What apps do you recommend for tracking business expenses?
I downloaded Mint recently to better keep track of my personal expenses. Overall, I like the structure of the app and how it categorizes your transactions for you. However, it accounts more for personal expenses and spending. Is there a similar app that is more tailored towards managing small business expenses?
Hello David, Receipt Bank lets you make purchasing entries for your business by way of a digital photo or up to fifty entries by way of a scanned image from your computer. Receipt Bank integrates with eleven software programs including QuickBooks Online and Xero. In addition, with Receipt Bank you can set "rules" which determine how an invoice is treated in your accounting program. For example, you can set a rule to classify an invoice by category automatically, based on supplier, payment method or person making the entry. Mint has a feature like this for personal expenses, you said.
On top of all that, it's a great way to have a paperless office! You can store all or some of your invoices and receipts on Receipt Bank for at least seven years. Digital storage of expense records complies with IRS requirements and those of other tax agencies elsewhere in the world, including those of Australia, New Zealand and the UK.
If you're willing to spend some time learning how this system works, you will get the job done more efficiently and increase the accuracy of your data since you'll decrease the risk of making data entry errors.
People may laugh, but I remain a fan of a simple humble spreadsheet. I keep the paper receipt in my wallet and when I sit down at my desk to check email, I add the line item to the spreadsheet. My quickbook is sitting up on the shelf gathering dust. One of the worst business purchases I ever made, not because it is bad, but because it is overkill. I was spending WAAAAY to much time trying to figure out how to use the ~!@# app rather than recording expenses. It was one of those steps into the world of non-productive overhead.
For me, the ticket is the habit of having that spreadsheet open when I sit down to do email. Non-chargeable overhead time is minimized and the expense of the application is zero, plus I know it and therefore do not waste time trying to learn something that I don't really like all that much to begin with.....
David - I got myself an American Express Business Platinum Card and downloaded the American Express Receipt Match app. When I purchase something, I can attach a picture of the receipt, add details about the expense and even provide a tag. Then for small businesses, those expenses would be available for download into QuickBooks. Works great for me and my business.
If this is for multiple people and a mid to large size company there are lots of software companies that have solutions that are mobile. Concur or Nexonia are two. If you are a small business on a budget you can use your cell phone take a picture of the receipt and email it to yourself and set up a file system in your email,
One system that we often recommend to our clients is WaveApps! It is a free bookkeeping software, and it is similar to Mint. https://www.waveapps.com/
Check it out!
Hi David, locally, as a standalone solution, you could look at GNUCash. If you are interested in a cloud-based solution (SaaS), then WaveApps seems good. QuickBooks is cool too. However, suggest you do a bit of research and take up something which promises enough security and supports an App other than web interfaces.
Who does your books? If you do it alone than all the apps mentioned are good. If you have a bookkeeper ask him/her since at the end it has to somehow link in.
I recommend you to get an app developed for your requirement. As such generalized apps are more cumbersome to use also having features irrelevant for your business. Now, app is development is not an expensive affair.
I like expensify. You can upload receipts and track travel expenses easily.
I like either Xero or QuickBooks Online for tracking Business expenses. Xero is easier to learn and most activities can be done on your phone.
Since expenses have to be entered into an accounting system - we use QuickBooks online as it links to our bank and credit cards and even Paypal accounts and the expenses come in and I match them to the receipts I have. You can even upload the receipt if you want to to the actual transaction.
My business partner / spouse is a CPA and we have most of our business clients using QuickBooks whether desktop or online.