There are many small business expense tracking apps on the market and they all claim to be the right one for you. But how can you tell which one is the best for your business?
Here are just some of the questions you should ask yourself when deciding the right app for your business:
- Can It Handle All of the Fundamentals of Bookkeeping?
- Does It Facilitate Multiple Finance Reporting Options?
- Is it Capable of Invoicing Customers?
- Will It Automatically Sync My Data Online?
- Does It Offer a Free Trial?
Look for an expense tracking app which has bookkeeping features that help you run every part of your business, yet is simple to use and accurate.
Some essential bookkeeping features to look for in an app include:
- No jargon, easy-to-understand plain English.
- The ability to set recurring transactions to save time.
- Keep track of multiple businesses from one unified system.
When choosing the best expense tracking app for your small business, it’s best practice to opt for those that offer multiple reporting options rather than just one. This is useful when it comes to monitoring your sales, inventory and business expenses all in one place.
Simple reporting helps you keep tabs on your finances. Reports like Profit & Loss, Balance Sheets and more, will give more of an overview of the business so you can better manage your cash flow.
When looking for necessary invoice-specific features, it’s important to find a business expense tracking app that keeps things simple.
Look for one that easily prepares any estimates or sales invoices. A bonus would be an app that lets you send customised PDF invoices directly to your customers - all without printing or wasting paper. Replicate previous invoices easily to set-up repeat future invoices.
The right expense tracking app will make digital bookkeeping processes easier. It should be simple to keep your data online and be able to easily share, manage and synchronise it for multiple businesses.
It’s important the app lets you decide how much sharing access you want to give, so the relevant people have the correct information. Another thing to consider is does the app have simple, single sign-in capabilities? This function allows you to retrieve your data quickly so you can get back to more important business matters.
You might purchase an app that promises to revolutionise your business accounts but when you come to actually using it, it falls flat and doesn’t give you the insights you need.
Narrow your search down to expense tracking apps that offer a free trial before purchasing, this ensures the app is a right fit for you and money isn’t wasted on a basic or useless application.
Does the app have a good reputation online? Taking a look at the online reviews can show you how other businesses in your position are finding it.
Another important aspect to consider is their customer service. Will they have an expert team on-hand to help you with any issues you might face? It’s important to know this beforehand rather than realising too late that you are on your own if there is a problem.
Now that you know how to choose a small business expense tracking app, you can start by testing out one of the best in the market. EasyBooks offers a 14-day free trial with no commitments, with features that were designed specifically with your small business in mind. Making the transition has never been easier with a user-friendly application in your back pocket.
Are You Using the Best Bookkeeping Template for Your Small Business?
We understand that an app might seem like a jump too far and If you’re not ready to use a bookkeeping app or think it’s not right for your small business - there are other ways you can organise your data.
Expense, profit and loss and cash flow forecast templates are available to record and track business finances easily and quickly. You might find what works well for your business. Download the templates below.