5 Apps for Tracking Small Business Expenses

Smart phone displaying the word "Apps" and cappuccino cup.Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox.

In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room for errors that could really hurt their bottom line come tax time.

Why not take the uncertainty and disorganisation out of expense tracking by going mobile?

These five apps can be used anywhere, anytime, to ensure not a cent goes unlogged or unclaimed.

1. Receipt Bank: eliminate data entry

Receipt Bank logoWith 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 Xero, MYOB, QuickBooks, Sage 50, FreeAgent, and Kashflow accounting software to streamline your bookkeeping.

Receipt Bank must be doing something right because this app has earned high praise, including Xero’s 2015 ‘Add-on of the Year’ award (UK winner).

2. Avaza: 5-in-one functionality

Australian software company, Avaza, have an 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.

3. myDeductions: claim all of your tax deductions

ATO logomyDeductions makes it easier and more convenient to keep your tax deductions and income records all in one place. This app is provided by the Australian Taxation Office, for both Apple and Android devices.

Individuals can use this tool to claim general or employee work-related expenses. Sole traders can also use it to help keep track of business income and expenses.

Benefits of using myDeductions:

  • it’s a fast, easy way to capture information on the go
  • claim deductions you might otherwise miss out on (eg through lost or faded receipts)
  • it’s an easy way to give your tax agent your records.

4. Expensify: your “virtual accountant”

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 travelled 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.

5. Squirrel Street: the “ultimate receipt-manager”

Squirrel Street logoLike Receipt Bank, Squirrel Street (formerly Shoeboxed) allows you to snap a picture of your receipt, and then the app 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 QuickBooks, Wave Accounting, Excel, Outright, and Xero.

Squirrel Street also has the advantage of allowing you to send your receipts in a “magic envelope” to be scanned for you by their staff.

With mobile apps like these, you’ll never lose track of a receipt or claimable expense ever again. Here’s to building your business with smart technology that moves as quickly as you do!