Smart Business Uses Expense Tracking Apps For Better Budgeting

If you’re looking for a way to manage your business expenses, you should consider using an expense tracking app. Expense management can be tedious and time-consuming without the right tools. With so many apps available in the market today, it’s easy to use one that suits your needs! In this blog post, we will discuss why businesses should look into expense tracking and how they can get started with an expense tracking app of their own.

Expense tracking apps can save you money on taxes

Whether it’s tracking receipts, mileage, or purchases, Shoeboxed offers the best options to ensure that everything is accounted for to save and maximize tax deductions. In addition, this expense tracking app goes into great detail about how much money has been spent per category so businesses can better budget their funds.

Tracking expenses with an app is much easier than using a paper journal

For small businesses, tracking expenses with a paper journal is tedious, time-consuming, and can lead to errors. Expense tracking apps have improved over the years by offering robust capabilities that make it easy for businesses to keep tabs on how much they’re spending and where their money goes!

With an expense tracker app like Shoeboxed, you’ll never miss another receipt or misplace your mileage log again!

Tracking expenses with Shoeboxed is more intuitive than tracking on spreadsheets

With Shoeboxed, you won’t have to worry about formulas or remembering which cell is for what because it’s all set up in one place!

Excel lacks the ease of use and intuitiveness of an app like Shoeboxed. With this app, it’s easy to categorize your expenses into sub-categories (e.g., food, hotel) to better organize the data and see where all funds are being spent.

The best expense tracking apps will help you keep track of your spending and make it easy to categorize the different types of expenses 

Your receipts are about to get a whole lot easier on the eyes. As soon as your receipt has been scanned, Shoeboxed categorizes the information by business, the amount spent, date, etc., so that you can see all of this information at one glance – no more scrolling left-to-right through an endless spreadsheet! The data is searchable and editable whenever users need to make changes or add additional details after scanning their documents in real-time.

Tracking mileage

For frequent travelers, it’s hard to keep track of your work-related travel trips and making sure you’re receiving the correct reimbursement for your time. With their GPS-enabled features, Shoeboxed makes it easier than ever before to manage expenses through reporting on mileage driven, so no more guessing how many miles were logged while out running jobs and errands; It’s always accurate!

Expense tracking apps allow you to export data for tax purposes easily or send reports straight to your accountant if needed 

Exporting and importing data is simple with Shoeboxed. The expense tracking app allows you to export your expenses in various formats, including .pdf and .csv files, which can be used for tax purposes or sent directly to your accountant! This will significantly improve your mood and reduce stress during tax season every year.

For larger companies, like tech or software creators, their SaaS accounting teams will be able to easily sort through company/employee expenses.

You can send in images of receipts

Digitally archived receipts are safe from being lost in the depths of your shoebox. The IRS and CRA will accept digital images, so you don’t have to worry about losing any crucial documents during an audit!

Shoeboxed is an expense tracking app that makes it easy for you to create expense reports directly from your phone, export them right into the system of whoever needs those records quickly and efficiently without ever needing to type anything in or scan anything out. Now, with just the simple task of taking images of your receipts with your Phone camera than filling in forms by hand at home or even logging onto a computer within office hours for programs like Quickbooks — no longer do you have to wait days before getting any actionable data back about what’s happening inside your company where every dollar counts!

Shoeboxed lets workers work smarter rather than harder to spend less time inputting tedious information and more time helping to build your business.

Shoeboxed will sort through your receipts

Receipt management can take days to go through and organize everything properly. Suppose you haven’t calculated your expenses but kept all your receipts. In that case, as an expense tracking app, Shoeboxed can analyze your data and let you know how much money is left in each category to better budget accordingly.

All you have to do is gather all of your receipts in an envelope and send it over to Shoeboxed. The team will then manually sort through your receipts and convert your information into online data.

Conclusion

The best expense tracking app for small businesses will keep track of receipts, mileage logs, purchase history, and other categories like food/drinks or hotel stay to provide users with a complete picture of their expenses. With Shoeboxed’s intuitive interface and features like exporting reports directly to an accountant, it’s easy to see why this expense tracking app should be on the list of considerations when looking at ways to streamline business processes!

At Shoeboxed, you can create an account and get started on the 30-day trial right away with your chosen plan. You’ll have 30 days to use the features of this subscription before deciding if it’s for you – no need to worry about getting locked in or wasting any time on a product that doesn’t serve your needs.

Digitized Receipt Management Is The Secret To Successful Start-up And Entrepreneur Business: Here’s Why And How

Are you start-up entrepreneurs who are struggling to manage your business expenses? Or are you business owners who have head-scratching problems keeping track of your receipts? 

Having receipts unorganized may slow down your business. Therefore let Shoeboxed become your reliable partner in tracking your expenses. You just need to focus on your business, we will clear the receipts for you.

In this article, we would like to share with you the benefits of receipt management and how it helps start-up entrepreneurs and business owners to improve their business performance.

