Every business wants to control and manage its expenses. If expenses are not tracked properly, then the cash flow is disturbed. There may be a mistake in the profit and loss report. So for that reason, the online platforms and apps managed all these things. Like that, the QuickBooks Online Expense tracking app is a powerful tool that manages expenses, tracks all the expense records, and delivers an expense report with complete accuracy. In this blog, we are learn detailed information about the QuickBooks Online Expense Tracking app with its features, benefits, and setup guide.
What is the QuickBooks Online Expense Tracking App?
QuickBooks Online Expense tracking app is a cloud-based software solution. It helps users by tracking their expenses, categorizing them, and analyzing the tracked data. This application is compatible with both mobile devices and desktop computers. There, a user can upload their receipts, record mileage, enter vendors’ bills, and also generate expense reports. This application was designed to access your financial data and expenses in real time.
Features of QuickBooks Online Expense Tracking App
The QuickBooks Online expense tracking app provides many features. That means some special techniques or ways are provided at the time of using this app, which make a particular work so easy. This helps users to manage their expenses, handle all things, and generate a valid report conveniently through this application.
- Automatic expense tracking: it directly connects with the bank account and tracks and analyzes all the transactions automatically. Therefore, the manual entry and risk were eliminated.
- Expense categorization: This feature was used to categorize all the expenses to make the analysis easy.
- Mobile accessibility. This application was available for mobile, where a user can access their account with one click.
- Detailed Reports and Analytics: Reporting and analysis help user to maintain their spending habit and find ways to save money.
- User-Friendly Interface: Expense tracking app has a user-friendly interface that helps users understand and use all features easily.
- Currency conversion: This feature helps users track their expenses in different currencies.
- Security: There is high-level security protection present where the risk of data corruption and data missing, such as problems, has been eliminated.
Benefits of QuickBooks Online Expense Tracking App
There are many benefits available. That is helpful in every field that is useful for your business or other work. It automates all the work, especially the expense tracking and generating the correct record of the transactions.
- Time Saving: Its automation automates many things and fully eliminates manual work.
- Improve accuracy: It reduce manual work, the accuracy or the financial data was improved.
- Scalability: if a user finds any mistakes in their data, then they can manually correct these data, and the automation system of QuickBooks Online was learn from these mistakes and uses this idea to solve these kinds of issues.
- Financial control: By analyzing all the transactions, this recommends the best schedule, which gives you the strength to manage finance, and also you get the idea of where you spend or invest your money to make your business or other work profitable.
- Real-time visibility: It was connected directly with the bank account and tracks every transaction. When a user accesses their updated account through the QBO Expense Tracking App, this application shows real-time results.
- Simplify tax preparation: Its auto-categorized feature places all the records separately and sets a reminder. That can save your time and help users claim all potential tax deductions.
How to Start the QBO Expense Tracking App?
This is one of the important parts of the QuickBooks Online Expense Tracking App. Without setting up this app perfectly, you can’t use all the features and not get its benefits completely. Therefore, you should follow the following steps to complete your Expense Tracking App setup.
- Create an account and choose a subscription
- Set up the company and financial year
- Link your bank and credit card accounts
- Now install the mobile app and capture the receipt
- Create expense categories and customize them
- Enter Expenses and record bills
- Set Expense Approval Workflow
- Now start the Reconciliation Process
- Create a report and review dashboard
- Continue regular review and maintenance
How to Use the QuickBooks Online Expense Tracking App?
After setting up the QuickBooks Online Expense Tracking App, it provides a detailed report of your expenses. Now you need to track your expenses in QuickBooks Online by following the steps.
- Go to the QuickBooks Online Expense Tracking App.
- Choose Expense from the menu by selecting the new icon.
- Select the vendor from the payee field.
- Now select the bank or credit card account from the Payment Account field.
- Enter the date in the payment date field.
- Choose the payment method.
- Now categorise your expenses in the tags field.
- Then provide the category details and item details in their respective fields.
- Enter the amount and tax.
- If you create a bill for a customer, then choose the Billable and put the customer details in the customer field.
- After that review once, click on save and close.
Conclusion
QuickBooks Online Expense Tracking App is a valuable application for managing expenses. It automates all the processes and provides an accurate record, eliminating manual work and reducing risk. To follow the above steps, you can track your expenses easily. If you already have a QuickBooks Online subscription, then you don’t need to purchase any plan again to use the Expense Tracking App. If you have any problem, then immediately contact QuickBooks Experts for an instant solution.