5 Apps for Tracking Small Business Expenses
Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoe box.
In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room for errors that could really hurt their bottom line come tax time.
Why not take the uncertainty and disorganization out of expense tracking by going mobile?
These five apps can be used anywhere, anytime, to ensure no penny goes unlogged or unclaimed.
1. Receipt Bank: eliminate data entry
With Receipt Bank, you can easily do away with expense-related data entry altogether. Simply snap a photo of your receipt and submit it for processing; the app automatically extracts all relevant data including vendor, total amount, payment method, and date.
Receipt Bank also integrates with Xero, QuickBooks, Sage 50, FreeAgent, and Kashflow accounting software to streamline your bookkeeping.
Receipt Bank must be doing something right because this app has earned high praise, including Xero’s 2015 ‘Add-on of the Year’ award (UK winner).
2. Avaza: 5-in-one functionality
Australian software company, Avaza, recently announced a new app https://www.avaza.com/ . This App combines project management, collaboration, time tracking, expense, and invoice management.
Users can opt for a single feature, or select all five for streamlined, on the go business management.
Some features of this app include:
- Daily and weekly timesheets;
- Per-person and per-category billable rates;
- Flexible tax configuration; and
- Trackable expenses and attachable receipts.
3. MileIQ: mileage tracking made simple
Once MileIQ is installed it works in the background. No buttons to press to start or stop. Your miles are automatically logged and recorded creating a complete record of all your tax deductible and reimbursable mileage. (Remember starting in 2018 employee miles are no longer deductible, albeit reimbursable; self-employed miles and miles incurred to manage rental property, etc. continue to be deductible).
4. Expensify: your “virtual accountant”
Expensify makes it easy to capture receipts, record business-related mileage, log billable hours, and more. Stand-out features of this app include:
- SmartScan technology that “reads” your receipt and creates an expense automatically;
- GPS mileage tracking to automatically calculate distance traveled for work;
- Bank and credit card import (the app can automatically pull all your business transactions into your Expensify account).
Budget-conscious business owners take note: Expensify’s SmartScan feature allows 10 free scans per month.
5. Shoeboxed: the “ultimate receipt-manager”
Like Receipt Bank, Shoeboxed allows you to snap a picture of your receipt. Then the app extracts vital information for you. This tool also allows you to create an expense report on your phone in a matter of seconds, using your stored images.
Another great feature is a categorized archive of logged receipts, which facilitates expense-exporting into QuickBooks, Wave Accounting, Excel, Outright, and Xero.
With mobile apps like these, you’ll never lose track of a receipt or claimable expense ever again. Here’s to building your business with smart technology that moves as quickly as you do!