Easy-to-use and accurate business expense tracking software

Struggling with multiple spreadsheets to track and manage expenses? You are not alone and there is a way out. It is called a business expense tracking software. Part of a range of tools developed to make the lives of business owners easier, this cloud-based solution keeps you ahead of the competition. Wondering how exactly? Here is how an expense tracking software helps you manage your cash flow.

Advantages of business expense tracking software

1. Ready-made templates: The software will come with some pre-designed templates, which can be customized as per your brand’s needs. These would make it easy for you to record expenses in a certain format and under different subheads such as advertising, travel, internet, stationery, etc. Records of the expenses can be made on the same date and linked to a particular client and project. It saves you from any confusion in the end when glancing at the expenses.
2. Send invoices immediately: This advantage is true if you are using the expense tracking feature of invoicing software. It allows you to immediately send invoices for unbilled expenditures. So you do not have to wait at the end of the month, to go through all your receipts and then start billing.
3. Upload your receipts: Managing receipts is a really hard task and crucial one too, because if you lose any, then you no longer have proof of expense. The software allows you to record expenses and on the same page, upload and attach the associated receipt. So you need not be worried about fading ink on your receipt, as now you have soft proof of the same.
4. Easy recording: You do not need a spreadsheet expert to manage your expenses when you have this software. As mentioned above, the ready-made templates have a simplified design, which makes it easy for anyone to use it. So you can share the credentials with any member of your staff who then can use the template to record any expense. There is also provision for noting down if it is a recurring expense such as office supplies, which means that you are saved from the hassle for recording it every month. There are also sections to mention tax paid, which makes it easy when you need to generate the tax summary for your business.
5. Generate expense reports: Now that you have made a record of all your expenses, the software will perform its magic and provide you with concise and accurate reports. With these records, you can get an idea of where you are spending excessively, flag such expenses and take measures to control the same.
6. Cloud-based application: The most important feature of this software is that it allows you to record the expense when it is being incurred. It can be done using any medium be it a smartphone, tablet, etc. provided you have installed the software on these devices. So whether you are traveling or in the office, you can record your expenses.