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


According to the Small Business Administration (SBA) Office of Advocacy’s Frequently Asked Questions section, around 20 percent of small businesses fail within the first year. Ineffective money management and bookkeeping is one of the biggest reasons why many small businesses have had to shut shop within the first few years of opening. Hence, as companies grow and get more clients and deal with more vendors, the need to have an efficient software for tracking expenses has become quite important.

Here’s an updated list of business and personal expense tracking software that will help you pick the right one based on your needs.

Cloud Books

The company caters mainly to freelancers and small businesses, offering its Powerful Online Invoice Software at affordable prices. Starting at 10 USD, they offer a comprehensive solution that comes with a free business expense tracker trial for thirty days. Notably, the company offers email support, phone support, and also live chat support for paid users. Further, it ensures security for your data with its cloud storage.

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

Intuit QuickBooks Online

With competitive pricing starting at $8/month, the company’s software for tracking income provides integration with PayPal, Shopify, and Square and 24/7 chat support along with receipt capture. While all the plans offer basic services, such as sending invoices and getting payments, the premium users gain access to time tracking software, inventory management, and even full-service payroll.


Known among small businesses for being one of the top business expense tracking software, this product provides you access to excellent mobile apps for convenient bookkeeping starting at around $15/month. Apart from the exceptional user experience and support, they provide their clients with useful team collaboration tools.


Aimed at small businesses, this subscription billing software is priced at $9/month. When you make your monthly payment, get new subscriptions, customers, or revenue, you can count on the software to provide you with easy-to-understand, actionable metrics. To keep you focused on your business’ growth, the product takes care of automating your customer communication, business workflows, and invoice creation as well.

   Also Read: 6 Reasons Expense Tracking Software is Important

Sage 50cloud

This business expense tracking software has excellent support and advanced features, making it a robust tool tailored to the need of the modern small business. Moreover, it comes with multiple pricing options and offers great customizability as well. The feature of integration with Microsoft Office 365 allows it to share data with productivity tools, giving it a slight edge over several other software in the market.


This is a free software that you can take advantage of if you are a freelancer or a small company with a few employees looking for an invoice and transaction management solution. You also have the option of getting payroll services for a small extra fee. However, it is worth noting that even though the software keeps your bookkeeping updated with its cloud, it does not provide project management, in-built time tracking, or inventory tracking.


Its recent updates in areas, such as document management, reports, and projects make it a favorite among many small businesses. While it lacks phone and chat support and needs improvements to the mobile app, it is affordable and provides decent inventory tracking. It can also be integrated with payroll apart from being used for expense tracking.


Managing finances properly has become all the more important during this economic turmoil around the world. Choosing the optimal software for tracking income and expenses from the list will give you an edge to navigate the present scenario and emerge with a clean balance sheet and steady cash flow.

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

3 Quick and Simple Steps for Business Expense Tracking


Only someone who has spent hours sorting through business expenses understand the need of a good business expense tracking model. Step up your business expense tracking game with these 3 quick steps.

Accounts and business finances are not hard to manage, but they are not fun either. It is extremely important for an organization to have a tight grip on the cash flow. Business expenses are the necessary costs that are incurred to run an organization. Tracking them is a matter of great stress and duress. Taxation days, in particular, can be a nail-biting affair for most business. Understanding how to properly track expenses can ease the pain of business owners. But with these three steps, you can make your expense-tracking for your small business simple.

Use a Separate Bank Account
It is easy to use a personal account when you are starting a business. But it can be a pain in your accounting later. So, to make a distinction between your personal purchases and business-related purchases, use a separate bank account.
A business account is not a separate entity of capital. It is still your money, but it is accessed separately. This gives you the freedom to manage your business expenses, especially, if you wish to scale your business or hire a bookkeeper. Every transaction on this account can be closely monitored and tracked.

Use this account to recognize all kinds of business expenses, including travel. It is important to take account of everything you spend on your business. From the flight you take to the car you rent to the cost of the trolley at the airport. Note everything in the business account.

Track Your Daily Receipts
Use a cloud bases expense tracking software to track daily expenses. The money you spend every day for your business is what culminates over time into your balance sheets. So, to manage business expenses efficiently, it is important you track everything on a day-to-day basis. Set up reminders to avoid missing daily payments.

