Tracking expenses, invoices, and time are some of the most important tasks for small business owners. Many people freely admit that it would be the first thing they would skimp on during busy periods, but that is a big mistake. Without tracking, you don’t know:
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- Whether you are being paid on time
- How much money you are spending
- How much income you bring in weekly, monthly, yearly, or even year to year
- Whether you are investing your time wisely
- How much time you spend on each project, and whether it is a good investment or not
- Whether you are pricing your projects fairly
- How much you owe in quarterly taxes
- What expenses you can take as business deductions
To ensure you’re making the best financial decisions for your business, consider consulting with a knowledgeable fiduciary, fee-only financial planning firm.
Many people hire an accountant and/or a CPA to manage their finances, payroll, and taxes, but this may not be an option if you are just starting out or working alone. However, many software options are available to make tracking easier.
Tracking Expenses in your Small Business
Business expense trackers track your expenses, but the best ones also categorize your expenses, scan receipts, and track mileage. Here are five expense trackers to consider:
Expensify
Expensify has a free plan to track up to 25 monthly expenses. It offers expense categorization and mileage tracking. Users can also send receipts, invoices and collect payments. The app is available on Android and IOS devices and makes generating expense reports easy, a plus for business travelers.
Zoho
Zoho Expense not only manages your expenses but also helps you organize your travel as well. Track travel expenses and book rooms, set travel budgets, and pre-approve travel expenses ahead of time. The free plan covers up to three employees. Zoho offers automated credit and corporate card reconciliation, purchase requests, and analytics.
FreshBooks
FreshBooks offers a suite of tools that include expense tracking and syncs with your bank account and credit cards. In addition to automatically importing expenses from your bank and credit card, you can scan your receipts. Expenses categorization simplifies tax time, and since it is a suite of tools, expenses can be billed to clients right from the app.
SAP Concur
SAP Concur is designed for more established businesses. It allows business owners to track their expenses and offers employee reimbursement, submissions and approvals, invoice tracking, vendor payments, and travel booking. Pricing is through a direct quote.
QuickBooks Self-Employed
QuickBooks Self-Employed helps self-employed owners track their income, expenses, mileage, and tax information. Account information can be accessed through a web browser or app. Using QuickBooks Self-Employed, you can track your expenses, maximize your deductions, use online banking, track your mileage, run reports, estimate your quarterly taxes and send data to Turbo Tax Self-Employed.
Invoice Tracking
Invoice management software can help you automate your billing process. The best software provides personalized templates and invoice management options that quickly and clearly display invoice status. Here are five software options for invoice management:
Zoho Invoice
Zoho provides a suite of small business tools, and its invoicing software is one of its best. They offer a free version that allows users to bill up to five clients, create invoices and retainers, adapt to local currencies, store customer information, automate payment reminders and collect payments. In addition, users can build a contact database and track their time and expenses.
FreshBooks
Freshbooks allows you to create professional invoices and collect client payments online through many portals. In addition, you can send estimates, set up retainers, offer discounts, easily calculate your taxes, and choose your preferred currency.
Xero
Xero will connect directly to your bank and offers hundreds of third-party apps that can be integrated into your platform. In addition, it offers smart reports, quick expensing, and purchase orders. They offer a free trial and have three pricing options.
Quickbooks
Quickbooks allows users to easily create invoices and have their customers pay online through credit cards, debit cards, and ACH bank transfers. In addition, recurring payments can be set up with options to accept payment at the point of sale using their mobile app and card reader.
Wave
Wave offers a free option for accounting and invoicing and a pay-per-use option to collect payments. The free software option allows users to make and send invoices, set up recurrent billing, send reminders and collect payments. Wave syncs with other apps as well.
Time Tracking
Time tracking is essential to check on your most valuable business asset—your time. Here are five time tracking apps to consider:
Toggl
Toggl is an easy-to-use time tracker that offers a free option. It allows you to track your time with the click of a button or enter time after the fact. Toggl offers a free plan and two paid options. Toggl includes integrations for managing teams and onboarding new hires.
Harvest
Harvest offers a free and pro version. Both versions offer easy time tracking, apps for Android and IOS, workflow integrations, insights and reports, invoicing, and payments. Harvest offers desktop apps, reminders, and customizable settings.
And.CO
And.CO is from Fiverr. It provides a suite of tools to help with sending proposals, invoicing, collecting payments, writing contracts, and tracking time. And.CO makes it easy to invoice based on tracked time. Users can try And.CO for free with one client.
Clickup
Clickup is a full suite platform that allows users to track time and manage tasks, documents, and goals. It is designed for teams to use as a productivity software. It integrates well with other applications.
Hello Bonsai
Hello Bonsai is a full suite of tools that allow users to send proposals, write contracts, develop projects, track their time and expenses, send invoices, automate tasks and develop reports. As you track your time, the information automatically populates timesheets. Users can easily switch between projects. Users can try the product for free.
Tracking can be much easier if you have software to help. Whether you need help invoicing, tracking expenses, or keeping track of your time, these software options can help you get started. For personalized financial advice tailored to your business needs, contact us to speak with a Financial Planner near you.
Gabriel Katzner
In 2002, Gabriel Katzner received his Juris Doctorate with honors from Fordham University School of Law. After spending the first seven years of his legal career practicing at Cahill Gordon & Reindel LLP, an international law firm based in New York, he founded his own firm.
Gabriel identified key limitations in traditional estate planning—particularly the transient nature of client interactions and the suboptimal financial advice clients received elsewhere. Motivated to provide more enduring and comprehensive financial guidance, Gabriel established Frame Wealth Management. His aim was to extend client relationships and enhance their financial strategies, ultimately leading him to become a CERTIFIED FINANCIAL PLANNER™ and a CPWA® professional.
Years of Experience: 17+
