We all know how hard it can be to keep track of your expenses and your receipts. There is something pleasing about a fresh, new receipt that is easy to read and scan, as opposed to one that has been screwed up in a bag or pocket for a few months making it impossible to read. Even though we know this, we have still spent many years collecting receipts for months until finally the tax and accounts are due, and then are left in a blind panic trying to sort them all! By then we have lost the receipts, or can’t read them, and we are likely to be missing out on putting through all of our cash spends- not very sensible as a small business!
Managing receipts can be an art in itself, but in this digital era it doesn’t have to be so time consuming. We have been looking at some of the most popular methods for receipt management to help keep the day-to-day running of your business as simple as possible! Read on to find out more about some of our favourites…
Zoho Expense is an app used by many of the VA’s I know. Their free plan allows up to 3 users with 5GB receipt storage. It allows you to auto-scan your receipts, meaning that the app reads the receipt and records important information such as the date, cost and the business name. However, you are limited to 100 auto-scans of receipts per month, so depending on the size of your business and how much you shop, this may not be enough for you.
In a similar way to Zoho Expense, Wave offers a free and unlimited receipt scanning service. Receipts are recorded as accounting transactions automatically. Wave is web-based however you can still scan in receipts when you’re offline- perfect for busy business owners. The Wave app can be downloaded on both iOS and Android.
Quickbooks, Xero and Sage
Quickbooks, Xero and Sage are all popular accounting software packages used by many of us! We may be organised with our invoicing and accounting, but this does not mean we are also organised in managing our receipts. These three sites also offer apps which allow you to directly upload photographed receipts, leaving you with no excuse for avoiding recording your receipts until the last minute! This is worth looking into if you are already using the packages – why pay twice?
Veryfi also offers receipt scanning. Their “Optical Character Recognition (OCR) with receipt detection process” converts photos to text. It quickly picks out name, address, time, amount, taxes, card type and more from the receipt and allows you to easy track your expenses. You can integrate it with your existing payroll and accounting apps, helping you to keep your bookkeeping processes running as smoothly as possible.
No matter which app is right for you, they all allow you to bank in real time, saving you from the later pain of poor receipt management! Each has a different user interface, so make sure you have a look through the options before choosing which one will be best for you and your business.