Paper receipts are a pain. They’re easy to lose, hard to read – especially when faded, and even harder to organise. For businesses, they can also be a huge time and money expense to manage. Receipt apps can help businesses keep track of their spending and better manage their finances. Many business owners struggle to know what their staff are using their credits for and are don’t have transparency on their outgoings. A receipt app is the answer, but with so many options on the market, it can be tough to know which one is right for you. In this article, we’ll break down the benefits of receipt apps and how they can help your business.
What is a receipt app?
A receipt app is a tool that businesses can use to save time and money. With a receipt app, businesses can keep track of employee or company expenses. Receipt apps can also help businesses process payments and reconcile accounts.
Receipt apps can be used to generate reports to show where money is being spent, making receipts much easier and quicker to review, approve and reimburse expense claims.
How do receipt apps work?
Receipt apps work by allowing businesses to track, manage and save their receipts digitally. This can be done through a few different methods, including scanning, photographing, or even importing PDFs of receipts. Once the receipts are digital, they can be stored in the cloud or on a secure server, making them easy to access and share with others, finance departments and accountants.
There are several benefits to using receipt apps for businesses.
- It can save a lot of time that would otherwise be spent tracking down physical receipts.
- It can help businesses keep better track of their spending and budget more effectively.
- Receipt apps can also help businesses go paperless and reduce their environmental impact.
- They provide peace of mind in terms of compliance as staff who create the expense find trouble in substantiating or keeping required records of the expense. This can affect the businesses’ ability to comply with expense record keeping in order to meet the required tax office legislation.
The best receipt apps for businesses
There are a number of great receipt apps available for businesses. The best receipt app for businesses will depend on the specific needs of the business. However, there are a few key features that all the receipt apps should have.
- Simple. The app should be easy, intuitive and not need hours and hours of training to use. Some apps are so intuitively designed and simple that they require no training.
- It Should not be difficult for individuals to get started. Many apps are complicated and leave you paying for unnecessary features.
- Should be able to track and manage expenses. This includes being able to track individual expenses as well as categorise them. This will allow businesses to see where their money is going and make better decisions about spending.
- Receipt apps can be used to generate reports that show where money is being spent.
- They should also generate a copy of the image along with the expense that can be both stored in the cloud and locally for safe keeping.
- The best receipt apps should offer some level of customer support. This can be helpful if there are any issues with using the app or if businesses have any questions. Customer support can also help businesses troubleshoot any problems that they may encounter.
How to get started with a receipt app
There are a few different ways to get started with a receipt app. The first way is to download a receipt scanning app like Crunchr, Dext or Expensify. Most Apps typically will allow a free trial period. These apps will allow you to scan and upload your receipts to the app, which will then categorise and organise them for you.
Another way to get started with a receipt app is to find one that integrates with your existing accounting software. This can save you a lot of time and effort, as you won’t have to manually integrate the expense records with your existing software or platform. The best receipt apps can work independently from accounting software. Many accounting packages have been custom built and do not allow for integration, so in this situation the receipt app must be able to work independently and provide a spreadsheet that can be uploaded into the technology.
Once you’ve found an app that works for you, the next step is to start using it! Scan or upload your receipts as soon as you get them, and make sure to keep up with it on a regular basis so that your records are always accurate.
Receipt apps can save businesses a lot of time and money by simplifying the expense tracking process. If you’re not already using one, don’t miss out on readily available tools that are helping other businesses with their cashflow. You should too. We encourage you to give it a try!