A guest post by Jeni Rogers
One of the unique challenges you face in a small business is budgeting for all the things your business needs to operate while also positioning yourself for future growth. When you’re just starting out, you are likely working with a small team and keeping your budget lean. However, you will have expenses that you need to track and account for in your small business, so you can ensure that you’re generating a profit and are prepared when tax season rolls around.
Luckily, there are software solutions on the market that are designed to set you up for small business success by simplifying expenses and giving you the tools you need to track and organize all of your spending. Each of the following expense management software systems are highly rated by Trust Radius users, specifically in the small business sector.
Xero is an expense management software that is designed around the needs of small businesses and personal finance. Reviewers of Xero mention that this system is ideal for small teams and iis easy to use and navigate even if you’re not a finance expert. You can use Xero in a variety of ways to make managing your expenses simple and effective, including:
- Tracking Revenue
- Managing Payments
- Creating Balance Sheets
Xero can be automated by linking it to feeds from your business bank accounts as well, which helps streamline your accounting further by removing the need for manual data entry. Though Xero is highly rated for usability, they also have a great support team who can help if you run into questions while using the system.
Expensify is another great option for small companies with multiple employees, who need to track expenses related to a growing business. In addition to the main accounting capabilities of the system related to organizing earnings and spending, you can also use this solution to determine ROI. Expensify allows you to track travel miles or hours spent on individual projects or clients so you can start getting a very clear picture of the most profitable parts of your business.
Harvest is a popular expense management system for small companies, and also offers additional tools such as time tracking and costs associated to projects you have ongoing in your business. Harvest is particularly well-suited to small companies with numerous or ongoing projects in place. This solution helps you track and organize project details, record time, and integrates with various project management tools so that you can keep all of your business bolstering projects on task and on budget.
Reviewers of Harvest praise the tool for being user-friendly, and can also be configured to track billable hours for clients that you’re taking on as your company grows. It also offers invoicing options and online payment capabilities to efficiently manage your expenses as your business grows.
Expenses are probably not the most exciting part of your small business, but it’s vital you begin tracking your spending and building your profitability early on in your growth. Expense management software is an easy and affordable way to begin building all the accounting processes you need for continued growth and success in your business.
Jeni Rogers is a researcher and regular contributor to TrustRadius, where she shares her knowledge of the latest trends in B2B news and software.