If you’re worried about whether your business will make it to the end of the year, then that’s perfectly reasonable. Most businesses fail and as an entrepreneur you have to be vigilant about protecting your finances.
One of the best ways to keep track of your business expenses is to set up a spend management routine. The best way to plan this routine is to use spend management software.
But what are the best spend management software options out there?
If you’ve been running a business for a few months, here are our recommendations:
FreshBooks
While this works mostly as a bookkeeping service, this is also a great choice for keeping track of your business expenses.
You’ll keep track of your company’s earnings and expenses on your own. FreshBooks can create reports for you and your accounting department can study.
This is great for a small business that’s been growing at a rapid rate. If you have an accounting department they’ll likely know how to use FreshBooks.
QuickBooks
This is a more advanced bookkeeping software that creates more dynamic reports for tracking your business expenses.
QuickBooks can also help you fulfill other financial obligations such as managing payroll or preparing tax forms. This is one of the more complex spend management software options.
As a result, you only want to use QuickBooks if you have an accountant with extensive experience using it.
Fyle
This is a great option if you travel often for your business and need to keep track of related expenses.
It’s got a built-in AI bot that connects with your business credit card and adds travel expenses to a database. You can view your dashboard at any time to see how much you’ve spent on your business travel.
Bento
We’ve saved the best for last as Bento is the ideal software no matter what stage your business is in.
With Bento, you connect your business bank account with the application. This lets you keep track of your business expenses and finances at all times.
Bento is one of the most affordable options available and doesn’t require any expertise. You can hire an accountant to manage the application or you can use it on your own.
Bento also has a great customer support team who can help you with your spend management. You can view here to learn more about what it offers.
Use Spend Management Software For Your Company
Now you can use spend management software to manage your company’s expenses.
FreshBooks is a great bookkeeping service to help you track your earnings and expenses. It offers you reports of how much you’ve been spending for your company.
QuickBooks does the same and also helps with payroll and tax preparation. Fyle works for tracking your business travel expenses. Bento is the all-round best option for viewing business expenses and financial health at any time.
You can find more business-related content on our blog.
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