Track It or Lose It: Tools for Recording Expenses on the Go

In a business, it's important to know where each dollar goes. That can mean collecting receipts, reconciling expense reports, and trying to remember cash transactions long enough to write them down. It's not impossible for receipts to go missing and for records to be incomplete; after all, if you have to wait to get back to the office to handle the paperwork, it's easy to forget something in the intervening time. But, there are a few tools that can make the process smoother.

Text Expenses Immediately

Recording expenses can be a matter of a text message with XPenser. The site is free to use, and signing up is a matter of having a working e-mail address. Once your account is set up, you can send a text message from any device to the site listing your expense, the amount, and the purpose in a set format. The application then turns that information into a list of expenses that you can categorize and analyze later. You can also add expenses through e-mail, voice calls, Twitter, instant messengers, and other methods. Another benefit is that the system can be used to track mileage and hours.

With Xpenser, you can also manage expenses from multiple people. You can set up the service for more than one user, based on cell-phone numbers or e-mail addresses. You can also generate reports based on keywords - and you can change your settings to automatically add texts containing specific keywords to different reports. Plus, Xpenser can even be fully integrated into your FreshBooks billing system.

Xpenser is not the only text-based, expense-tracking system available. TextHog provides a similar system, although it doesn't bring together information from multiple users quite as easily. However, TextHog does have some features not available through Xpenser, such as a simple system to move your data from the online application into a Microsoft® Excel file. The application's developers have said that it will soon be able to send information directly to QuickBooks and Quicken, as well.

Expense Tracking Applications

There are many iPhone applications, along with tools for other smart phones, which make tracking expenses simple. While you can text your expenses from a smart phone just as easily as from other cell phones, some of the dedicated applications available have benefits beyond those available with services like Xpenser.

Depending on what time- and expense-tracking software you use while in the office, there may be an application that will allow you to directly send information to your software of choice. The best part: You don't have to generate intermediate reports or re-enter your information.

For example, if your company uses FreshBooks, you'll want to download the MiniBooks application which allows full access to your FreshBooks account from your iPhone. While on the road, you'll have the ability to manage your invoices (create, edit and even send) as well as track time and expenses. Since it fully synchronizes with your FreshBooks account, you don't have to worry about connection problems; you'll have access to your data regardless.

Another alternative is Harvest, an online application that focuses on providing small businesses with an easy way to track hours spent on a project, along with expenses. If your company uses Harvest, you can pick up their iPhone application which allows you to submit expenses and time entries through your phone in real-time. You can also login to the main Harvest site using the iPhone-optimized interface to access reports and invoices on the go.

How do you and the executives in your company track expenses on the go? Are you utilizing technology or shoving receipts in plastic baggies?