Introduction
Have you ever thought about why expense management has become so important? With modern life, it’s all too easy for small purchases to add up to a huge budget. Expenses such as subscriptions, meals out, transportation costs, and unplanned expenditures can slowly drain your bank account and put you in debt. That’s why many people and businesses turn to these mobile app development services to gain full control over their finances, prevent overspending, and make cost-saving strategies for their business and personal use.
Tired of spending money more than your budget?
What is the Purpose Of an Expense Management App?
The purpose of expense tracker applications is to help users organize their expenses by tracking how much money they spend and where they have spent it. These apps sync with your bank accounts and divide your expenses into different categories, such as groceries, entertainment, or travel so you can set a clear budget for yourself or your business.
Many paid expense tracking services let you easily store and manage receipts by automatically scanning and extracting the necessary information from the receipt, reducing the need for manual entry. This automation helps businesses generate detailed reports on the expenses to monitor additional business costs and employee reimbursements.
Top Expense Management App for 2024
Expensify
Expensify is one of the most well-known expense management app with a user-friendly design, it’s particularly well-suited for business travelers or anyone needing to submit expense reports. It allows users to scan receipts and even tracks expenses automatically. A big plus is, its ability to handle multiple currencies, making it useful for international users or businesses with overseas clients. The app also lets you automate your bill payments, generate invoices, and collect money smoothly. It is great for small to medium-sized businesses and offers them an all-in-one platform to track their expenses. In their September 2024 update, Expensify introduced a corporate card, making it easier for businesses to track expenses. Whether your salesperson is grabbing coffee or your CTO is paying bills on a business trip, the Expensify corporate card will automatically import and account all of your business’s expenses without any hassle.
Key features
- Syncs with many third-party accounting software.
- Offers free service for individuals for up to 25 receipt scans per month.
- Handle multiple currencies, making it useful for international users or businesses with overseas clients.
Pricing
They offer two plans for both small and large organizations.
Collect (for 1-10 employees): $5 per user/month
Control (for 10-1000 employees): $9 per user/month
Zoho Expense
Zoho Expense is another app designed to track expenses system for small to medium-sized businesses. The app lets businesses set a fixed budget for spending and monitor an employee’s expenditure or any policy violation. The expenses are instantly approved and logged in the application, making things easier for both the business and the employee. It automatically converts receipts into expense entries and combines all of those receipts into a single report that is maintained in a cloud-based database, so you don’t have to worry about data loss.
The credit and corporate card reconciliation service of this app accurately records all of your card transactions while making sure it matches your business financial records. Zoho also offers AI-driven fraud detection and analytics tools to audit your business.
What makes Zoho Expense great?
- Multi-level approval workflows, which make it ideal for businesses with many employees.
- Tracks expenses and mileage claims.
- Paid advance service for many unique features.
- Zoho Books and CRM Integration.
Pricing
They offer multiple plans for all sizes of businesses.
Free for small businesses and freelancers
Standard (For growing businesses): $ 4 Per active user/month
Premium(For global businesses): $ 7 Per active user/month
Custom Plan for large-scale enterprises
YNAB
Instead of just tracking your expenses, it encourages users to “give every dollar a job.” YNAB focuses on proactive budgeting, helping you plan your expenses ahead of time so you can avoid debt and meet your financial goals. The app helps you stick to a fixed financial plan to minimize debt by recording transactions as soon as you spend money. YNAB makes changes in your budget before they happen for example, if you have to make a yearly Netflix payment you can easily set a goal to save a certain amount/month to make it a bit easier for you to pay the total amount.
Key features
- Easy-to-use interface with detailed breakdowns of expenses.
- Financial education resources within the app and on their YouTube channel.
YNAB is perfect for people who want more control over their money and are looking to build better financial habits. Consider it as a tool that works to change your financial habits for the better.
Pricing
They offer two affordable plans with a 34-day free trial suitable for small to medium-sized businesses.
Annual Plan: $9.08*/month
Monthly Plan: $14.99*/month
FreshBooks
FreshBooks offers a user-friendly platform, designed for freelancers and small businesses to manage finances. Freelancers can label an expense as chargeable and include it immediately on an invoice for clients. After that, you can send out automated payment reminders until your payment arrives. FreshBooks is great for freelancers because of its invoicing capabilities. It combines invoicing, time tracking, and financial reporting into a single, easy-to-use app. This app is great for business owners looking for a fully functional accounting system with mobile expense-tracking capabilities. The cloud-based solution connects with other well-known third-party applications for payment processing, bookkeeping, and more.