Keep a keen eye on your recurring payments. They seem like a small amount but can make a huge dent in your overall profit. A good expense tracking software allows you to record every transaction. This means, all your receipts are stores in a cloud-based expense tracking software. Storing all your receipts is extremely handy during filling, payment collection, and tax rebates.

Daily receipts are not just client related. Everything from purchasing stationary to a casual business travel should be included. Business tracking software like CloudBooks allow you to directly record all receipts. It also comes with a time tracking tool to make sure you get paid for every hour of work you put in for a client. All this is good practice to follow for an organized approach to business.

   Also Read: 3 Steps for Tracking Your Business Monthly Expenses

Analyze Your Purchases
CloudBooks saves all your transactional history and receipts in a cloud database. Along with that, it offers you various tools to analyze your business expense. With CloudBooks, you can track your overall expenditure, personal capital, monthly expense, and much more. You can schedule monthly analytical reports that calculate the highs and the lows of your monthly expenses.

You get monthly reports with which you can assess what is profitable for your business and what is a liability. It helps you organize your recurring expenses, and makes tax season a smooth ride. Not every business purchase is particularly smart, you will be surprised to find how much money you simply waste, even as a small business.

5 Benefits of Time Tracking Software for Business


From casual attendance to keeping a check on billable hours, time tracking software does it all. It is the buzz in small businesses these days. So how does tracking work and what are the benefits of the business expense tracking?

A time tracking software, simply put, is a cross platform that tracks the time, labor, and resources spent on completing a task by an employee or a team. It is the key to healthy workflow, productivity, and insight. When you know which task take the most of your time, you can find the ways to do it quickly. The software will be help you identify the problems, and then you can come up with strategic plans to overcome them.

Here are some of the advantages of time-tracking software –

1. Billable hours for each employee
According to report by,43% hourly billed workers admitted to exaggerating their timestamps. This is essentially time theft. It is not to say that your employees are dishonest and manipulative. Given the power, they tend to roll the dice in their favor. To avoid this, use a time tracking software. It gives the manager total command. You get the big picture in terms of how each employee spends their time. Time tracking software accurately notes the time spent by the employee on actual tasks. This means, accurate billing. It saves a lot of money and allows you to set your priorities straight.

2. Bill clients accurately
If you use an hourly billing method for your clients, then a time tracking software is a must. There is a lot of communication over the course of a project, and to manage invoicing is a tough task. Clients usually do not adhere to the deadlines. And they always find a way to get you a 60-minute long calls about random things. Did you know all this is your money? Well, claim it. With a time-tracking software, you can avoid any misunderstandings with the client, who gets a clear picture of how much time you have spend on their project. It allows you to bill for unaccounted time you spend on small tasks for the client.

   Also Read: How to Choose the Right Time Tracking Software for Your Business

3. Track time spent on each task
A lot of times estimations for tasks go wrong. Depending on the client and the project specifics, you may spend different time on similar tasks. A time tracking software allows you to exactly calculate how much time you are spending on each task. This means better pricing in the future. Once you know how much time you are spending on a task, even if you are not billing your client hourly. You can give them an accurate pricing model for your services.

4. Save money with accurate budgeting
Using a time tracking software essentially saves you a lot of money. Especially if you are a small business. The software allows you to integrate your payroll system for accurate billings. Along with that, a time tracking software gives you an analytical report. This includes everything from overtime hours, time wasted, average project timeline, work estimates, deadlines, etc. This information allows you to build better schedules and budgets for the future. It helps you save money on wasted resources and manpower. It also gives you a crisp overview of project timelines and payment.

   Also Read: Why Your Small Business Needs Time Tracking Software

5. Say goodbye to Micro Management
The best part about a good time tracking software is, it allows you to efficiently manage employees. This is the most underrated feature of time tracking. It gives you all the information you need for performance evaluation. It also allows you to set deadlines and automatic reminders which are employee specific. After all, not everyone has the same pace. Monitoring helps employees stay motivated, and keeps the working place competitive.

   Also Read: Time Tracking Software For Small Businesses