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 shoebox.
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 disorganisation out of expense tracking by going mobile?
These five apps can be used anywhere, anytime.
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 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).
Avaza: 5-in-one functionality
Australian software company, Avaza, recently announced a brand new app that 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
- Trackable expenses and attachable receipts.
EzzyBills (Preferred by MBA)
No more paper. No more data entry. EzzyBills automates all for you: data extraction, account coding, tracking and approval.
EzzyBills is a straightforward, simple to use tool designed to help businesses save time and paper by automating invoice payments by extracting invoice data, including line items.
As a bonus feature, this app also supports a simple receipt-capturing feature. Just attach a photo of each receipt to the corresponding expense.
No more hours wasted on manual data entry!
This app integrates seamlessly with Xero and MYOB.
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 travelled 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.
Shoeboxed: the ultimate receipt-manager
Like Receipt Bank, Shoeboxed allows you to snap a picture of your receipt, and 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 searchable, categorised archive of logged receipts, which facilitates expense-exporting into Excel, Xero and many other accounting systems.
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!