The app is especially helpful for automating routine tasks like categorizing expenses and managing receipts. With over 25 expense management subcategories it also allows you to create a custom category as per your preference.
Key features
- Automatic imports of bank account expenses.
- Customizable invoicing and payment tracking.
- Mobile receipt scanning.
- Financial reporting for taxes and cash flow.
- Available on Desktop, mobile app, and browser.
- Free 30-day.
Pricing
They offer multiple plans with many advanced features with a 30-day free trial. Suitable for small to medium-sized businesses.
Lite: $5.70/month
Plus: $9.90/month
Premium: $18.00/month
Custom Plan
QuickBooks
QuickBooks is an all-in-one business accounting software with strong expense management features. The app aims to run your accounting processes smoothly. You can define custom rules to categorize your expenses and track them as per your preference. QuickBooks is also beneficial for freelancers who need to submit expenses to clients, where it provides the option to attach receipts directly with invoices. From real-time dashboards that keep you updated on financial activities to sales tax tracking that complies with tax standards, it offers everything a large organization needs to manage its business finances.
Why QuickBooks stands out
- Detailed financial reporting.
- Integration with payroll and tax filing features.
- Automated receipt management and expense categorization.
For businesses that want more control over their financial reporting, QuickBooks is everything they need.
Pricing
They offer multiple plans for all sizes of businesses with a 30-day free trial.
Simple Start: $5.70/month
Essentials: $8.40/month
Plus: $12/month
Advanced: $22.80/month
SAP Concur
SAP Concur is an all-in-one solution for managing expenses of flights, tracking mileage, rideshares, hotels, and invoices. It’s for businesses that have complex needs, especially those requiring employees to submit travel expenses. It prepares a pool of questions and then, based on your answers, offers a customized expense plan according to your specific business needs.
Companies can know exactly what they are spending without worrying about the budgets through real-time data and using AI to audit 100% of transactions.
What makes SAP Concur unique?
- Integration with many different travel platforms.
- Real-time monitoring of expenses and budgets.
- Advanced approval workflows for large companies.
- Automate reports.
- In-app reimbursement.
It is best for businesses where employees travel frequently on the company’s budget.
Pricing
Custom pricing as per your business requirements.
Rydoo
Rydoo is built for businesses that need quick and simple expense tracking. Employees can submit expenses on-the-go, right from their smartphones by simply snapping a picture of their receipts, the app automatically extracts all of the important information from the receipt and stores it. Its insight report features helps to stay on budget by notifying you about overspending and suggesting cost-saving strategies. You can also track mileage and tax rates for certain regions.
Noteworthy features:
- Receipt scanning and real-time reporting.
- Multi-currency support for international businesses.
- Integration with major accounting platforms.
Rydoo is a great choice for companies with international business.
Pricing
They offer multiple plans with many advanced features.
Essentials: €8 Per user/per month
Pro: €10 Per user/per month
Business: Custom pricing
Enterprise: Custom pricing
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Comparative Feature Overview
Feature | Expensify | Zoho Expense | YNAB | FreshBooks | QuickBooks | SAP Concur | Rydoo |
Receipt Scanning | Yes | Yes | No | Yes | Yes | Yes | Yes |
Expense Categorization | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Multi-Currency Support | Yes | Yes | No | Yes | Yes | Yes | Yes |
Third-Party Integration | Yes | Yes | No | Yes | Yes | Yes | Yes |
Invoicing | Yes | No | No | Yes | Yes | No | No |
Free Trial | Yes (25 scans) | Yes (limited) | Yes (34-day) | Yes (30-day) | Yes (30-day) | No | Yes (14-day) |
AI-Driven Automation | Yes | Yes (fraud detection) | No | Yes | Yes | Yes | No |
Real-Time Expense Reporting | Yes | Yes | No | Yes | Yes | Yes | Yes |
Mobile-Friendly | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Cloud Storage | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Corporate Card | Yes | No | No | No | No | No | No |
Financial Reporting | Yes | Yes | No | Yes | Yes | Yes | Yes |
Budgeting Tools | No | No | Yes | No | Yes | No | No |
Ratings | 4.00 |
Conclusion
At Zenkoders a top mobile app development company in the USA we excel in creating fully-functioning expense management applications to help you manage your business expenses right from your smartphones. Our expert developers utilize modern technology to create an app that stands out from its competitors.
Managing expenses doesn’t have to be stressful anymore. With the wide range of expense management apps available in 2024, there’s something for everyone. Each of these applications offers unique features that let you easily track, budget, and document expenses. With the correct applications, you’ll not only save time but also gain control over your finances.
