Best business expense tracker in 2023 for India
Tracking your business expenses is essential to do for a number of reasons. You’ll avoid bleeds in your cash flow, plan future budgets better, and ensure that all your expenses are according to company policy.
The problem is that tracking expenses can take up a lot of your time. If done manually, you’ll be wasting long hours toiling over tedious repetitive administrative work instead of making more dynamic decisions.
Fortunately, however, you can solve these issues with the help of business expense tracker. Find out how some of the best business expense tracker can free up your time by automating your processes.
What is expense tracking software?
Every business has its own method for tracking its expenses. In recent years, however, it has become increasingly common to use expense-tracking software to do it.
The primary goal of having the best business expense tracker is to make sure that you’re always on top of your business finances.
An expense tracking platform allows you to be always on top of your finances. You’ll be able to view your employee spending, subscriptions, payroll, and other sorts of expenses all on a single platform.
The best business expense tracker is equipped with automation tools to make tracking your expenses easier.
How does a business expense tracker work?
As the purpose of expense tracking software is to alleviate any issues that you may face when it comes to tracking your expenses.
The best business expense trackers will make your processes simpler, faster, and more streamlined. Automation is the key to eliminating the tedious manual work and long hours spent taking care of expense tracking.
When your employees make a business-related expense, it is good practice to have them report the expense as soon as it happens. However, given that expense reporting can be tedious paperwork, this doesn’t often happen.
Expense-tracking software can fix that. All the best business expense tracker come with a mobile application that your employees can use to input expense report data as soon as they make a payment.
Some even come with automated receipt-capturing capabilities, making data entry far easier. Your expense tracking software can also automatically forward reports of out-of-pocket expenses to the right teams for reimbursement.
Other expenses such as payroll, vendor payouts, and online subscriptions, can also be tracked on your expense tracking software automatically.
With the right business expense tracker, you can save time, reduce errors, and get better visibility on your business expenses.
Which are the best business expense trackers in India for 2023?
There is a variety of business expense trackers available for you to choose from. Here are some of the most popular and best business expense tracker in India that may suit your business.
1. Zoho expense
While Zoho is also known for many other products that can aid you in your daily business processes, they also offer one of the best business expense trackers in the form of Zoho Expense.
Not only does it integrate with other tools in the Zoho suite, but it also helps you manage your business spending.
Cost: Freelancers or small businesses can start using Zoho Expense for free, which allows up to 3 users on one account. Paid plans start with the Standard option at INR 99 per user per month, with two other options available. The Premium plan goes for INR 199 per user per month, while the Enterprise plan is at INR 299 per user per month.
Standout features: Zoho Expense has features like automatic receipt scanning and expense notes, which makes expense reporting easy and quick for your employees. You can also access detailed reports with Zoho Expense, as well as enjoy support in multiple currencies when it comes to expenses.
Security features: You have the option of setting up multi-factor authentication with Zoho Expense. All the best business expense tracker has SSL encryption and Zoho Expense is no different. You can also configure role-based access to restrict confidential information.
2. Freshbooks
Offering an all-in-one invoicing and accounting solution, Freshbooks can automate many of your financial processes, including expense tracking. It serves as one of the best business expense trackers through its expense report functions.
Cost: Freshbooks offers a 30-day free trial for you to determine whether it’s the right software for your business. After the free trial, you’ll have four different plan options, starting with the Lite option at USD 15 for one user per month for 5 billable clients.
The Plus plan starts at USD 30 per user per month for 50 billable clients, while the Premium plan is USD 55 per user per month for an unlimited number of billable clients. You can also get custom pricing with the Select plan to suit your business needs.
Standout features: Not only do you get a free trial period to acquaint yourself with the software, but Freshbooks is also easy to use. The Lite plan also offers you plenty of features at a considerably low cost. Freshbooks makes uploading receipts and creating invoices simply, while also offering time tracking all on a mobile-friendly interface.
Security features: With 256-bit SSL encryption, the system collects a minimal amount of personal information and keeps things easily confidential. You also don’t have to worry about data being lost as your data on Freshbooks are backed up on multiple databases.
3. Expensify
Expensify is one of the best business expense trackers that caters to many different types of businesses. Starting with freelancers, small businesses, to enterprises, Expensify has a solution to help your business with tracking and managing expenses.
Cost: You can start using Expensify for free. The free plan allows you up to 25 receipt scans per month. However, to unlock more features, Expensify offers the Collect plan starting from USD 5/user/month and the Control plan that starts at USD 9/user/month.
