How To Track Expenses On The Go
Tracking your expenses is imperative to the health of your business, but it can be time consuming and cumbersome.
I’m all about finding the best tools to make your life easier. If it’s convenient and easy, you will use it: especially when you are on the go!
Easiest Way To Track
As with most mobile solutions these days, the easiest way to track expenses on the go is with an app. Since most of us are attached at the hip to our mobile devices, it makes sense.
You will need to find an app that will work with your accounting/bookkeeping software or virtual storage systems. There are several options for this. I will of course share my favourite, but list some other quality ones you can try for yourself as well.
Apps and Their Capabilities
Hubdoc:
This one is my favourite! It's a Canadian company that allows you not only to upload your receipts, but it also acts like an online filing cabinet that will pull all of your statements. This could be anything from your bank statements, credit card statements, phone bill to any kind of account to which you can have an online access log-in. It will fetch all those statements automatically so they're always there for you and your accountant to find.
You also will have an email that you can forward any email receipts you receive. You just look at the receipt or the email and you forward to your Hub Doc address.
The beauty of Hubdoc is if you're using accounting software, you can set it up to automatically feed to your accounting program
This app can also integrate with your virtual storage solutions like Dropbox or Google Drive.
Receipt Bank:
Dext allows you to scan your receipts with your mobile phone. It then reads and extracts the data from the receipts and uploads it for reporting.
An additional feature that is helpful with this app is a built in foreign currency exchange. This is especially valuable if you are an online business with clients/vendors globally.
Of course, I wouldn’t recommend an app if it didn’t integrate with your accounting software and this one does with many.
Foreceipt:
I’ve included Foreceipt for all you GSuite users out there. This one functions the same as all the other in this category, but specifically uploads and stores all your data in Google Drive.
Additionally, this app syncs across multiple devices which is ideal for those of us with a laptop, business phone, personal phone, tablet, etc.
Shoeboxed:
With Shoeboxed, you have all the same functionality as the others with receipt scanning and reports. What I do like, is the additional features of mileage tracking and business card management.
Shoeboxed also integrates with other accounting software and some email and organization apps like Evernote.
No More Paper and So Convenient
Ultimately, the choice is yours, but now you have a convenient and easy way of tracking your expenses while out and about. No more headaches at the end of the year trying to dig through piles of paper or losing receipts that your bookkeeper needs you to chase down.
