The last week of the month. This could be the shortest horror story for any solo entrepreneur who wishes to wrap up every pending task from the previous month and have a clean slate for the next month. Unfortunately for them, it’ll also be the time to take out all those receipts and invoices (neatly stacked in a shoe box or found scrunched up at the bottom of your backpack/handbag, later smoothed out and saved upon remembering the many tax purposes) and knowing where they stand in terms of finance.
Things would have been so much easier if you could offload these tasks to somebody else, right? Well, how about an app instead of a person? Technology has developed so much over the last couple of years that there are apps specifically designed to help you get out doing of mundane tasks such as these. Out of the many apps that help you track and manage your expenses, here are four of our favorites!
1. BizXpense Tracker: Available on the app store for $6.99, this app has been developed exclusively for small business owners. It allows you to record all expenses, log the time you have spent on a project or a task, and even allows you to create PDF reports for the same. With a $1 add-on, you can get the Optical Character Recognition that will allow you to take pictures of all your receipts, relieving you of the task of manually entering data yourself.
2. Shoeboxed: This is one of those super cool apps out there that can make your life so much easier. The integration between the app and the mobile account is as seamless as can be. The Optical Character Recognition intelligence works so accurately in pulling data from the images of the receipts you click, so much so that you never have to double check anything here after. If you don’t believe us, try the app for free for 30 days and decide for yourself!
3. Concur Mobile: Concur is a business expense management app with which you can track your expenses. It is particularly useful for employees whose job involves a lot of travel. It allows you to book hotel rooms and rent cabs directly from the app, making reimbursement a seamless process. Although the app doesn’t have the optical character recognition scanning intelligence, it does allow you to export all your data to an Excel sheet. Additionally, all the data on your mobile app can be saved to your online account, giving you added security.
4. Expensify: This is a single app that tracks miles, converts currencies, allows you to create your own budget and stay within it. It also helps you stay on top of time spent on projects and can be used to sync with other business suites you may be using. Plus, the OCR feature pulls all the necessary information from photos of receipts and generates expense reports that can easily be exported into a PDF document. You can also choose to integrate your credit card with this app to view all transactions—credit and debit—within the app, saving you precious time that otherwise would be spent in manually entering information on various platforms. While the app is free for basic use, which includes five free SmartScan, the upgrade that a small business owner needs is available for just $4.99 per month.
Most of the apps and software out there offer a free trial period so that you can experience their functioning. Try out such apps to see what the app world is up to and what other businesses are using to stay ahead in the competitive market that everybody is trying to find their footing in. Thank us later when you find the perfect app that works for your business and makes your life as a business owner easier.