What is Expense Tracking and How It Helps an Entrepreneur?

Unless you control your spending, making more money won’t help. You’ll just end up with bigger payments.

Earning money is not the end, spending it wisely and with care is where lies the managing tricks. Expense tracking is the tool which lets one get a clear picture of their spending behavior. By properly categorizing inwards and outwards of money, listing them separately in different categories. Making categories like routine, miscellaneous, irregular gives a general idea of how much money was spent where and which expenses can be curbed.

As an entrepreneur knowing where the money was spent is of immense importance. Failing to keep a proper track of where the money is spent can lead to long-term failures and losses. Having a detailed and organized data of inflows and outflows of money can help in the long run. Another reason for entrepreneurs is where they can get proper idea about how much money can be used for further investment purposes.

Expense tracking can be a very arduous and tricky task to manage. No wonder managing finances and keeping a record of the same is the most relented of tasks. Technology cleverly manages many of these issues. With the advent of technology, such tenacious tasks are put at bay. There are a plethora of apps available which manages all work with efficiency. Just a click and most of your expense tracking problems are managed with ease.

Some of the expense tracking apps that every entrepreneur needs to know are listed below

1. Mint

Mint is an expense tracking app, which integrates your bank account and credit card data with itself, keeping a track on your expenses and payments, further notifying whenever a payment is to be made. It also aids to categorize the expenses based separating them in different categories, giving a proper idea of how much amount is spent in which category.

This is all encompassing app, also giving suggestions on how to manage expenses and letting you know whenever the credit card limits are overused.

2. Expensify

Similar to Mint, Expensify also helps in tracking expenses by integrating itself with your bank account. It further provides the feature for categorizing the money into already listed categories. Access to create different categories is also provided. If the user anytime feels his expenses are exceeding the limits or are faced by some uncalled for expense, they can also be easily listed under the miscellaneous or irregular category.

3. Mvelopes

Just like the amount of money are put into envelopes based on the expenses, Mvelopes also helps in keeping track of expenditure by enveloping them into different categories. Unlike other expense tracking app, here the details have to be entered manually.

Other than the apps listed above, there are other useful apps like Pocket Guard, Good Budget apps, etc. which helps entrepreneurs and business manage their finances efficiently and keep a track on their expenses.

Published with permission from Aishwarya Raghunath, a geek and passionate writer. She is a regular contributor to Desi Hisab-the daily expense manager app. You can download this expense manager app from the Google Play store.