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5 Things to Consider While Choosing Your Business Expense Tracking Software

In recent years, a large number of businesses have been using expense tracking software to forecast sales, manage expenses, inventory, and much more, because they do not want to waste time on unnecessary tasks. With a business expense tracking software, you no longer have to rummage through pages, and hope that you haven’t missed out on something important. All you need to do is click a few buttons, and vital information will be at your fingertips.

But any business expense tracking software will not work. You need the right one, and that is why, we have come up with some tips that will help you pick the perfect expense tracking software for your business.

Also Read: Business Expense Management Software for Transparent Expense Tracking

1. What are your needs?

First, you need to have a clear idea of about your business and your needs. For instance, you need to know what is the size of your business? How much money does it make? Do you need software that is specific to your niche? Say, if your business makes millions of dollars a year, it would have different accounting needs from one that makes less than $50,000. Depending on the size and income, there are various expense tracking software, and even ones that work best with small or medium-sized businesses. You will also find customized expense management solutions for various sectors like manufacturing, hospitality, retail, and much more.

2. Should you go online or offline?

The next important question is whether you should choose an online or offline software? Most businesses opt for cloud-based software, as they offer more benefits than offline solutions. Yet, some businesses that do not have access to the internet prefer offline software.
We recommend that you choose an online business expense tracking software. All you need is an internet connection, and you will have easy access to all your data.

3. How friendly is the user interface?

How often have you left an app or a website because of the interface? Has it left you wondering how the UI/UX developer got away with it? So, let’s not repeat that with your expense tracking software, and get the one that is easy for your employees to learn and use. Imagine the software filled with every imaginable feature; sounds messy, doesn’t it? To avoid that, go for one with a simple user interface. A clean interface makes it easier to focus on tasks and decreases the learning curve.

4. How scalable is the software?

As businesses grow, so do their accounting needs, but you already know that. Surprisingly, many businesses fail to realize this initially and have to migrate to a new expense tracking software when their existing ones can’t cope. Better avoid that mistake, and pick a free expense tracking software that can be scaled and enriched with features as your business grows.

5. What is your budget?

From small business expense tracking to large business expense tracking software, there is a software for every budget. You will even find some free expense tracking software that you can download online. However, the more specialized the software gets, the pricier it becomes. Once again, depending on your needs, the budget of your software will vary.

Also Read: Software for Tracking Income & Expenses for a Personal Business – The top 7

Conclusion

We know that finding the right expense tracking software for your business is no simple feat. You are looking for software that you can trust for years to come. And that is why we at CloudBooks have developed one of the best expense tracking software’s that keeps all your needs in mind.

Why You Need to Track Your Business Expenses?

Business expense tracking software is an accurate and revolutionary tool for managing finances. The secret behind its massive success is its ability to track finances daily.

Tracking business expenses is important because it helps you see the bigger picture. Once you know where your money is going, you can look for opportunities to spent it better. It will give insight into the latest financial data, which you can use to analyze your organization’s successes and identify the weaknesses. With a business expense tracker, you can make this process exceedingly smooth. Also, not many businesses can afford to hire a bookkeeper to track their daily expenses. However, they can use that money to buy a business expense tracking software.

Here are some of the reasons to track your business expense daily –

Financial Consciousness
You need to have a solid foundation to run a successful business. That means, you need to learn to how to manage your finances better. By tracking your business expenses daily, you get a clear understanding of your business expenditure. Some business owners find this number game intimidating, especially when they receive it from their bookkeepers, at the end of a fiscal year. This is where tracking daily expenses can come to rescue. It will allow you to become more in touch with the functioning of your business.

Also Read: 3 Steps for Tracking Your Business Monthly Expenses

Earn Profit from your Taxes
Tax season is a dreaded time for people, who are not prepared. People generally scramble to find the invoices and receipts on their laptops. But this does not have to be your experience. If you have kept a clean record of all your expenses, the tax season can help your business grow. This way, you can contribute to the economy in a positive light instead of developing vengeance for the market. With a business expense tracking software, you can keep a tab on your daily expenses, and go through the tax season untouched. You will also be able to claim tax returns, which can be added in your budget for the next season or as bonus checks for your employees.

Always have a Backup for Rainy Days
Every business has a set objective that want to achieve. But, accomplishing those goals is not always easy as your business may suffer setbacks at times. This may be in the form of business losses. This is where keeping a daily record of your expenses can come to your rescue. Businesses often spend a lot of money on subscription and make recurring payments to fulfill luxuries. On a rainy day with such record at your disposal, you will be able to cut down the unnecessary expenses without putting the burden on your employees.

Also Read: 3 Quick and Simple Steps for Business Expense Tracking

Find out why you are Losing Money
The most important aspect of tracking daily expenses is to figure out what exactly are you doing wrong. Contrary to popular belief, tracking business expenses is not meant just to give reimbursement to your travelling employees. Using a simple analytics tool on your database for daily expenses, you can find out important information. Basically, it serves as a financial supervisor. It will tell you exactly what are the small things that you are doing wrong, that are adding up as major financial losses at the end of a quarter.

Also Read: 10 Tips for Small Businesses to Track Their Expenses

Factors to Consider When Choosing a Billing Software for Retail

A retail billing software has the crucial task of managing your finances. So, these factors can help you find the right one for your retail business.

Small retail businesses are continuously looking for ways to increase efficiency and reduce cost in the competitive market. They are adopting new technologies to drive profitability and growth. Billing software is one such solution through which retailers can keep their finances in order. With this tool, you can eliminate manual data entry errors and keep the accounting figures precise. Choosing a billing software is a big decision for any business. So, to make the right decision, you must take into account a few factors. Here, we will learn about them.

• Flexibility and User-Friendly
A billing software must be easy to use. It is an important factor to consider when choosing the right one for your business. As a retail store owner, you will be using the software multiple times in a day. Therefore, it is imperative for the software to be user-friendly. It should cater to your employees and clients with an accessible and easy interface. This means you no longer have to struggle everyday to get things right. A dashboard helps in keeping the things organized. You also might want a regular analytics module to keep your activity in check. The billing software should also be flexible enough to integrate with other tools that you use for accounting.

Also Read: Billing Software for Small Business –Link

• Proactive Billing Software
A billing software handles the most crucial part of your business. Therefore, it is important for your billing software to be proactive and interactive. If you are entering the data manually, chances of errors are high. These things will show up at the end of your fiscal year and you have to fix the error in the balance sheet. So, why not correct the bills? A good billing software should constantly check your inputs and notify you. The software also gives reminder, which can go a long way in making sure that you bill your clients timely.

• Security and Trust
When you give your hard-earned money to someone, it shows that you trust the person. Same goes for a billing software. You will be constantly sharing sensitive and personal information with your billing software. A retail shop carries heaps of data from various clients. So, a billing software should be secured with the highest levels of cyber protection. It should be immune to all kinds of attacks as your financial data resides at their servers. So, you must make sure the software is tightly secured on all ends. Another important factor to consider when choosing a billing software is that to look for a dependable customer support. It may help you in tough times.

• Personalized Pricing
Budget is a major issue for most small businesses as bookkeeping and billing can be extremely expensive. The right billing software must meet all your business requirements and provide with the opportunity to grow. Some small businesses find it difficult to map out budget for a good billing system. So, a billing software can come up with tool-based pricing personalized to your needs. You can select tools that work best for your retail shop instead of buying an expensive bookkeeping platform.

Also Read: Important Key Aspect of Every Billing Software