The Expense Tracker is a financial management software for the home-based entrepreneur. Through its series of educational videos, and desktop and mobile apps, its mission is to build the best brand in home-based business expense management.
- Great tools
- Additional methods of expense tracking
The Expense Tracker provides several tools to help aspiring entrepreneurs manage the financial aspect of their home-based businesses. Its desktop and mobile applications connect easily to your bank accounts, and the mobile apps (optimized for iOS and Android) are not only equipped with a GPS-enabled mileage tracker - allowing you to live-track your travel expenses (air, cab, and bus fare) - but also use your smart device's camera to upload photos of receipts and invoices.
In addition to these features, The Expense Tracker produces a series of educational YouTube videos full of tips and advice for the aspiring entrepreneur.
Additional Methods of Expense Tracking
Where The Expense Tracker claims to set itself apart from the competition is the sheer number of channels through which you can upload and keep track of expenses:
- Voice Capture: The Expense Tracker uses voice recognition software that allows you to upload transaction by simply talking into your phone.
- SMS Text: You can also send text messages to The Expense Tracker with pertinent transaction information.
- Email: The Expense Tracker software is also email enabled.
The Expense Tracker is available at a flat-rate price of $19.95 a month, which is great for mid-sized companies looking to save a little on their expense management software.
- Lack of clarity
- Lack of professional support
Lack of Clarity
Much of what is lacking about The Expense Tracker is found in its lack of clarity. For example, throughout the site, claims are made that The Expense Tracker is a subsidiary of Komandtek, LLC; however, outside of theexpensetracker.com, there is no mention of who Komandtek, LLC is or what it does. The link for komandtek.com listed on The Expense Tracker's site is either outdated or has not been claimed by anyone. Only employs 128-bit SSL encryption, which is half the level of data encryption used by banks - although, it does audit its security processes to an internationally recognized security management standard.
Lack of Professional Support
Furthermore, the company's homepage clearly states that "Neither The Expense Tracker, Komandtek, LLC, nor its educational subsidiaries nor any of their respective officers, personnel, representatives, agents or independent contractors are, in such capacities, licensed financial advisers or licensed tax advisers." This lack of professional support should raise a red flag among business owners who are serious about taking control of their financial management.
And though the flat-rate monthly fee is a plus for larger companies looking to save, it could also be considered a steep price for individuals or small startups who might just as easily opt for a less-expensive pricing package (with more features) elsewhere.
The Bottom Line
The Expense Tracker was clearly designed for and by entrepreneurs. With that in mind, it's a great app for entrepreneurs who don't want to worry less about their finances and more about getting their business off the ground. Just remember, this business is populated by entrepreneurs and NOT professional financial/tax experts, so any financial advice should be taken with caution. And depending upon the size and needs of your company, the flat-rate price can either be an advantage or disadvantage to your financial management strategy.