Tracking your expenses sounds easy, right? We all know that isn't the case. It can be quite time consuming especially if using spreadsheets. If you are a high volume transaction business, finding the time to input that data can prove to be quite difficult and let's face it, that task can simply get put off for MONTHS is there is too much to be done.
I want to talk about a couple of automated methods of tracking your expenses that, once setup, require nothing more than uploading a receipt.
Optimized for web-based accounting platforms, Receipt Bank allows you to take a picture of, store, and sort your receipts for ease of use for you and your accountant or bookkeeper. There is also a mobile app, making it much easier to snap a photo of the paper receipt and upload it to you Receipt Bank folder before it gets lost or damaged so bad it can’t be read. For a demo of Receipt Bank, you can click the name above this paragraph.
Another optimized for web-based accounting platforms, Expensify boasts itself as a simple method of tracking expenses across multiple accounts; automating the entire process from capturing the receipt to payment to creating the expense report in real time. Expensify integrates with many credit card and banks to further create the ease of use. For more about Expensify, I found a great article that discusses the software HERE.
Direct to Accounting Software
This method is simply taking your receipts and inputting the data directly into your accounting software, whatever that software may be. You can still get expense reports and store the receipt as an attachment should you choose to do so. This method is a bit more time consuming and requires high level input from you, business owners.
Side note: Not every application is going to handle your 100% of your needs. Some of them mention the handling of other financial documents and although having one software that CAN handle more than one piece of your financial information is wonderful, this is not always IDEAL. There is absolutely NOTHING wrong with employing multiple applications for the handling of financial documents like bank and credit card statements, expenses, and bills and invoices in addition to your accounting software.
If you are looking to get a system set up that can automate your finances, schedule a consultation with AMH. I can help you choose those applications that are best for your business.