It’s hard to monitor business spending, but expense tracker apps can make it easier. Here’s how to choose the right one, and why prepaid cards are even better.Get Started
It’s often said that you need to spend money to make money. That may be true, but in the world of business, it’s also important to track that spending. Failing to stay on top of cash flow could spell disaster for your firm, and that’s why it’s so important to find an effective expense tracker.
There are scores of commercial spending tracker apps available on the market, but not all of these are suitable for every business. Choosing the right one could help you to budget and make all the difference to your bottom line, while getting it wrong will just increase expenditure and take up your finance team’s valuable time.
Here’s our guide to choosing the right expense management solution for your venture.
Business costs often fall into two spending categories – those essential big-ticket items (such as commercial rent and employee’s salaries) and smaller everyday costs that keep things moving in the right direction. It might seem easy to monitor major costs, but it can be a lot harder to keep track of spending on taxis to meetings, working lunches, and stationary.
It’s vital to monitor the outward flow of money from your business, not least because it may be possible to claim tax deductions for some of the costs. Beyond this, it’s important to stay on top of your spending since failing to do so could make it harder to spot potential financial problems.
From petty cash to the money flowing in and out of your main bank accounts, tracking expenses is a critical activity that successful firms just can’t do without.
You could be forgiven for thinking that it’s enough to check your bank accounts for a list of standing orders and direct debits. That might work for your personal finances, but it’s unlikely to be suitable for business purposes.
By choosing an expense tracking app with the right range of features, you’ll be better placed to stay on top of expense reports, conduct budgeting exercises, and manage your financial accounts.
The aim is to simplify your accounting process by automatically logging everything from mileage and travel expenses through to phone bills and staff reimbursements. You should be left with a complete picture of monthly cash flow without the need for manual input and paper-based expense reporting.
Without some form of expense tracking software, it might be that you’re keeping a record of expenses in a spreadsheet – or even on paper. This might work for sole traders and fledgling firms, but problems can arise when it’s time to file a tax return.
Nobody wants to spend time searching for old receipts and envelopes full of petty cash slips, and selecting a program with budgeting functionality could save you from all of that. Of course, you’ll need to choose the right software that suits your financial goals and helps you to track spending.
Before you decide to opt for a new expense reporting app, it’s worth considering whether it:
If an expense management app can tick all of those boxes, it could just save you time and money while letting you get on with the things that matter.
With so many expense tracker apps out there, it can be hard to know which is the right option for your business. Fortunately, there is another way to track transactions and manage your budget – and it all comes neatly wrapped in Soldo’s spend management platform.
By replacing corporate credit cards with Soldo’s prepaid Mastercard cards, staff have the ability to use the funds they need without jeopardising your budgeting efforts. With the option to place spending limits and rules that match your expense policy, you’ll be able to limit unnecessary expenses without the added complications that come with handling multiple credit card accounts.
With Soldo’s expenses app, everything can be managed from a single, easy to use platform that boasts an array of features. You’ll get clear reports that break down expenses by category, making it easier to follow your budget and improve your commercial finances month by month. The platform even allows for seamless integration with Quickbooks and Xero, so it’s a sure-fire way to make the most of your existing accounting software programs.
For an effortless and highly accurate approach to business budgeting, upgrade to Soldo and start automating your expenses process.
Control spend on prepaid cards
Empower employees to spend; set budgets and track spending in real time, from anywhere.
Automate all expense admin
Send transactions, receipts, and other data to accounting software through smart integrations.
Capture receipts and VAT fast
Prompt employees to photograph receipts, add VAT and categories on the Soldo mobile app.
“We’re a caring company and always look after each other. With Soldo, I know I’ve always got my drivers’ backs and the best bit is that I don’t need to do loads of work (or miss out on VAT claims) at the end of the month.”
What Soldo is doing for small to medium-sized businesses is not just expense management – it’s about improving the CFO experience, every single day, with automation, visibility and cost reduction
“Trying to contact the credit card company to increase people’s limits, and getting through the security, was hard work. Then each member of staff would have to collect every receipt and send it to us, and complete an Excel spreadsheet. ” “We’d get piles and piles of paperwork, and have to go through every single one, check the receipts and place queries, and then get them onto the system. Just trying to go through each one would take you days.”