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 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, 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 MYOB, Xero and QuickBooks accounting software to streamline your bookkeeping.
Receipt Bank must be doing something right because this app has earned high praise, they are continually awarded top app accolades in the Australian accounting industry.
2. 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; and
- Trackable expenses and attachable receipts.
3. Little Log Book: GPS log book makes claiming simple
Little Log Book is a straightforward, simple to use GPS log book plugs into your cigarette lighter in your car and allows “road warriors” log their kilometres more easily and accurately.
When travelling by car Little Log Book makes it a snap to record kilometres and download into their software to slice and dice the reporting and work out your claiming.
I use this device in my car and its a breeze to keep accurate records for car expense claims
4. Expensify: your “virtual accountant”
Expensify makes it easy to capture receipts, record business-related kilometres, log billable hours, and more. Stand-out features of this app include:
- SmartScan technology that “reads” your receipt and creates an expense automatically;
- GPS kilometre tracking to automatically calculate the 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.
5. Squirrel Street: the “ultimate receipt-manager”
Like Receipt Bank, Squirrel Street 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 MYOB, QuickBooks Online, Xero and Excel.
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!