Nobody enjoys collecting receipts, invoices, and filing tedious paperwork. Miss one thing, and it becomes a headache to reconcile.
Fortunately in the the modern business world, technology can be used to automate or streamline many repetitive processes, and expense tracking is no different. Our accounting technology experts at ConnectCPA have found these apps that will make life much easier for you, and everyone else at your firm.
Receipt Bank lets employees file expenses by just snapping pictures of their receipts. The app extracts data from the picture (tax, $ amount, date…) and organizes everything so that an accountant can easily monitor and report expenses.
Hubdoc is great for gathering documents, whether it’s receipts, invoices, or statements. It integrates easily with storage services and accounting softwares, plus you can even log into your bank to fetch all your bills. It also has a photo feature similar to Receipt Bank, which removes a lot of data entry work. It organizes everything by accounts, making them much easier to sort and find.
Take a picture of any receipt, and Expensify can automatically file it as an expense report. Integrating with your accounting software and bank account, Expensify automates much of the reimbursement process and can shorten it to as quick as 24 hours.
Concur is another reimbursement and expense tracking software, but geared towards travel expenses. It can track itineraries, locations, and other information which makes expense reports easy for managers to approve.
What’s the Point?
In addition to saving you time, an automated and streamlined expense tracking system will reduce errors in your accounting process. Having neatly organized and real-time data will also help you analyze company expenditures and make smarter business decisions. The best part is that these apps all integrate with accounting systems such as Xero, making them straightforward to use and non-disruptive to your existing processes.
For a more in-depth explanation, check out ConnectCPA’s full article here!
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