5 Best Tools to Help You Track Business Expenses in 2023

As a business owner, there are many things you need to take care of. Part of running a business includes regularly keeping track of all your business transactions and expenses. Doing so will can help you monitor your profits. More importantly, it will help you with tax compliance and make tax filing during tax season less burdensome. 

Keeping track of your business transactions and expenses can be very challenging, especially if you’re not really fond of math.  However, if you have the right tools, it can become less challenging. By using helpful tools for tracking your business transactions, you will be able to record and organize your expenses in a simpler way. Consequently, you will be able to maximize your resources, minimize wastage, and help prevent any unwanted transactional issues in the future. 

Are you looking for tools to help you track your business transactions and expenses? If you are, this article is for you. Check out the five best tools for tracking your business expenses, which many accounting services in the Philippines also rely on.

1. QuickBooks

QuickBooks is an accounting software that’s popular and effective for businesses of any size. It aims to make all aspects of your accounting process run smoothly, especially in tracking the expenses of your business.

The software has a real-time dashboard and downloadable bank account data to keep your accounts updated. You can also track your accounts on different devices since it works on other different platforms. Not only does it allow you to track your accounts, but it also allows you to track all your client’s invoices and receipts that could easily be misplaced.

If you own a small business, you need to monitor your invoices to make sure you don’t miss any payments throughout the year. Missing payments from clients could result into having financial complications in the future. When you monitor your expenses effectively, you can avoid financial complications in the future.

2. Hurdlr

Hurdlr is an application that provides its users with an automatic, simple, and efficient way to manage their business expenses. It’s definitely a great tool that many bookkeeping services in the Philippines count on.

You can leverage this tool to help you document and increase the tax deductions in your business.  It automatically tracks your mileage (courier and delivery services) and expenses allowing you to track every financial transaction and deduction that is made with clients.

This application shows the real-time status of your profits before and after tax deductions. You can also link your accounts in the app, allowing you to automatically submit your tax forms to your CPA.

3. Mint

This is a simple software that focuses on freelancers and small businesses who want to work more on tracking their financial expenses. It’s a direct and simple software that allows you to focus on managing your income and business transactions. Tax services in Manila recommend having a handy tool like this to keep you organized. Leveraging technology can make a big difference in your fiscal health so don’t be afraid to invest in the right tool.

Mint also provides a budget and goal tracker feature which can help you manage your finances properly. Aside from that, it also features cash tracking, credit score tracking, reminders for bills and purchases, and mintsights or a personal summary of your financial activities which can help you stay updated with your expenses. The best part is it’s free.

4. Expensify

Just like many of its competitors, Expensify is a software that has features allowing you to manage and keep track of your business expenses in real-time. The main feature of Expensify is that it records your expenses and your account updates automatically. This feature reduces the hassle of inputting the data manually.

This application allows you to scan and log your receipts for each outgoing and incoming business transaction before it generates reports and submits them for your approval. The application digests your policies so you can get a more accurate and well-analyzed account report.

Moreover, money transfers can also be done rapidly through the automatic reimbursement system Expensify offers. The data is updated in real-time and it is stored on the cloud, making sure you do not lose any important financial information.

5. FreshBooks

This software caters to small businesses that don’t have access to in-house accountants. It aims to eliminate the hassle of confusing spreadsheets, and file folders and puts your data in a single location. One of its great features is that it automatically imports and sorts all your expenses into one location. 

It also features receipt attachments, automatic reports, and summaries, remembers frequent clients, has access to multi-currency, and has categories that are tax-friendly.

Do You Know How to Use the Tools

Access to these tools is just the beginning. You have to be diligent in tracking down all transactions to make the tools truly useful. And more importantly, you have to be able to interpret what has been recorded. If you need assistance with that, call our team, we offer tax and accounting services in Pasig.