Whether you are managing finances for your small business or filing taxes, receipts from your purchases will likely get lost in a sea of documents and miscellaneous papers, and physical documents can get damaged or destroyed. 

Converting your printed receipts and documents into digital files can solve these problems, and receipt management software can provide you with the best assistance. 

A receipt management app is a great way to keep your receipts stored and organized digitally. The best receipt management apps include online tools that allow you to consolidate and access your receipts from anywhere. 

This article covers the most popular receipt management apps and why they are important for any business looking to get ahead. 

What is receipt management? 

Receipt management is a fundamental aspect of general accounting. And the term “receipt management” refers to organizing, filing, and profiting by keeping an accurate and complete record of your receipts

Most receipt management apps work the same way. You download them onto your cell phone and use them to take pictures of your receipts. OCR (Optical Character Recognition) technology digitalizes all the text and numbers on those receipts and stores digital versions in a filing system. By scanning paper receipts and creating a digital version, you can retrieve your receipts anytime by searching with keywords and filters. 

See also: Business Expense Tracker Apps: 8 Money-Saving Reasons to Start Today 

Why is receipt management important?

Small and medium-sized businesses typically deal with hundreds of receipts on a daily basis. This can be daunting, but proper organization and management of receipts can help make things more manageable. A receipt tracking system can be beneficial in many ways, including helping you to keep track of your spending, budget more effectively, and avoid overspending.

1. Categorizing receipts

Organizing receipts is easier with a digital filing system. A receipt capture app will create a digital copy of the receipt that you can store safely on the cloud. You can keep your receipts in a folder in order by date, or you can keep them in a folder by category. Whichever method you choose will help you stay organized and on top of your finances.

2. Locating tax deductions

Once your receipts are organized by category, you will find it easier to file taxes and find areas where you may be overspending. Receipt tracking apps are valuable for accountants, allowing them to find tax deductions quickly and easily.

3. Preparing for a tax audit

Tax audits can be stressful and time-consuming, but proper receipt management can help make them quicker and smoother. Keeping track of your receipts will also help ensure that your business is always audit-ready.

What is the importance of receipt?

A receipt is an official document proving a financial transaction or purchase has occurred. Receipts are provided for business transactions and stock exchange transactions. Receipts are also necessary for tax purposes as proof of certain expenses incurred.

Five best receipt tracker apps for businesses

There are many receipt tracker apps available that you can choose from. However, your choice will depend on your business needs. If you want to focus on expense management, rely on corporate cards, and need fast employee reimbursement options, Expensify might be a good choice. However, if you need help scanning a box of old receipts and business documents, Shoeboxed will be a better fit. 

Here’s how the top five receipt tracker apps stack up against each other. 

Title: 5 Best Receipt Tracker Apps For Businesses

Sub-title: Finding the best receipt management app for your business ensures you stay on top of all expenses and are ready for tax season. 

Expensify: Best receipt tracker app for travelers
Shoeboxed: Best receipt tracker app for tax season
Neat: Best receipt tracker app for bookkeeping
Smart Receipts: Best receipt tracker app for multi-format reports
Wave Receipts: The most affordable accounting software. 

Source: [https://blog.shoeboxed.com/what-is-receipt-management-5-best-receipt-tracker-apps-for-businesses/10798/]
Copyright ? 2022 by Shoeboxed, Inc.
5 Best Receipt Tracker Apps For Businesses

1. Shoeboxed: Best receipt app and receipt scanning service for small business owners 

Platforms: iOS, Android

Ideal users: Small business owners, bookkeepers and accountants 

Key benefit: Saves you time in tallying receipts and being super ready for tax season. 

Price: Starting at $4.99/month

With Shoeboxed, you can mail your receipts to a Shoeboxed facility to have them scanned and organized. If you prefer not to send physical receipts to be stored securely at Shoeboxed’s facility, you can upload your receipts via mobile app or email—which are then automatically categorized into various tax categories. 

The app helps you to target deductible expenses, and the expense report export tool provides you with sharable and downloadable PDF and CSV files of your reports. All plans come with unlimited storage options. And all OCR scans are verified by human data verification experts.

For those interested in the pre-paid Magic Envelope service that scans receipts on your behalf, plans start from $18 per month. 

For those who want a Digital Only plan, plans start at $4.99/month and can be found on the Shoeboxed app under Settings by selecting Choose your plan:

Digital only plan on shoeboxed mobile app

2. Expensify: Best expense tracking app for travelers

Platforms: iOS, Android, web browsers

Ideal users: Travelers 

Key benefit: Great for people who love to travel as it works seamlessly across devices. 

Price: From $5/month

Expensify helps you track your expenses and save money. It is available for both iOS and Android. This receipt management tool seamlessly integrates with popular accounting software making expense reporting a breeze. The Expensify app can be used online or offline, so you won’t have to worry about expense reports or receipt files taking up space on your device. You can use your smartphone camera to take a photo of the receipt, and the app will automatically calculate the charges. Next, you can attach the charge to an expense report. Although the receipt scanner is usually accurate, there may be times when it does not capture all the details on your receipt. It’s important to check your expenses carefully to ensure all the charges on your receipt are accurate.

