Let’s talk money. Not the making-it part — the tracking-it part. Because if you’re running a business, whether you’re a one-person show or a growing team, you need to know where your cash is going.
And no, tossing receipts in a shoebox or guesstimating from your bank account once a month isn’t going to cut it. That might work if you're just getting started, but eventually it turns into a headache… and sometimes even a fine from the taxman.
So the question is: What tools are actually worth using to track business expenses without making you feel like you're drowning in spreadsheets?
I’ve got you. Let’s break it down.
Why Tracking Expenses Matters (In Case You're Still Debating)
Before we get into the tools, let’s just quickly touch on why this is so important. If you’re already convinced, feel free to skip ahead.
But just in case:
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You’ll save money. Knowing what you’re spending on helps you cut unnecessary costs.
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You’ll stay tax-ready. Come tax season, everything’s in one place.
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You’ll look legit. Investors, lenders, or partners? They want to see clean records.
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You’ll grow smarter. It’s way easier to scale when you know your financial flow.
Basically, tracking your business expenses = running your business like a boss.
Now Let’s Talk Tools
Here are some of the best tools out there, based on your needs, budget, and how extra (or chill) you want to be about your bookkeeping.
1. QuickBooks – The OG for a Reason
Best for: Small to medium businesses that want full accounting features
QuickBooks is like the Beyoncé of business expense tracking. Everyone knows it, and it delivers.
What it does:
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Tracks income and expenses
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Syncs with your bank
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Generates reports
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Handles taxes
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Manages payroll (if you need that too)
Why people love it:
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Super detailed
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Cloud-based or desktop versions
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Scales with your business
Things to note:
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Monthly fee (starts around $30/month)
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Can feel a bit much if you just want basic tracking
Verdict: If you want a serious, all-in-one tool that does bookkeeping, taxes, and expense tracking — QuickBooks is a beast (in a good way).
2. Wave – Free and Surprisingly Powerful
Best for: Freelancers, solopreneurs, and small businesses on a budget
Wave is like QuickBooks’ chill younger cousin. It’s free, cloud-based, and super easy to use.
What it does:
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Tracks expenses and income
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Connects to your bank
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Scans receipts
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Sends invoices
Why people love it:
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100% free for basic accounting
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Clean, easy interface
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Great mobile app
Things to note:
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Limited features compared to paid tools
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Support can be slow (it’s free, after all)
Verdict: If you’re just starting out or want to save money while staying organized, Wave is a solid bet.
3. Expensify – Built for Receipts on the Go
Best for: Businesses or teams that travel or handle lots of reimbursable expenses
Expensify is basically your digital receipt wizard. Snap a photo of a receipt, and boom — it pulls all the data and logs it.
What it does:
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Receipt scanning and smart categorization
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Mileage tracking
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Employee reimbursements
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Card syncing
Why people love it:
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Saves serious time on data entry
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Works great for teams
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Auto-reports and auto-approvals
Things to note:
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Monthly fee starts at $5/user
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Less focused on full accounting, more on expenses only
Verdict: If your business involves travel, lots of little purchases, or reimbursing employees — this is a game-changer.
4. FreshBooks – Invoicing Meets Expense Tracking
Best for: Service-based businesses and freelancers
FreshBooks is super popular with creative professionals — think designers, writers, coaches, consultants. It combines clean invoicing with smart expense management.
What it does:
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Expense tracking
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Invoicing
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Time tracking
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Client management
Why people love it:
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Simple and beautiful UI
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Makes billing and expenses feel like one flow
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Integrates with tons of tools (Gusto, Stripe, PayPal)
Things to note:
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Paid plans only (starting around $17/month)
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More ideal for solo or small team setups
Verdict: If you’re running a service biz and want one app to handle money in and money out — FreshBooks is a total win.
5. Xero – Big Business Feel Without Big Headaches
Best for: Small to mid-sized businesses that want serious accounting + clean UI
Xero is like the Apple of accounting software. It’s sleek, powerful, and plays well with others.
What it does:
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Tracks every dollar in and out
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Integrates with banks and over 1,000 apps
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Payroll, invoicing, inventory, more
Why people love it:
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Modern, intuitive dashboard
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Great for collaboration (multiple users, permissions)
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Accountant-friendly
Things to note:
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Monthly fee starts at $13 (limited plan)
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More powerful = steeper learning curve
Verdict: Xero is for you if you want pro-level features but still want something that doesn’t look like Windows 98.
6. Zoho Expense – Budget-Friendly and Business-Ready
Best for: Small businesses that want value + functionality
Zoho Expense is part of the broader Zoho Suite, but you can use it solo. It’s simple, efficient, and perfect for teams on a budget.
What it does:
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Expense tracking and approvals
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Per diem and mileage tracking
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Corporate card reconciliation
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Integrates with Zoho Books or QuickBooks
Why people love it:
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Affordable plans
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Works great for teams
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Mobile app is excellent
Things to note:
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Best when used with other Zoho apps (not essential, but helpful)
Verdict: Zoho Expense is like a no-frills tool that quietly gets the job done. Not flashy — just effective.
7. Spreadsheets + Google Forms (DIY Style)
Best for: Total beginners or side hustlers
Look, if you’re really not ready for software — or if you love doing things manually — spreadsheets can work. Google Sheets + a simple expense form can get the job done.
What it does:
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Customizable expense logging
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Manual input (or semi-auto via import)
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No cost
Why people love it:
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100% free
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Fully tailored to your business
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Zero learning curve if you know spreadsheets
Things to note:
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You have to do everything yourself
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No integrations, no real-time updates
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Gets messy fast if you’re scaling
Verdict: Good for starting out, but once your business gets busy, you’ll want to upgrade.
Honorable Mentions
These tools are also worth peeking at, depending on your needs:
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Bonsai – Great for freelancers with contracts, invoices, and expenses in one spot
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Toshl Finance – Budgeting-focused, works well for solo entrepreneurs
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Pleo / Divvy – Perfect for companies that need employee cards + spend tracking
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Bench – Human bookkeeping service if you want to totally outsource the work
How to Choose the Right Tool for YOU
It’s tempting to go for the fanciest app or the one with the most features — but don’t. Instead, ask yourself:
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How much am I spending monthly on business stuff?
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Do I have team members or just me?
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Do I need to track mileage, receipts, invoices?
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How much time do I want to spend on this?
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Do I want to learn accounting or just keep things clean?
Start small. You can always level up as your business grows.
Wrap-Up: Expense Tracking Doesn’t Have to Be a Headache
At the end of the day, the best expense tracking tool is the one you’ll actually use. You don’t need all the bells and whistles — you just need something that helps you stay organized and avoid surprises.
Start with something simple like Wave or a spreadsheet if you’re new. Level up to QuickBooks, Xero, or FreshBooks when things get more complex. And don’t forget to set aside time once a week to actually review your expenses. That’s where the real magic happens.
Remember — keeping your finances in check isn’t just about saving money. It’s about gaining clarity, control, and confidence as a business owner. And that? That’s priceless.
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