spend management controls
- Budget limits
- Real-time tracking
- Custom card issuance
- Reporting dashboards
| Pros | Cons |
| Real-time expense tracking with company credit cards | Not suitable for small businesses due to pricing |
| Set custom budget limits | Limited integrations with third-party tools |
| Automated approval workflows | The steep learning curve for new users |
| Mobile app for managing expenses on the go | Lacks in-depth reporting features |
11. Everlance
Why we choose: Perfect for freelancers, with automatic mileage and expense tracking.
Everlance is designed for freelancers and small businesses, offering automatic mileage and expense tracking. It generates detailed reports and insights into spending patterns, which can be shared with clients or accountants for reimbursement or tax purposes.
Key features:
- Automatic mileage tracking
- Receipt uploads
- Expense categorization
- Report generation
- Web and mobile access
| Pros | Cons |
| Automatic mileage tracking | Limited features in the free version |
| Simple and easy-to-use mobile interface | Not designed for large enterprises |
| Customizable expense reports | Basic analytics compared to competitors |
| Ideal for freelancers and small businesses | Requires internet connection for real-time syncing |
12. TravelBank
Why we choose: Secure travel and expense management with multi-currency support.
TravelBank provides tools to manage business travel and expenses. It includes features like secure data storage and encryption to protect financial information. With real-time tracking and automated reporting, businesses can optimize travel expenses and maintain financial control.
Key features:
- Travel booking integration
- Secure expense storage
- Receipt uploads
- Policy compliance
- Multi-currency support
| Pros | Cons |
| Comprehensive travel and expense management | Advanced features require premium plans |
| Secure data storage with encryption | Limited flexibility in customization |
| Real-time expense tracking | The mobile app may lag on older devices |
| Supports multi-currency expenses | Some users report a steep learning curve |
13. Precoro
Why we choose: Strong budget control and real-time expense insights.
Precoro helps businesses set budget limits and track expenses in real time. It provides insights into spending, enabling better cost management and preventing overspending. Its integration with other systems ensures smooth data flow and financial discipline.
Key features:
- Budget tracking
- Approval workflows
- Expense categorization
- Supplier management
- Purchase order creation
| Pros | Cons |
| Powerful budget tracking | Limited customization for expense categories |
| Real-time insights into spending | Not as user-friendly for beginners |
| Prevents overspending with budget limits | Pricing may not be suitable for small businesses |
| Seamless integration with procurement tools | Limited offline functionality |
14. Mint
Why we choose: Automatic expense categorization and visual spending insights.
Mint is a personal finance platform that helps users track expenses, set budgets, and monitor financial health. It automatically categorizes transactions and provides visual spending patterns, helping individuals and small businesses identify where to cut costs.
Key features:
- Automated transaction categorization
- Budgeting tools
- Goal setting
- Multi-account management
- Spending reports
| Pros | Cons |
| Free personal finance platform | No multi-user support for business teams |
| Automatic categorization of expenses | Lacks in-depth business analytics features |
| Visual representation of spending patterns | The ad-supported interface can be distracting |
| Budget tracking with goal-setting | Limited to personal finance rather than business use |
15. Bench
Why we choose: Professional bookkeeping services with easy-to-understand financial overviews.
Bench is an online bookkeeping service tailored for small businesses. It offers a simple platform for accessing financial data, tracking income and expenses, and generating essential reports like profit and loss statements, making financial management more accessible.
Key features:
- Bookkeeping services
- Financial statements
- Cash flow monitoring
- Financial health overview
- Dedicated bookkeeping team
| Pros | Cons |
| Provides professional bookkeeping services | Higher costs compared to self-managed tools |
| User-friendly platform for financial overview | Limited customization in financial reports |
| Regular financial statements | Not suitable for real-time expense tracking |
| Dedicated team of bookkeepers | May lack integration with other business tools |
16. Shoeboxed
Why we choose: Simplifies receipt management with integration to popular tools.
Shoeboxed is a digital receipt and expense tracking tool that simplifies financial management. Users can upload receipts, manage expenses, and integrate with other tools like Evernote and QuickBooks. It digitizes and organizes financial documents, saving time and improving record-keeping.
Key features:
- Receipt digitization
- Expense categorization
- Business card management
- Integration with productivity tools
- Online document storage
| Pros | Cons |
| Easy receipt digitization and storage | Limited expense categorization options |
| Integrates with tools like Evernote | Basic plan lacks some advanced features |
| Enhances productivity with organized receipts | Pricing may not suit smaller businesses |
| Simple user interface | Requires scanning for paper receipts manually |
17. Wave
Why we choose: Free accounting software tailored for small business needs.
Wave is a free cloud-based accounting software for small businesses. It lets users connect their bank accounts, automatically importing and categorizing transactions. This helps track expenses, manage cash flow, and capture digital receipts to streamline financial management.
Key features:
- Automated transaction imports
- Invoicing tools
- Receipt scanning
- Cash flow tracking
- Free accounting features
| Pros | Cons |
| Free accounting software for small businesses | Lacks some advanced features needed by larger businesses |
| Automatic transaction import | There is no dedicated customer support for free users |
| Cloud-based for easy access | Limited customization in report templates |
| Supports digital receipt capture | Can experience slowdowns during peak usage times |
How to Choose the Best Business Expense Tracker Software
When choosing the best expense tracker software in the Philippines, consider the following steps:
- Identify your business needs: Determine your business’s specific requirements, such as multi-currency support, receipt scanning, integration with accounting software, and budget management features.
- Ease of use: Select user-friendly software for all employees to ensure easy adoption and minimal training time. A simple interface can make tracking expenses less daunting.
- Integration capabilities: To streamline your expense management process, opt for software that integrates seamlessly with your current accounting or ERP systems.
- Compliance and local regulations: To simplify compliance, choose the best expense tracker software that adheres to Philippine financial rules and tax laws.
- Cost and scalability: Consider your budget and the software’s pricing plans. Look for options that can scale with your business as it grows.
Conclusion
Effective business expense-tracking software is crucial for organizations to maintain financial control, improve accuracy, and enhance overall efficiency. The 17 options listed here provide a range of features to meet different business needs.
HashMicro stands out with its user-friendly interface, robust tracking capabilities, mobile access, and automated report generation, making it a top choice for Filipino businesses. Try a free demo today to see how HashMicro can optimize your expense management.
FAQ About Expense Tracker Software
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Are expense tracking apps safe?
Since budgeting apps often contain sensitive financial information, hackers frequently target them. However, there are steps you can take to secure your data and use these apps without worry. Explore the best budgeting apps for 2024 to track your finances while keeping them safe and efficient.
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How to do the 50/30/20 rule?
The 50-30-20 budget rule suggests allocating 50% of your after-tax income to essential needs and obligations. Then, 20% should go toward savings, while the remaining 30% is for non-essential spending on things you desire.
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Should I track all my expenses?
Monitoring your expenses is key to achieving your financial goals. Without a clear understanding of your spending habits, saving for these goals becomes much harder.
