Does your small business keep you on the road? Keeping track of all your expenses and receipts when you’re on the go requires a little planning and help from great apps, like receipt scanners. By organizing and tracking your expenses, you can head into tax season equipped to claim all the tax deductions you qualify for.
Receipt scanning software programs simplify expense tracking for a variety of industries. Whether you need an easy, inexpensive way to manage your freelancing expenses or a robust mobile system to organize your sales and travel-related expenses, here’s a guide to receipt scanning, and the top receipt scanning apps on the market.
The Benefits of Receipt Scanner Apps
Smartphone receipt scanner apps let you snap photos of receipts and send that information directly to the cloud. There are multiple benefits to leveraging this secure, convenient and smart technology:
- Using mobile receipt scanning options makes things filing expenses easier for your remote workers, and workers who work offsite with clients.
- The best receipt scanners integrate seamlessly with your accounting software, helping you stay organized.
- Receipt scanners automatically make separate entries for all the itemized charges that appear on your receipts
- Receipt scanning software reduces the amount of storage space you need for your essential paperwork. Additionally, by storing your receipts digitally, you can access your documents in high resolution; should the CRA, colleagues, or your account have any questions.
The Best Receipt Scanners
Many receipt scanning apps can easily integrate with QuickBooks, giving you a comprehensive look at your financials in one glance.
There are numerous benefits of receipt scanners. The best receipt scanners can do the following:
- Extract data from accounts payable items, including invoices and receipts
- Classify accounts payable items
- Archive and organize your receipts for easy storage
- Have a dashboard that lets you manage multiple accounts
- Feature multiple submission methods
- Let you submit purchase invoices and expense claims
- Work with both Android and iOS
Below, we’ve assembled a list of the best receipt scanning apps for 2019.
Rydoo is an excellent receipt scanner and expense tracker for medium-sized enterprises. It combines three companies, Sodexo, iAlbatros, and Xpenditure, into a single app with robust offerings for expense tracking. You can choose from three options: Rydoo Expense, Rydoo Travel, or an integrated platform that combines the two.
Rydoo Expense allows you to submit pictures of your receipts using a smartphone and makes approving expenses easy. The app leverages Google Maps to help you track your mileage and claim travel expenses. It works globally and lets you set rules for projects, expenses, and various components to help you stay in compliance. Plus, this app provides real-time data to help in your business decisions and integrates easily with QuickBooks Online to include those expenses in your company’s bookkeeping.
Rydoo Travel is a complimentary app that lets you book your travel through the app. Additionally, it generates regular travel expenses to help you with your business travel budget. When you combine the two, you can use a single app to check the details of your travel plans plus see a breakdown of all the expenses associated with the trip. Pricing for the app varies per-person with a five-person minimum.
What if there was a safe and efficient way to file your expenses manually? Using optical character recognition (OCR) technology, the QuickBooks Self-employed app can scan and record the amount, date, and location of your transactions.
In addition to receipt scanning, the app can automatically import your bank statements, credit card, Square and PayPal transactions. It then sorts your transactions into tax categories. Having your expenses categorized in advance will make tax season a breeze since the category lists in QuickBooks Self-Employed are identical to the list on the T2125 form. Alternatively, you can take control of how your expenses are organized by setting up custom organization rules.
Overall, the app’s interface is intuitive and lets you sort personal and business expenses in a second with a simple swipe. Using the app to track expenses can prevent you from leaving money on the table. On average, users of the QuickBooks Self-employed app have found $19,290 in annual savings*.
Veryfi (formerly known as IQBoxy) offers easy-to-use receipt software that doesn’t fall short on features. Users may mail, scan, email, or upload their receipts for processing or dictate the information through their Apple Watch. Veryfi uses AI-powered technology to pull the necessary data from digital and analog files for accurate, automated data entry, and the company releases regular updates to keep its automated technology competitive.
You can choose from different Veryfi apps depending on your needs. The Core app handles your expenses and receipts, while the Logbook app offers hands-free travel tracking. Whereas the Timesheets app lets you track your employees’ time on various projects.
Nexonia allows you to track expenses in a cloud-based program for easy mobile receipt and expense uploading. You can customize the configuration and approval workflows to fit your company’s policies and rules for expense handling and link the app to your bank or credit card provider to upload statements and catalogue expenses automatically. If you travel for work, you can integrate Google Maps with this app to track mileage, and you can sync the app with QuickBooks, so it notes all your expenses in your accounting records. The integration lets you sync your customers, items, accounts, jobs, and other details between the two systems for better automation and accuracy. You can also add the Nexonia Timesheets app to handle time management for easy reporting.
Minute7 Time and Expense Tracking
The receipt scanner Minute7 tracks both hours and expenses to help you manage your team efficiently. You or your employees can conveniently add expenses using the mobile app, and you never have to worry about your employees buying parts or supplies while on a job and forgetting to note the costs. Then, you can upload expenses and timesheets to QuickBooks with the tap of a button or export the raw data to a spreadsheet.
Expense management plays a huge part in your business’ success. When you track all your expenses, you can see where your money goes, ensure you don’t overspend, and make the right tax deductions when you file your return. To simplify your record keeping, use one of several expense-management apps that seamlessly integrate with QuickBooks.
Avoid manually punching in your business expenses and spend time on more critical tasks with the AutoEntry app, which keeps office clutter at bay by storing your receipts and invoices. This app simplifies your data entry and keeps a digital record, so you can cut down on the volume of documents you keep.
AutoEntry lets you record expenses by taking a picture of the receipt with your mobile device, and it works with any document, including receipts, banking statements, and bills. You can also record expenses or, if they’re digital, email them. After you record an expense, this app takes the data and prepares it for entry into QuickBooks, pending your approval, and you can save time by setting certain expenses to auto-approve. AutoEntry keeps a copy of the expense image that you can view at any time, which makes it easy to verify expenses during a tax audit.
BigTime Time Tracking and Billing is a project and expense-management app. Whether you’re a freelancer logging your own hours, or you have employees logging the hours they work for you, BigTime makes it easy with its customizable timesheets. It takes seconds to log in and record hours using a mobile device. You can also log expenses and attach them to their corresponding projects, helping you keep track of project costs. When you finish a task for a client, you can submit your time using BigTime.
Hours and other project data logged in BigTime automatically sync to QuickBooks, and you can take any of your data, set up expense reports customized precisely how you want, and export them to Excel or convert them to PDF format.
The Neat family of products delivers solutions for businesses of all sizes. A leading provider of standalone receipt scanners, Neat makes it easy to scan your receipts from anywhere. You can also use the subscription-based mobile app to scan your receipts, whether you’re at the office or on the go. Neat’s advanced PC-based software does the rest. Use this program to organize your receipts, business cards, and scanned documents into folders and subfolders, search their data by filters or keywords, and create a variety of reports and budgets.
Neat scanners and monthly service plans have various price points, and the service integrates with popular accounting programs, including QuickBooks.
Note: *Based on TY17 CA subscribers that have identified >$10k in income and >$0 in business expenses.
Why Successful Business Owners Use Receipt Scanner Apps
When you run a small business, you’re always looking for ways to save time and simplify your record-keeping procedures. The best receipt scanners integrate seamlessly with your accounting software, helping you stay organized. With that in mind, consider using the QuickBooks Self-Employed app, which allows freelancers, contractors, and sole proprietors track and manage their businesses on the go. Cloud services like QuickBooks offer impressive security and convenience benefits over traditional methods. Try QuickBooks today.