Best Expense Reporting App
An Expense Reporting is a report or invoice submitted to an enterprise detailing expenses incurred during a specific period of time. An employee may need to claim reimbursement for mileage, lodging, meals, supplies used in the course of work, and other similar items. These are all considered business expenses that can be filed through one’s company. This report is mostly used by companies and can be created on any accounting software. There are also many mobile applications that allow employees to file reports from their smartphones and share them with their managers for approval.
Why Use an App for Expense Reporting?
There are many benefits to using an app for expense reporting.
Faster and Easier Processing
One of the most obvious benefits is that it can make the process much easier and faster. With an app, employees can take pictures of their receipts and input information about their expenses directly into the app. This eliminates the need to write everything down and then enter it into the accounting software later on.
More Accurate Reporting
Apps also tend to be more accurate than handwritten reports. This is because they often have built-in features that allow employees to track their spending more closely. For example, some apps will automatically calculate the total cost of a trip including airfare, rental cars, meals, and hotel costs. This is much more convenient than manual math to get the correct cost of business expenses.
With an app, employees are also encouraged to be more accountable for their spending habits since they can easily see where their money goes in real-time. When people spend less time tracking their expenses, it can be easy to lose track of how much they are spending. However, with an app, employees have a constant reminder of what is being spent and where.
Things to Consider When Choosing an Expense Reporting App
There are many different expense reporting apps on the market, so it can be difficult to decide which one is right for your business. Here are some things to keep in mind when choosing:
The cost of an app can vary depending on the features you need. Some apps are free to download while others have a monthly fee. It is generally a good idea to download free apps first and judge the functionality of the app before you buy it.
Some apps come with mobile provisions for iOS or Android devices while others are web-based. Keep in mind that certain features may not be available if your employees use Apple products, for example.
Ease of Use
The app should be easy to use and navigate. Employees should not have to spend a lot of time trying to figure out how to use the system.
The app should also offer customization options so that you can tailor it to your specific needs. For example, you may need the option to create sub-categories for mileage expenses. This allows you to better track your spending habits and increase efficiency.
The app should be available on the devices that you use most often. If you are using a Windows computer, then the app should be available on Windows devices. The same goes for Macs, iPhones, and Androids.
Make sure the app has features that will be useful to you, such as receipt tracking and travel management. The app should also be able to sync with your accounting software so that you can easily import and export data. Top 5 Expense Reporting Apps in 2021 Here are five of the best expense reporting apps in 2021:
Seven (7) Best Expense Reporting Tools in 2021
There are hundreds of expense reporting tools on the market, but these ones tend to be some of the best:
TSheets Expense Management System
TSheets is a free tool that can be downloaded on any smartphone. This allows employees to easily track their expenses anytime, anywhere without any hassle. It also has many features that allow employees to remain accountable for their spending habits. Features of TSheets include:
- GPS Tracking – Employees can track where they are spending money by using the GPS function on their phone.
- Photo Receipt Uploading – Employees can take a picture of their receipts and upload it directly into the app.
- Customizable Categories – Employees can create specific categories for their expenses to track them more closely.
Expensify is another free app that is available on both iOS and Android devices. This allows employees to stay connected to their expenses while they are on the go. The Expensify app has many features that make it a great expense reporting tool. Features of Expensify include:
- Fetch Data – Employees can add business travel information from their email system, which makes tracking expenses much easier.
- Ability to Multitask – Employees can multitask with this app by making notes about their expenses while they are entering them into the system.
With a free version available, the Concur Expense app is popular with many startups and growing companies due to its affordability. It also has a number of features that make it an efficient expense reporting tool. Features of Concur Expense include:
- Automatic Receipt Tracking – The app can track receipts automatically by taking a picture of them or reading the barcode.
- Travel Management – Employees can create travel itineraries and submit expenses directly from their phones.
The Expense Tracker app is a free app that is available on iOS devices. It is simple to use and helps employees track their spending habits. Features of Expense Tracker include:
- Tracking by Category – Employees can track their expenses by category, which makes it easier to see where they are spending the most money.
- Expense Reports – Employees can submit their expense reports directly from the app.
Outright is a paid app that is available on iOS devices, which makes it more expensive than many of the other options available to you. However, this also means that you likely won’t need to spend extra money on other software to help with your expense reporting. Features of Outright include:
- Automatic Importing of Financial Data – The app can automatically import financial data from a number of sources, including banks, investment accounts, and credit cards.
- Tax Preparation – The app can also be used to prepare your taxes. This is a huge benefit for those who need to file their taxes every year.
QuickBooks Expense Reporting App
The QuickBooks Expense Reporting App is a free app that is available on iOS and Android devices. This app is designed to work with the QuickBooks accounting software, which makes it a great choice for businesses that use QuickBooks. Features of QuickBooks Expense Reporting App include:
- Integrated with QuickBooks – The app can be used in conjunction with QuickBooks, which allows you to better track your expenses and increase the productivity of your employees.
- Automatic Receipt Tracking – The app can automatically track receipts and upload them directly into the system.
Wave Accounting App
The Wave Accounting App is a free app that is available on iOS and Android devices. This makes it one of the more popular expense report apps, as nearly all businesses use either iOS or Android devices. Features of Wave Accounting App include:
- Track Expenses – Employees can track their expenses using this app, which gives them an easy way to keep track of their spending.
- Invoicing – Employees can also create and send invoices from the app, which makes it a great tool for businesses that need to send invoices to their clients.
There are a number of great apps that can be used for expense reporting in 2021. The best app for you will depend on your individual needs and the type of business that you have. When looking for the best expense reporting app, it is important to consider the needs of your business. The app should be easy to use and should integrate with the accounting software that you are already using. It is also important to find an app that offers automatic receipt tracking and tax preparation. These features can save you a lot of time and money. The apps that are listed above are some of the best options available in 2021. They are all easy to use and offer a variety of features that can benefit your business.
About the Author
True Tamplin, BSc, CEPF®
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.