If you’re still unsure about utilizing and tracking company funds, sticking up to a clear, concise, and up-to-date expense policy is a great idea. Many efforts go into creating a company that stands out. However, if you are unable to set it apart from others, spending too much time on tracking spendings, you are just shooting in the dark.
The good news is, the company expense policy assists the senior management team in determining how members of the team must spend company funds. Rather than developing expense policy guidelines on the go, you lay down the groundwork before anyone considers spending. This is why having a formal expense policy for employees in place for your company is crucial.
From this article, you’ll check the list of tracking applications, which represents expense policy best practices.
- What is a Company Expense Policy?
- Key Points about Expense Policy Guidelines
- Best Expense Tracker Apps List
What is a Company Expense Policy?
An expense policy is an institutional document that outlines the kind of expenses that employees can be reimbursed for and how they should submit claims. Although policies change slightly from one company to the next, they all have a few key elements.
When it comes to anticipating expenditure and acquiring data, the company expense policy guidelines give you significantly more control. You may also want to divide your document into few ones: expense travel policy, equipment spendings policy, etc. You may have employees who don’t travel or employees who only spend money on equipment or only on in-office events. In such a case, splitting a policy can be a great idea so that your employees don’t waste their time reading unnecessary information.
Key Points about Expense Policy
The aim of the expense policy guidelines is to help your company and doesn’t take weeks of work. Your expense policy will be yours, and naturally, it will be custom-fit to your company. Even so, several things you should keep in mind are:
- expense policy allows individuals to control company costs by setting guidelines for employee spend;
- following expense policy best practices saves time and money while also helping to protect against compliance violations and fraud;
- it creates clear categories and budgets;
- it is important to be consistent with the expense policy for employees;
- it’s not a good idea to treat staff members differently.
Best Expense Tracker Apps List
After you’ve produced the policy with the help of looking at some expense policy examples following all the main guidelines and key points, the next step is to track all of your expenses. This is where expense tracking and reimbursement applications can step in and relieve some of your burdens. Check the list of expense policy best practices.
Because users can send and track invoices and automatically track mileage, we chose QuickBooks Accounting as a great expenditure tracking app for small businesses. It also includes a built-in camera tool for taking photos of receipts while on the go. Its features include 80 apps integrations, inventory management, advanced CRM, and many more. It gives your accountant access and lets you customize invoices with your logo and business information. With QuickBooks, you can create and track invoices in multiple currencies. In addition, it gives you the ability to generate different profit and loss reports. Moreover, you can connect bank and credit card accounts to track revenue and expenses.
With the app you can:
- Automatically track mileage and snap pictures of receipts
- Send track invoices in multiple currencies
- Link bank and credit card accounts
Expense Sensei is an effortless and accurate tool for saving time and money. The app allows your team members to easily send expense reports from anywhere, even when they are traveling or working remotely. Also, employees don’t have to puzzle out what data they need to provide in order to be reimbursed for their expenses. The interface of the Expense Sensei app is neat and clear. Besides, there are multiple expense categories, which makes it easy to choose the right type of expense. The reports are sent to the accountants in a single form, which makes them easier to view. In addition, bookkeepers are able to export data provided in the app as a .csv file that can be used to create forecasts and budgeting plans.
With the app you can:
- Approve expenses and provide reimbursements in a real time
- Use bulk actions for a number of similar reports
- Provide reimbursements for future expenses
Mint is a spending tracker software since it provides an in-depth look at your finances as well as features to help you increase your net worth and pay off debt. It is an ideal choice for small companies that are on a tight budget. It’s free and lets you track all of your accounts in one location. You can set aside money for savings, monitor your credit, and maintain track of your investments. What’s more, a Mint Live Subscription is available if you require financial guidance from a specialist. You can examine how your subscription spending fluctuates month to month with Mintsights. You’ll be able to cancel any subscriptions you’ve forgotten about, as well as possibly negotiate reduced pricing with the provider. Mint is the finest overall spending tracker tool.
With the app you can:
- Track investments and create savings goals
- Monitor your credit
- Connect account to categorize transactions
Expensify is the finest app for receipt saving since it automatically scans, reads, and imports receipt details for you. It’s also wonderful for traveling. – gets trip reminders, flight delay notifications, and change notifications sent right to your phone. Because it provides capabilities to submit receipts directly to a manager or accountant, this software is geared toward business users. They can then approve or deny expenses directly from the app. Expense reports, no matter how frequently you file for reimbursement from your company, can be tiresome and time-consuming. Employees are usually required to scan all receipts, log each transaction, itemize any fees and taxes, and categorize the kind of spending, among other things. If the thought of having to do an expenditure report makes you feel overwhelmed, there is software that can help.
With the app you can:
- Automatically read and import receipt
- Categorize, tag, and group expenses into a report
- Use automatic mileage tracking using GPS
The benefits of having an expense policy are not limited to just employee satisfaction, but it is also a proven means to help your finance team gain greater insights and provide more accurate expense forecasts. For this reason, we have made the above list for you and believe they are the best expense tracking apps on the market.