Why Use an Expense Tracking Service?
Expense tracking apps monitor your business expenses, miles traveled and time spent on projects to make filing taxes and claiming deductions easier and more accurate, whether you use a tax service or prepare year-ends on your own. All the expense trackers we recently examined are mobile apps that give you flexibility to track your work on the go without having to keep track of receipts or mileage.
Several trackers come standard with accounting and tax software. They also feature real-time monitoring of credit card transactions. Programs like Expense Manager automatically input charges to your expense calculator so you have a permanent report. This beats the alternative of reconciling past expenses against your bank account, trying to remember whether each purchase was a business or personal expense.
Other solutions, such as Taxbot, connect to your bank account so you can share expense information between all of your devices and programs. This ensures an entry in one program isn’t missed in another, so your records remain accurate.
In addition to tracking your expenses, the best expense tracking software provides you with tools to create and stick with a budget or to monitor your accounts payable and receivable. Some track your time, including billable hours, so you can invoice your clients.