What is expense tracking software?
Expense tracking software offers tools that make it easier for business owners to organize and understand their business expense costs. This can make it easier to have a clearer picture of where the company’s finances stand and what a business’s current cash flow is like. This software can help your business be more organized when it comes to financial matters and help you reimburse your employees more accurately for business-related expenses.
It can also help your business trim costs because you’ll be more aware of where your money is going, and you may find you’re paying for things that you don’t really need. Choosing an expense tracker software free option allows you to manage your business expenses without having to pay for additional programs.
What to look for when choosing free expense tracking software
As you begin to explore free software for expense tracking, there are certain features you’ll want to look for:
1. Receipt uploads
It should be easy for you to upload receipts to keep a detailed record of your spending. Most software on the market makes it easy to do this.
2. Auto-categorization tools
Having to categorize each business expense can take a lot of time, so look for programs that include auto-categorization features.
3. Mobile access
Choosing a solution that offers mobile access is recommended, as this will allow you to monitor spending when you’re away from work.
4. Access control tools
For expense tracking software or solutions that offer card access, having access controls can be a great feature. This will allow you to limit employee overspending and can make it easier to stay on budget.
5. Mileage tracking tools
If you drive for work purposes or you have employees who do this, using a solution that includes mileage tracking tools can be beneficial.
6. Reimbursement tools
When you have employees who spend money as part of their role, you want to make it easier to reimburse them for their spending. If you don’t have set per diem rates and instead reimburse for specific expenses, this feature is a must. Luckily, expense tracking software often includes reimbursement tools.
7. Automated reports
Creating expense reports can be incredibly time-consuming. Keep an eye out for expense tracking software that offers automated reports. This kind of feature can save time and allow you to keep more accurate financial records.
8. Multiple users
It can also be beneficial to choose an expense tracking solution that supports multiple users. This way, you can give access to business partners or employees.
Expense tracker software free options
Price: Divvy is a free solution. There are additional features that can be added with a fee. This includes reimbursement features, which cost $5/user/month.
- Divvy has additional upgrade features that can be purchased.
- This tool allows for both physical and virtual Divvy cards to be used for spending purposes.
- Its reporting features make it simple for expense reports to be run automatically, which can save time and effort.
- With Divvy, business owners have total financial control and can limit employee spending.
Divvy is an expense management and business budgeting solution that is free to use. When making a business purchase, you and your employees can use a Divvy card to keep spending organized. Your employees can categorize their purchases, and you can set spending limits for each employee. This can help your company better control its budget, and it cuts out the need to reimburse employees for their business expenses.
Price: Everlance offers a basic plan that costs nothing. It offers more limited features than its paid plans, which range in price from $8-$12 per month.
- Everlance has a basic plan that is priced at $0 per month and the company charges no hidden fees.
- It supports manual expense tracking and unlimited receipt uploads.
- This solution can be used for up to 30 trips per month, with automatic mileage tracking capabilities.
- With this program, you can also run unlimited CSV data exports.
Everlance is a mileage tracker and expense log tool. While the brand does offer a paid premium subscription, they also have a free version with limited features. Everlance’s free plan supports up to 30 automatic trips each month as well as unlimited receipt uploads, and it offers IRS compliance reports. You can track your business expenses manually and run unlimited CSV data exports. If you drive for work purposes or have employees who drive as part of their job, this solution can be particularly helpful.
Price: While many of Expensify’s plans come at a cost, the brand offers a free plan that includes 25 SmartScans per month.
- This plan includes up to 25 SmartScan’s per month.
- The free version supports spend tracking and receipt submissions.
- Expensify’s expense reports can be exported.
- Expenses can easily be organized by category.
Expensify is a receipt and expense management software that helps businesses manage their spending better. The free version is a great choice for entrepreneurs and freelancers. You’ll be able to make 25 SmartScans per month without having to pay a subscription fee, as long as you sign up as an individual, not as a group. The free version allows users to submit receipts, create expense rules and track both mileage and time expenses.
Price: Ramp offers a startup plan that costs nothing. The brand also offers paid plans that have a monthly fee.
- It offers 1.5% cash back earning on all business spending.
- This solution supports unlimited users and cards.
- Ramp offers exclusive partner rewards savings.
- Automated reporting is included.
Ramp is another free expense software option to consider. This solution offers virtual and physical cards that can be used to track and monitor business spending. In addition to tracking spending and providing automated reports, you can use this solution to earn 1.5% cash back on your regular business spending. The brand also offers exclusive partner savings, enabling you to save on certain expenses that you already make or on purchases that you plan to make in the future. Businesses can also save time when using Ramp because it offers automated financial reporting tools. To use this solution, you’ll need to apply.
Price: TravelBank’s Expenses Free plan costs $0 to use. Paid plans are also available, and they include more capabilities.
- Its Expenses Free plan is free to use.
- This software provides unlimited expense reports and unlimited receipt scans.
- The company offers free email support.
TravelBank is another expense tracking and expense management software that makes it easier to track spending. While this company does offer paid plans, they also offer the Expenses Free plan, which has limited features. With this tool, your company will have access to unlimited receipt scans and unlimited expense reports. This is a good fit for businesses that are just getting started and want to keep track of company spending without overspending. Your company will also have access to email support when using this tool.
Price: Zoho Expense provides a free plan for up to three users. They also have paid plans with more capabilities and features, and those plans range in price from $8-$12 per month.
- The free plan is free to use for up to three users.
- While features are limited in the free plan, business professionals can easily track and manage their expenses with this tool.
- It includes mileage tracking and mileage expenses capabilities.
- This software supports up to 5GB of receipt storage.
Zoho Expense is an online expense report software. While the company offers several affordable paid plans, they also have a free plan with limited features. Their free plan supports up to three users and is a good option for freelancers and small businesses. Zoho Expense includes a variety of features, such as bulk receipt uploads, mileage expense tracking, billable expenses, expense reporting and tax tracking. This software supports multi-currencies, and it offers a mobile app for Android and iOS devices.
Free expense tracking software FAQs
How can I track my business expenses for free?
There are a variety of expense tracker software free options out there. This can allow you to organize, track and plan your business spending better. Without software, it can be very time-consuming to keep track of expenses and all too easy to make costly mistakes. The good news is you can find expense tracking software options that are free.
Do all companies need expense tracking software?
While expense tracking software is not a must, it can offer many benefits and is recommended. If you don’t have this software, your business may overspend, or it could be difficult to keep track of employee spending and reimbursement. This software solution makes it a lot easier for you to manage and track your company finances in an organized manner.
Should I use a free or paid version of expense tracking software?
It depends on your company’s budget as to whether a free or paid version is the most sensible choice, but it’s a good idea to first begin with a free expense tracking software solution. This allows you to test out the software’s features and get a feel for what kind of capabilities are most important to you. If you decide that you need more features, you can begin to look into paid expense tracking software options. You can always upgrade a free plan to a paid version later on.