3. Neat: Best receipt tracker app for bookkeeping

Platforms: iOS, Android

Ideal users: Bookkeepers

Key benefit: The app lets you connect your bank accounts, credit cards, and loan payments for real-time tracking. 

Price: From $25/month

If your aim is to keep your books in better order, Neat is a great choice. The app scans and uploads receipts, but Neat also takes bookkeeping to the next level. It connects your bank accounts, credit cards, and loan payments to Neat Receipts for more accurate expense tracking. It will also itemize your expenses on each receipt and match receipts to your invoices and bank statements for clearer financial reconciliation. You can upload, sort, and organize as many non-financial documents as possible.

Furthermore, Neat’s expense management data connects with accounting software (like QuickBooks) and tax software (H&R Block’s and TurboTax). With Neat, there’s no need to manually export your expense reports, non-financial documents, or itemized receipts if you’re logging them on Neat.

4. Smart Receipts: Best receipt tracker app for multi-format reports

Platforms: iOS, Android

Ideal users: Report makers 

Key benefit: The app allows you to export multi-format expense reports from uploaded receipts. 

Price: From $9.99/year

Smart Receipts is also a great choice for frequent business travelers because it stores and categorizes your expenses by trip. You can photograph and upload receipts, generate a text receipt, and add comments for a more detailed explanation of each expense.

Also, if you don’t travel much for work, Smart Receipts will delineate the report by date rather than by trip so that you can track your business expenses over any given period. 

One more huge plus for Smart Receipts is that it allows you to export your reports in any format – PDFs, ZIPz, CSVs, and more. However, this app will not automatically sync with your accounting software. Instead, when you generate expense reports, you will have to add them manually to your QuickBooks or Xero account. 

5. Wave Receipts: The most affordable accounting software

Platforms: iOS, Android

Ideal users: Accountants 

Key benefit: The app integrates with Wave Accounting app. 

Price: Free for accounting and invoicing

If you plan to minimize costs as much as possible, Wave Receipts is an affordable option. Wave Receipts integrates with other free Wave products, but it also has a drawback: It only integrates with Wave Accounting, not QuickBooks or Xero. You will need to sign up for Wave Accounting and Wave Receipts to track expenses alongside scanning receipts. Unlike comprehensive apps like Expensify or Shoeboxed that provide many other features, Wave Receipts focuses on receipts only.

Frequently asked questions

What features should I look for in the best receipt management apps?

The best receipt management apps should have the following features: 
Receipt tracking & scanning
1. Portabability
2. Mileage logging
3. Data verification
4. Expense reports export
5. Syncable across different devices

What are the best apps to keep track of business receipts? 

Each of the following apps will provide you with different extra features, but they all cover the basic functionality of a receipt tracking app, such as receipt scanning and tracking, expense reports, and scanned receipts storage: 
1. Shoeboxed 
2. Wave 
3. Bench 
4. Quickbooks 
5. Expensify 

Bonus: How do contractors keep track of receipts? 

Step 1. Establish a manageable organizing system.
Step 2. Use receipt management software such as Shoeboxed, Neat, or Expensify to keep track of the receipts. 
Step 3. Have a data backup system in case of data loss on your app. Several good methods to try out are (1) take photos of your receipts, (2) keep an accounting journal, and (3) store your receipts in a secure location.

Bonus: What is the best way to keep track of receipts?

The best way to keep track of receipts is to use a receipt management app. Small and medium-sized enterprises (SMEs) usually deal with hundreds of receipts daily, which is time-consuming. Especially if they need to tally all the receipts manually. Hence, a receipt tracking app saves businesses time and money in filling documents and preparing for tax filing and tax audits

Final thoughts

Transforming your paper receipts into digital files and expense reports saves you from spending hours hunting through papers for information or organizing paper receipts into a logical sequence. Cloud services, mobile apps, and receipt tracking apps can automatically perform these tasks, increasing the accuracy of your finances and helping you keep track of your expenses.

Originally published November 3, 2021. Updated on September 30, 2022. 

About Shoeboxed!

Shoeboxed is a receipt scanning service that supports multiple methods for receipt capture: send, scan, upload, forward, and more!

You can stuff your receipts into one of our Magic Envelopes (prepaid postage within the US). Use our receipt app (iPhone, iPad, and Android) to snap a picture while on the go. Auto-import receipts from Gmail. Or forward a receipt to your designated Shoeboxed email address.

Turn your receipts into data and deductibles with our expense reports that include IRS-accepted receipt images.

Join over 1 million businesses scanning & organizing receipts, creating expense reports, and more—with Shoeboxed.

Try Shoeboxed today!