Apps for Independent Contractors

When your workdays are jam-packed, it can be easy for you and your employees to procrastinate the vital task of tracking expenses. Tracking expenses is essential for several reasons, says financial advisor Eric Tyson, co-author of Small Business for Dummies. “First, you need to know how your business is doing, and tracking revenues, expenses, profitability, cash, debts, etc. helps you keep a handle on the financial pulse of your business. Second, you’ll need documentation of your expenses and other financials to enable you to prepare an accurate tax return. And third, if you’re audited by the IRS or state tax authorities, you may need the expense documentation to show them.”

Fortunately, in today’s app-driven market, there are a number of good mobile programs that can help you easily and quickly track expenses and receipts with your smartphone. Such apps are also an expedient way to get timely expense reports from your employees. For budget-conscious business owners, the good news is, many of the apps are either free, free with an option to upgrade, or cost just a few dollars. Below are six expense-tracking apps:

1. BizXpenseTracker

Developed with small-business owners and consultants in mind, this app is quite comprehensive. In addition to tracking expenses and mileage, it also allows you to record time worked. You can customize categories and sub-categories, and it generates expense reports. The templates in the app provide the information required by your accountant.

2. Concur Mobile

Designed for small businesses whose employees travel frequently, this free app, available for both iPhone and Android users, allows for fast creation of detailed expense reports. You can track travel expenses and approve travel spending for employees, as well as book hotels and flights. The app can also link up with credit cards and import charges automatically.

3. Expensify

This free app enables you to keep track of business expenses, mileage and billable time. It offers receipt capture and can be synced with your credit cards so that expenses can be pulled in automatically. You can also use this app to scan receipts and create an expense report. It also allows for multiple expense reports that can be converted to PDF files. Mileage expenses can also be recorded.

4. Mileage Log+

If getting accurate and timely mileage logs from your employees so you can reimburse them is always a struggle, this app may help. Created strictly for tracking gas mileage, the app has a mileage log and IRS rates for reimbursement. The app can store frequent trips, so a simple tap inputs that mileage. Expense reports are easy to share.

5. Shoeboxed

This expense-tracking app lets you capture receipts and file them for reimbursement or as a deductible. Or, if you’re pressed for time, you can mail or ship an envelope full of receipts to the company and they’ll input the receipts for you, then send you an itemized list of your expenses in a digital file. The app works with both iPhone and Android phones and is free with a membership option.

6. Smart Receipts

Available for your Android device, this open source app scans receipts via phone and generates expense reports that you can email to yourself as a PDF or CSV file. PDF reports are tabulated, making them easy to read and appropriate for sharing. There are both free and paid versions.

7. Taxbot

Taxbot offers independent contractors an easy, integrated way to keep track of business expenses. For $100 a year or $10 a month, you can automatically log your business mileage, digitally store receipts and import bank transactions securely into the app. You can access Taxbot through a mobile device or through the internet, and you can download yearly audit reports with all of the information independent contractors need in the event of an audit.

8. QuickBooks Online

Quickbooks Online has many of the features smaller businesses and independent contractors require. This makes it a cinch to use QuickBooks on the go. The program tracks income, expenses, payments and much more. There are plenty of niche-specific features you can choose from to make documentation and client account management a breeze. You can also sync your payments from Amazon, eBay, Etsy and other online vendors through QuickBooks.

9. InvoiceASAP

If creating invoices and sorting them normally takes you several hours to finish, this app will be your new best friend. Invoices can be created quickly and sent instantly through the app.

You can create estimates to send electronically to clients, and the app has the capability to attach signatures to specified documents. This eliminates a lot of hassle and paperwork for you and your clients. The app also has seamless reporting features that allow you to see your invoice data at a glance. You can accept payments and sync your cloud data from Invoice ASAP with QuickBooks Online or Quickbooks for PC. There is a free 30-day trial. If this app saves you money as it does for most users, you can keep it after that point for about $15 per month.

10. BillGuard

This is a great app for business and personal use.

You can keep track of your credit score and protect your identity. However, the best bonuses are the expense tracking and reporting features. This app shows your spending in a way that you have never seen it. You can learn better ways to save money and where to cut wasteful spending. Use the app to set new goals for yourself by trying to spend smarter. CNN Money rated it as one of the best money management apps, and PC Mag rated it as one of the best free apps.