What is your favorite software or app for managing business receipts?
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.
1. H&R Block Small Business
H&R Block Small Business‘ smartphone app makes bookkeeping fast, easy and accurate. By taking a photo of your receipt, the app reads the amount paid and the name of the vendor and then automatically generates an expense report. You can pay bills, monitor accounts receivable and manage payroll anytime and anywhere.
We have done our share of “trial periods” with several business receipt management solutions. The core principle behind the tool usage and adoption is one: have a clear process with rules, timelines and expense limits that everyone understands. Once you have a great process in place, there are many tools tohelp you with it. In our case, Expensify does the trick and more!
Bench has been amazing with helping our business with bookkeeping, expense reporting, accounting and more. We have been very impressed with their customer service and continued product development over the last six months.
We use OneReciept and really like it. Open the app, take a picture of your receipt, and you are done. If you want to add a note or a tag, it just takes a second. It’s super easy and saves our accountant a lot of time.
5. Apple Preview
In an effort to run a paperless business, we have digitized our account’s payable process. Once receipts are scanned into a PDF, they are delivered in a batch to the signing authority. They use Apple Preview, a software that comes with every Mac, to place a digital signature on the top of the PDF receipt, authorizing it for reimbursement, or if it’s an invoice, it’ll be queued to be paid.
6. Intuit QuickBooks
The key to streamlining the management of receipts is to use a turnkey software like Intuit QuickBooks. I’ve been using Quickbooks for over a decade toeasily track receipts and also produce important financial documents, including balance sheets, profit/loss reports and cash flow statements. In short, Quickbooks saves time and money and minimizes errors by integrating financial management.
NeatReceipts can be used on both a mobile device and a PC. It’s simple to use and transforms receipts into documents which you can search, making it convenient as well. Even though it’s not free, it’s worth the investment.
Evernote is the absolute best app for managing anything that can be photographed on the spot with your cell phone. I use Evernote for recording businessreceipts when I’m out of the office, and I’m able to organize them into a central folder that can be forwarded to my certified public accountant. Evernote has many great uses, but organizing receipts is at the top of the list. And, it’s free.
Shoeboxed has been fantastic for us. For paper receipts, take an image with their app to send to them directly. I forward anything digital in an email or, in most cases, auto-archive and auto-forward through a Gmail filter. After, I like to dump business cards in the giant envelope they provide for them to do data entry and then import to my Google Contacts.
10. American Express ReceiptMatch
We swear by our relationship with AmEx. With ReceiptMatch, you can take photos of your receipts (before you lose them in your pocket or the bottom of your purse) which auto-save to your account. There, you can view your receipts and match with your statements. This is especially helpful when a vendor name does not match what shows up on your statement. You have all the information in front of you!
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