Are you one of those busy small business owner who finds it really frustrating to keep all your receipts and invoice in a place, transactions and file it properly. We get it, it is not a fun thing to do, along with other priorities that you are running into.
It is not a task that is not easy to delegate, further it is vital to keep business receipts and invoices for 3 – 5 years for compliance reasons, and you may be asked by taxing or government agency for auditing purpose. So it is very important to hold onto your business receipts and invoices.
Even with smartphone, just taking a photo of your receipt may help. But with thousands of photo you take, it is going to be really difficult to keep track of you receipts in your phone photos, not an efficient way to manage your receipts or bills.
But fret not, now with some cool business app this can be quick and easy task. There are quite a few apps available which will let you efficiently take a quick snap of the receipt and invoice and store securely in a cloud server. There even app which will extract the information like date, vendor and amount from the receipt, so that you don’t have to enter them manually. Accuracy of it will differ based on the quality of your camera and receipt.
Here are the list of apps which will let you take picture of
Expensify is the world’s leading app for expense receipt scanning & management, and business travel. One of the best apps for manage your expenses. However not budget friendly for an average small business owner with group cost starting at $5 per user.
Expensify can identify and categorize every receipt, and can also instanteously submit business expenses for further review and approval. With sophisticated features like business credit card reconciliation, multi-level review and approval workflows, and automatic syncs with all major accounting apps, Expensify will definitely reduce time required for expense management for businesses of all shapes and sizes.
Learn more at https://www.expensify.com/
Zoho Expense (which starts at $3 per month when invoiced monthly for 10 users and is additionally available in a freemium version), an awesome expense tracking tool that does well at its core set of functionality and can be tailored to meet the needs as much as most customers will require. Another advantage with this app is the options of software that comes as part of the Zoho One plan, which is billed at $30 per employee per month—an pretty good deal.
Learn more at https://www.zoho.com/expense/
myBooks app will let you scan the receipts from phone camera and safely store in the accounting software. You can use your web app to review. It is fully integrated accounting software with expense management, it will be of great help for small business owner to manage their entire financials with myBooks
Further you can upload your bank statements and identify all the expense directly from that. Once expenses are created then you can attach the receipts for record keeping purposes.
Learn more at https://www.zetran.com/mybooks/
Shoeboxed is an excellent app for receipt scanning and keep track of your mileage expenses. This is a very good tool for tax time, there is an option to note, which expense are tax deductible.
You can create receipts from your phone and send it directly to your colleague or tax preparer. You can also send receipts and accumulated business cards and other relevant documents to Shoeboxed in a prepaid “Magic Envelope” for digital scanning. Envelopes also comes with free shipping both ways. All documents submitted to Shoeboxed is reviewed by human eyes
Learn more at https://www.shoeboxed.com/
You can scan your receipts into Smart Receipts and can create detailed reports with this app. Another distinguishing feature of Smart Receipts is private labeling services. With these options, your company can create a white label customized expense reporting app for your clients and users.
Smart Receipts has fully customizable reports which can be downloaded in ZIP, PDF and CSV formats, you will be able to create excellent reports for your personal finance tracking as well as for your employer’s needs. It allows you to choose from over 20 different default data types (including dates, cost, tax, receipt types, comments, payment options, etc.) to help you get the perfect report, saving you many hours of time reviewing expenses and letting you back to things you actually care about.
Learn more at https://www.smartreceipts.co/
So there are many options to manage your receipts just from your phone or a computer, the important take away point is consistency and discipline in maintaining your receipts. These tools will simplify the process a whole lot, however the process has to be done religiously and regularly to make sure, you stay on top of your receipts and business invoices.