When you’re shopping for an expense management app, you’re going to stumble on a ton of choices. It can be difficult to understand how these apps differ and which ones are best for your business.
I’ve seen and worked with a number of these apps and can honestly say three really stand out and are the only expense management apps to consider. Two of them you’ve seen when we published “5 Bookkeeping Apps That Will Actually Change the Way You Do Business,” and one is new.
Here are the three best expense management apps for businesses and why they top the list.
The 3 Best Expense Management Apps
Expense Management App #1: Receipt Bank
This app is one I’ve gotten acquainted with more recently. Many people will want to compare this to Expensify (below and in the post I referenced above). It’s true there is a whole lot of overlap between the two apps. The best way I can illustrate the difference is when someone explained to me why they use both apps in their business.
Expensify worked better for their outside salespeople who travel a great deal, but for their other employees who needed a simple way to track expenses, Receipt Bank makes more sense.
Another reason to consider Receipt Bank is their customer service. It’s unsurpassed. The team behind a product is as important as the product itself. Before you get too invested in using an app, you want to be sure the company will be around a while. You could not meet a nicer group of people. I love this team and their product.
Receipt Bank offers a really nice suite of bookkeeping tools to go along with your expense tracking. The home screen offers a dashboard that lets you know at a glance if any receipts need attention and in what capacity. If a receipt has been processed and is awaiting “publishing,” you’ll know about it. This is to ensure that you get that receipt published to your accounting software, where it can be matched up and properly coded with the online bank feed from your accounting app.
Receipt Bank makes expense tracking insanely easy to do. Learn more about it in the video above.
Expense Management App #2: Expensify
The name Expensify is practically synonymous with expense reporting. In fact, their own tag line sums it up perfectly, and the product itself lives up to this: “Expense reports that don’t suck!”
Expensify has the mobile app and it has all of the “travel extras” you need for processing business trips and their related expense reports. Most recently they’ve added an option that lets you reward employees for shopping around and getting a better deal on their hotel and airfare. You can choose to split the difference with them, or pass the entire savings to them as a bonus.
Of course, the mobile app for Expensify also doesn’t suck. You can easily snap a photo of your receipt and their SmartScan will grab the information from the receipt. Within about 15 minutes, the receipt is online, with the date, payee, and amount all coded for you.
If you’re researching expense reporting apps, you cannot complete that research without including Expensify in your options.
Expense Management App #3: Hubdoc
Hubdoc started out as an app that somehow, miraculously, was able to log into your online accounts for you, pull statements, and then push those statements into your accounting software as either a bill or a payment.
Then I learned about Hubdoc’s mobile app. With this app, you can take a snapshot of your receipts and then code them. Once coded in Hubdoc, these receipts follow the workflow set up in Hubdoc for that vendor and get pushed to the accounting software as either a check or a bill to be paid.
Whether you choose one or all of these expense management apps on this list, know that, these days, small business owners can substantially automate expense management and free up time to focus on more interesting—and more valuable—things.
Seth David is the chief nerd and president of Nerd Enterprises, Inc. which provides consulting and training services in accounting and productivity based software. Consulting services range from basic bookkeeping to CFO-level services such as financial modeling.