Receipt management apps and software can help you manage your receipts by automating much of the process for you. Check out our curated list of receipt management apps.
Small businesses accounting is trickier than it looks. That’s why nearly 40% of small business owners say that they aren’t satisfied with the services provided by their accountants.
If you want your books in order, one of the best pieces of advice you can ever receive is to keep the receipts of any business expenses. It’s also one of the most ignored bits of accounting wisdom, especially by new business owners.
Managing your receipts is essential to keeping track of your expenses and ensuring that you have the documentation you need when the time comes to file your taxes.
In the past, it was common to have folders and file cabinets full of receipts. Today, we can also keep them online, where organising them is much easier. However, easy does not mean simple, and managing receipts is a notoriously tedious process.
Fortunately, there’s a plethora of receipt management apps and software that can help you manage your receipts by automating much of the process for you.
Here are four reasons why investing in receipt management is a good idea…
Receipt management plays but one part of the whole bookkeeping process, and if you’re looking for a solution that can cover it from start to finish, Binery might be what you’re looking for.
Binery makes short work of financial books with their team of automation-enabled accountants.
Upload photos of your receipts quickly onto Binery’s platform, which integrates directly to your accounting software. Then view a summary of your receipts from Binery’s user-friendly platform. No more sorting or manual data entry!
On top of that, Binery’s accountants will manage and review your books for you to ensure accuracy, and you’ll get monthly P&L reports and balance sheets within weeks of the month’s end instead of months after.
Got questions or concerns keeping you up at night? Reach Binery’s accountants via your medium of choice like Slack, Whatsapp or email any time of day with a quick response time.
Now that we’ve defined what a receipt management app is and some of the benefits of using one, let’s look at some of the best options currently available.
If you’re looking for a comprehensive receipt management solution, Expensify is difficult to beat.
In addition to tracking receipts, it also allows you to track mileage and expenses, create reports, and even submit expense reports online.
One of the coolest features of Expensify is its SmartScan technology.
With SmartScan, you can take a picture of your receipt, and the app will automatically extract all of the relevant information like date, amount, and vendor.
Expensify’s stand-out features include:
Smart Receipts is another receipt-focused financial app that makes entering and organizing receipts easy, no matter your experience.
Smart Receipt’s interface is simple to use and intuitive, letting you turn your mobile device into a receipt scanner you can carry around easily.
What’s more, the app allows you to create expense reports in a matter of minutes and even lets you track traveling mileage.
Smart Receipts stand-out features include:
Receipts by Wave is a free receipt management app that’s ideal for small businesses and freelancers.
It allows you to track your expenses, create invoices, and sync with your Wave account, thereby saving all your receipt data on the cloud.
Of course, by using the Receipts by Wave app, you can manage your finances on the go.
Another great thing about this cloud-based app is that even if you lose your phone, you’ll have access to your records via the web.
Receipts by Wave stand-out features include:
If the above options appear overly complicated, don’t worry; we’ve got you covered.
Genius Scan is a great receipt management app for the tech-illiterate who want something simple and easy to use. It’s perfect for scanning receipts and organising them into folders.
The app also offers several features that make it ideal for business owners.
These include the ability to export files into formats like PDF and JPEG, compress files to save storage space, and even add notes to your scans. It integrates with Dropbox, Evernote, and Box, among other apps.
Genius Scan stand-out features include:
There you have it: four excellent receipt management apps to help you take control of your finances.
Whichever one you choose, be sure to take advantage of all the benefits they offer so you can stay organized and in control during tax season.
If you’re looking for a more comprehensive solution to handle your finances, checkout Binery.
Binery deals with every client personally. To determine the right service for you, our professional accountants will familiarise themselves with your unique challenges and current accounting setup. Afterwards we’ll clean up your books for you and handle bookkeeping from there.