Keeping a receipt

One of the major advantages to going into business for yourself is that you have the opportunity to “write off” legitimate business expenses. If you work out of your home office, for instance, you can legitimately write off a portion of your utilities and rent. These monthly bills are a little easier to track, but what about all the other costs that you accumulate over the course of the year? What about the expenses accrued by your team members, employees and colleagues?

No one wants to walk around with a pocket full of receipts, only to dump those little slips of paper into a unmarked shoebox to be forgotten until tax season comes around. You always have your smartphone with you, so the most convenient solution is to leverage the power of one of the expense management apps below. They automate much of the process, so you can focus on growing your business and forging those important relationships.

Spent

Track expenses and earn rewards

Track expenses and earn rewards


It’s easy to chalk up many of your expenses simply as the cost of doing business, but what if these expenses actually put more money back into your pocket too? That’s the main appeal to Spent, a mobile app that allows you to earn up to 20% cash back. After you link your bank account and credit card to your Spent account, you can earn cash back rewards when you make a purchase at a participating retailer. How convenient! Other features include the ability to scan receipts, organize them into folders, and review employee expenses for approval or rejection.

Receipts by Wave

Did you know that Wave manages expenses too?

Did you know that Wave manages expenses too?


If you are already using Wave’s free accounting software to manage the books for your freelance or small business, the Receipts by Wave app is a natural fit. Get rid of all that paper clutter and make your business audit-proof by snapping photos of all your receipts, invoices and bills. The OCR technology will import them into your Wave account automatically, including separating out the lines for sales tax. All receipts are stored in the cloud for anywhere retrieval too.

Expensify

Possibly the biggest name in expense management apps

Possibly the biggest name in expense management apps


Easily one of the best known names in this space (and for good reason), Expensify takes mobile receipt management to a whole new level. Like other expense management apps, Expensify lets you take a picture of your receipts for ease of anywhere management. Where the app really shines is in its ability to generate robust expense reports. You can also enjoy support for per diems, global currencies, credit card imports, and accounting software integration. It has been called the best business travel app by Business Insider and “like a virtual accountant” by the Wall Street Journal.

Zoho Expense Reporting

Manage your expenses through Zoho too

Manage your expenses through Zoho too


Zoho is a company that offers a broad range of software ideal for freelancers, solopreneurs and small business owners. An ideal extension to this is the Expense Reporting app by Zoho. The goal here is to make the process as fast and as seamless as possible. Track mileage with the built-in GPS. Scanned receipts are automatically analyzed for date, amount and other pertinent details. Credit card statements can be imported and expense reports can be generated when you batch expenses together.

Mileage Log+

The easy way to record your trip reimbursement

The easy way to record your trip reimbursement


Available for the iPhone for $3.99, Mileage Log+ is different from the other expense management apps on this list in that it focuses on one particular type of expense: logging mileage. If you work for or operate a company where employees are reimbursed for their mileage, they typically won’t have a receipt for those trips to enter into an expense report. Designed with IRS compliance in mind, the app tracks your trips, saves frequent trips for quick entry, and generates Excel-compatible reports for ease of submission.

BizXpenseTracker

Categorize your expenditures with colorful icons

Categorize your expenditures with colorful icons


If you have a paper receipt or invoice, it’s fairly straightforward to track your expense. If you’re getting reimbursed for driving somewhere, you might utilize the mileage tracking app above. Going just one step further is BizXpenseTracker by Silverware Software. This app will handle all of the above, as well as the ability to track your time for expense purposes too. Choose from over a dozen templates for your PDF expense report and filter your entries for ease of review too. Find it for $9.99 through the iTunes App Store.

Image credit: Randy OHC / Flickr

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