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4 apps to help small businesses track expenses

September 26, 2016

With 50% of small business expenses being generated on the go, it’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox. With the ongoing development of cloud technology, there are now mobile apps designed specifically to assist business owners with tracking their business expenditure.

In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, which is time-consuming and does not provide the reporting that businesses require. This information is often re-entered into the accounting system either by the business owner, bookkeeper or the accountant which is very inefficient.

Why not take the uncertainty and disorganisation out of expense tracking by going mobile?  These apps can be used anywhere, anytime, to ensure no cent goes unlogged or unclaimed.

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 accounting software such as Xero and QuickBooks Online to streamline your data entry.

Receipt Bank is one of the major players in this market and earned high praise from business owners and accountants. Receipt Bank was awarded as Xero’s 2015 ‘Add-on of the Year’ award (UK winner).

Shoeboxed:  The ‘ultimate receipt manager’

Like Receipt Bank, Shoeboxed allows you to snap a picture of your receipt, and the app then 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 cloud accounting packages such as Xero and QuickBooks, as well as Excel if required.

Expensify:  Making it easy to capture receipts

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.

Avaza:  5-in-1 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.

With mobile apps like these, you’ll never lose track of a receipt or claimable expense ever again. The range of apps and add-ons available to small business owners continues to grow and new offerings are emerging to assist with managing inventory, workflow, invoicing, debtor’s management and point of sale for retail business. Contact the team at McGarry Partners today if you would like to learn more about how these apps can help your business and save you precious time.