Small Business
Small Business
Expensify for small businesses
Seamlessly track your small business expenses
For small businesses, every penny counts. And manual expense tracking is costly in many ways: it’s time-consuming, error-prone, and distracting from core growth activities.
Enter Expensify, a tool designed for the unique needs of small businesses, offering a solution to streamline financial tracking and reporting—all while ensuring compliance and security. With Expensify, tracking and managing your expenses just gets a whole lot easier.
Small business expense management with Expensify
More than just an expense tracker for small businesses, consider Expensify an ally that grapples with managing a multitude of transactions. It automates the task of capturing, reporting, approving, and reimbursing expenses – significantly easing the burden of financial record-keeping. Thus, business owners and their staff can focus more on core business activities and less on the tediousness of expense tracking.
Here are some of the Expensify features we know you’ll love.
Effortless expense tracking
Ditch the spreadsheets and automate expense tracking, significantly reducing the time spent on manual entry.
Say goodbye to paper receipts
Snap photos of receipts, and Expensify will automatically extract and organize the relevant expense information, eliminating the need for manual entry.
Simplified reporting
Generating and submitting expense reports for employees is a breeze with Expensify. Expenses are automatically compiled quickly and accurately, so they’re ready for review or submission at any time.
Tax time made easy
Expensify simplifies tax compliance by maintaining accurate, categorized records, ensuring you're prepared for tax time without the headache. Not only does Expensify keep your records compliant; it also helps you maximize your tax deductions.
Business chat
Keep your money moving with realtime chat built into every type of transaction. Or, just use Expensify Chat on its own.
Sync with your accounting software
Seamlessly connect Expensify to your existing accounting software, like QuickBooks or Xero, allowing for realtime syncing of expense data and financial insights.
Are you a small business?
A small business usually consists of a handful of employees, typically 10 or fewer. These small but mighty operations could range from boutique graphic design firms, to e-commerce stores, cozy coffee shops, or local bakeries.
As an owner or manager, you're not just steering the ship; you're also hoisting the sails and navigating the fiscal waters, often multitasking between roles. With responsibilities stretching across every part of the business, tracking every dollar is critical.
-
How do small businesses track their expenses?
Without proper expense tracking for small businesses, it's easy to overlook spending, mismanage funds, and encounter difficulties when tax season arrives. Here's how some of these businesses might tackle expense tracking:
Manual spreadsheets: A common approach is the use of manual entry into spreadsheets. While cost-effective, it's labor-intensive and prone to human error, becoming more challenging as transaction volumes grow.
Shoebox method: Some entrepreneurs stick to the old-school method of tossing receipts into a box for "later" organization. But this lacks any form of efficient data retrieval or analysis, turning it into an arduous task when the need arises to audit or justify expenses.
Receipt apps: There’s a transition towards digitizing receipts using basic receipt apps. These apps make it easy to capture receipt information but fall short when it comes to advanced features. The best expense tracker for small businesses will have features like expense categorization, comprehensive reporting, and multi-user collaboration, which are crucial for managing business expenses effectively.
How do small businesses keep track of receipts?
Small businesses can keep track of receipts by implementing a digital system that stores images of receipts along with the associated transaction details. This can often be done within an expense tracker app that allows the user to take a photo of the receipt, which is then automatically linked to the corresponding expense record.
How do small businesses record finances?
For recording finances, small businesses typically rely on accounting software that is user-friendly and tailored to the specific needs of a smaller operation. These software packages help track sales, expenses, and potentially payroll in an all-encompassing system. Moreover, many accounting platforms designed for small businesses are cloud-based, offering accessibility from anywhere and enhanced data security. They can automatically import transactions from bank and credit accounts, thus minimizing manual data entry.
What is the best way to track business expenses for small businesses?
The best way to track business expenses for small businesses is to use a dedicated expense tracker that integrates with their accounting software. A good expense tracker allows business owners to monitor their spending in realtime, categorize expenses for better budgeting, and facilitate easy reporting for tax purposes. They also often come with mobile apps, allowing for the capture and categorization of expenses on the go, which is crucial for entrepreneurs who are frequently working offsite.text goes here
Ready to take your small business expense management to the next level with Expensify?
Enter your email or phone number to get started today for free.
Features
Learn more
Get Started
