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What’s the Best Way to Track Business Finances?

— Using a finance tracking app helps businesses make smarter decisions with real-time visibility into income, expenses, and budgets.
By Emily WilsonPUBLISHED: July 22, 12:07UPDATED: July 22, 12:14 3600
Business owner using a finance tracking app on tablet for expense monitoring

If you run a business, keeping a close eye on your finances is non-negotiable. Knowing where your money is going and whether funds are coming in can spell the difference between a good and a bad business. Whether you're a sole trader or run a limited company, using tools like a construction expense tracking app can help ensure every financial decision you make is well thought out.

Finance Tracking Apps: What Are They and Why Do Businesses Need Them?

Finance tracking apps help business owners, accountants, and finance officers to keep track of and monitor income, expenses, and cash flow. They help automate certain processes and provide real-time insights.

  • Provides a central hub for easy management and tracking of financial outputs and inputs 
  • May feature functions that can help categorise spending by projects, profitability, and budgets
  • Eliminate the hassle of calculating GST, budgeting, and invoice tracking
  • Automatically updates data every time new information is provided
  • Helps automate taxation processes and needs

More importantly, finance trackers provide you with a clear view of your entire business financial position. This will help you make data-driven decisions and develop strategic financial procedures.

Benefits of Using Finance Tracking Apps

1. Time-saving automation 

  • No need to enter transactions manually 
  • Invoicing systems, bank accounts, and credit cards are synced automatically
  • Expenses are categorised for easy tracking 

2. Better budget management 

  • Easily and efficiently set budgets per department or project 
  • Track in real-time actual spending and budget 

3. Improved cash flow awareness 

  • May be set to send alerts when large transactions are made or balances are low
  • Offer clear visibility of income versus expenses 

4. Project-specific tracking

  • Track every expense, no matter how small, automatically 
  • Provide clear data on loss and profit
  • May provide insights on supplier red flags

5. Easier tax preparation 

Automated record keeping helps simplify BAS (Business Activity Statement) and EOFY (End of Financial Year) reporting

6. Easy sharing of data to trusted individuals, such as accountants

With most tracking apps available on mobile, you can continue to track or monitor finances on the go. Digital innovations, such as finance apps, are transforming the business landscape, and you should benefit from them.

Selecting the Right App for Your Business

Different finance tracking apps offer different functionalities, some of which cater to specific industries. What you use will depend on your type of business and the essential features you need.

  • Consider your industry needs: SoleApp, for example, is made specifically for sole traders and small businesses. QuickBooks Online is widely popular due to its comprehensive accounting features. 
  • Ease of use: Spare yourself the headache and choose an app that is easy to navigate and with a straightforward interface. 
  • Other tool integration: Seamless integration with payroll, HR, and other systems you already use ensures smooth processing of all business needs
  • Scalability: With business growth in the cards, the app you use should grow with the business, too.

Keeping track of your business finances shouldn't be a problem with the right tools. By understanding your business needs, you can choose the right tracker that will accommodate those needs. If you're in the construction business, ExpenseMe is the end-to-end expense management system you can rely on.

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Emily Wilson

Emily Wilson is a content strategist and writer with a passion for digital storytelling. She has a background in journalism and has worked with various media outlets, covering topics ranging from lifestyle to technology. When she’s not writing, Emily enjoys hiking, photography, and exploring new coffee shops.

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