Table of contents

  1. What is receipt management?
  2. Digitize your receipt management task
  3. Shoeboxed – who we are and what we offer
  4. Conclusion

A receipt is a piece of paper that contains the most important information of the transaction of 2 parties.

1. What is receipt management?

It means what it sounds. Yes, you are not reading it wrong! Receipt management just simply means managing the receipts through the practice of organizing, filling, and profiting by keeping track of the receipts accurately.

2. Digitize your receipt management task

For an old-style receipt management system, you need a pen, a set of paper, and a calculator to record and totalize your expenses. Nowadays, with the development of technology, you can store those receipts in your computer just by a scan, and even get insight into your expenses just by a few clicks.

It is easier when tracking your business performance

Normally, small business owners deal with two types of receipts on a daily basis. One is the record of what they have spent (for eg. payment of utilities such as electricity, water, etc.) and the other is the record of purchases their customers have made. After scanning your receipts and having the raw data, you can customize your monthly expense by sorting chronically, by the vendor, or even by type of product and so on. So by digitalizing the receipts, you can monitor the performance and profit for each month, what needs focusing, and what needs to be omitted.

It is a lot simpler when applying for a tax deduction process

Having your expenses digitized can also reduce your time preparing for the tax deduction process. For example, if one type of expense is considered tax reducible, other relevant expenses in the same category might also be tax-deductible. Even though there is not 100% that your tax payment can successfully get deducted, you still get a higher chance just by organizing your receipts.

It is faster when preparing for the auditing process

Receipts are evidence of your business performance when it comes to the auditing process. As mentioned above, when scanning your expense receipts, you also store a soft copy of them on your computer. Therefore, to prepare for the auditing process, you can easily retrieve the pictures of those receipts with just 1 click.

3. Shoeboxed – who we are and what we offer

We are Shoeboxed. We offer a service that helps not only individuals but also organizations with their receipt management tasks. 

We help you turn your receipts into digital data so you can keep track of them easily. Our team members will double-check if the information is correct or not so please rest assured that the digital data are verified. With the data in your hand, you can freely customize your data based on your preferences. You can also create the expense reports on your own for tax preparation or reimbursement as well as the auditing process. 

Also, with some more techniques, you can have a broader and deeper view of your business performance as well. 

How our service works

1. You can send us your receipts for free with our postage-paid Magic Envelop and we will scan them for you. You can also scan the receipts by yourself with our mobile applications (compatible with both Android and iOS).

2. We extract all the key data of your receipt so you can easily keep track of them. To view the full scanned image of your receipt, you just need to click into the expense.

3. For customizing the report, you can use our categorizations, or create your own which fit your needs. You can export and download them anytime, even the scanned ones.

We offer different plans for different purposes so please visit our website or contact us for more information about which plan is best for you. And don’t worry, we also offer a 1-month trial so you can test first if we are what you are looking for. 

4. Conclusion

With those benefits mentioned above, the importance and the necessity of receipt management are undeniable. Income statement, Business performance tracking, Tax deduction procedure, Auditing process become easier and faster just by a few simple steps. Last but not least, no one wants to collaborate with an unorganized partner. Therefore, having your accounting desk clear will help not only boost up your business performance but also strengthen your image in the market.

How Does Shoebox Accounting Solve Basic Business Problems?

What is shoebox accounting?

How much time do you spend on finding the physical receipts and business transaction records?

How much space do you spend on keeping these records? 

How much energy do you spend on keeping track of these transactions?

How much trouble do you go through at the end of the tax season to account your expenses? 

If your answer to those questions is quite a lot, I suggest you spend just 5 minutes of your time to know how Shoeboxed services can solve all these problems for you and your business. 

What is shoebox accounting? 

Shoebox accounting is the practice of filling a symbolic shoebox with receipts, invoices, and other accounting documents so that an accountant can sort these out at the end of the accounting year. 

How does shoebox accounting help you increase revenue? 

Shoebox accounting saves business owners’ costs by reducing the stress of keeping accounting records and adding more time to concentrate on growing the business.

Why do you need to use shoebox accounting specialized software? 

Shoebox accounting software such as Shoeboxed reduces the risk of human errors and optimizes the efficiency of the automated accounting system. 

These are the most prominent features of Shoeboxed that make accounting a walk in the park for your business. 

  1. Important receipts and documents are scanned and safely stored at a physical warehouse and in the cloud. You can easily access all the data that you need without worrying about safe keeping the records. 
  2. Key data is extracted from your business records and organized in your account. At the click of a button, you can track all expenses and review scanned images of your receipts. 
  3. Expense reports are simply organized and created catering to your own needs. You can choose to export all or part of your data at any time and have them beautifully downloaded in the format of PDF or CSV files. 

If you are still not sure whether Shoeboxed is a good fit for you, reach out to us at our support center and give it a try completely free of charge.