Standout features: Your employees can track receipts easily with Expensify. They can also submit expense reports through the Expensify app by simply scanning receipts, allowing Expensify to convert the information into a report format. Expensify also offers mileage tracking.
Security features: Expensify offers two-factor authentication whenever you log into the platform. It also ensures that its security features are on par with world-class banks and in compliance with Privacy Shield and GDPR regulations.
4. Certify
Certify is an expense tracking platform that has expense reporting capabilities through a mobile application. Your employees can easily submit expense reports through the app, while approvers can be notified to remind them to review and approve or reject the expenses.
Cost: You have a 14-day free trial available to you when you start using Certify. Then, prices start at USD 12 per user per month with the Certify Now! plan. You can also get the Professional plan which comes with a monthly service fee that is to be discussed according to your business needs.
With the Enterprise plan, over 200 employees can use the Certify platform with annual fixed pricing for your business needs
Standout features: Certify offers video tutorials through the Certify Training Camp to aid you in using their platform. Not only do they have integrations with other platforms like Quickbooks,
Uber, Microsoft Dynamics, and Oracle Netsuite, Certify also allows you to make travel-related bookings and expenses.
Security features: Certify has data encryption to ensure that your data is always protected. Their firewall is also up to industry standards and they use secure web servers for their platform.
5. Quickbooks
As one of the most popular accounting software for businesses, Quickbooks has a lot of features that will help you with your expense tracking. It has powerful integrations that will aid you to control your business finances better.
Cost: With a 30-day free trial, you can get acquainted with the software before you commit to a plan. Prices start from USD 17/month for the Simple Start plan, followed by the Essentials plan at USD 26/month, and the Plus plan at USD 36/month.
Standout features: You can track both expenses and income with Quickbooks. The software allows you to create invoices and receive payments from customers, as well as manage your cash flow, pay your bills, and pay your employees. Quickbooks can also help you take care of tax deductions and track your travel miles.
Security features: Quickbooks has firewall-protected servers and 128-bit SSL encryption. On top of that, it also offers Verisign scanning and password-protected logins for its users. You can create multiple permission levels for your employees using Quickbooks, thus keeping data on a need-to-know basis.
Related read - Best expense management software in 2023 in India
How does Volopay help you with best expense tracking software?
While adopting automated expense tracking and management software, there are a few features that are necessary for getting the best out of it.
Volopay is an amalgamation of all the best features a business requires to keep business up-to-date with all its expenses. Here are all the facilities offered by Volopay:
Unlimited virtual cards
Managing online payments and subscriptions can be easily sorted with Volopay virtual cards. You can assign individual cards to employees, departments, vendors, and purposes. These cards have adjustable spending controls, and the managers can set the limits.
Physical cards
Volopay physical cards are premium quality customizable cards that have proven best for traveling employees. These cards are installed with expenditure controls and payment trackers.
Employee reimbursement
Employees who make out-of-pocket expenses can simply scan the receipts and raise expense claim requests. The approvers would be notified and can immediately approve the request after checking all the details. All this happens in real-time.
Multi-level approvals
Volopay allows users to set up multi-level approvers (up to five tiers) and multiple permission policies on Volopay expense management software. Along with this, users get features like auto-decline rules, set request amount limits, and remote and instant approval facilities.
Spend controls
Volopay expense management software provides specific spending controls and expense policy enforcements which stop a company from overspending. The business gets the ability to set department-wise spending limits, company-wide spending policies, and controls.
FAQ's
The best way for small businesses to keep track of their transactions is to use accounting or expense-tracking software. While you can use spreadsheets or paper trackers, using small business expense tracker will make it easier for you to track and sort through your transactions.
Yes. As an expense management platform, Volopay offers expense tracking features on both desktop and mobile. Volopay’s mobile application can be used to submit expense reports in real-time, which will help you track your expenses from anywhere at any time.
Any expense that you make through the Volopay platform can be viewed in real-time. This includes vendor payouts, online subscriptions, and salary payments. Your Volopay-issued corporate cards are also directly integrated with the software and expenses made on your card can also be tracked in real-time with Volopay.
Not only does business expense tracker digitize your processes and save you from printing and paper costs, but it can also help you reduce other hidden costs. Errors, for example, are costly and require you to pour more resources into them when they could otherwise be avoided. Using the best business expense tracker can minimize errors, therefore saving you time and money.