Receipt tracking is an essential part of effective bookkeeping. Whether for a business, your self-employment, or your personal finances, you need to track and organize receipts in an organized way so that you always have access to the information you need.
The team of bookkeeping experts at Accountor CPA works with the latest in apps to keep track of bills for business and SMEs and personal use to help you stay in control of your finances. Prepare for tax filing, reimburse employees, and manage your budgeting and expenses better when you invest in a receipt tracking app.
For a free virtual consultation to learn how receipt tracking apps and support can save you time and money, contact Accountor CPA. Our bookkeeping experts are here to speak with you.
What are Receipt Tracker Apps and Receipt Management Software?
Receipt keeping apps, also called receipt trackers or receipt management software, work to assist you in managing both paper and digital receipts in a categorized, navigable digital filing system.
These apps are downloaded to your devices, whether Android or iOS, and can be used to take photos of paper receipts you receive throughout the day. The app’s technology digitizes the text and numbers on the receipt and stores a completely digital, web-based copy onto its cloud storage system.
Most receipt tracking software and applications can be integrated with credit card or banking accounts to use reconciliation functions and get a more comprehensive understanding of your spending.
Receipt management software also has the option to sync your existing digital receipts, such as invoices emailed to you or online purchases, to keep all your receipts digitized in one place.
These cost tracker apps are the best way to keep track of receipts, because you can easily retrieve them at any time, store them for future use, and not worry about losing them in a pocket or drawer.
Why You Need A Receipt Keeping App and Support Now
Digitizing, managing, and monitoring your receipts is essential for sound bookkeeping. Without a receipt tracker as part of your expense monitoring, you are unable to fully trace the path of your business or personal finances.
There are a number of benefits to using receipt management software to assist in your finance and profit management:
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Better budgeting
Keeping track of receipts means you have completely accurate information about your expenses. This way, you can plan a budget for your business or your household more easily - taking everything into account.
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Minimize unnecessary expenses
It’s hard to notice where you spend the most money when you throw your receipts away. Downloading a receipt keeping app can help you see where you are spending unnecessary amounts and can cut back.
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Improve organization
The shoebox full of receipts never has to be used again! Receipt tracking software can automatically categorize your expenses, making things like project cost tracking or household expense tracking a breeze.
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Easier expense reimbursement
Receipt tracker apps can be used by multiple users so employees can more easily track expenses and you can more simply reimburse them without needing to ask questions or track down receipts.
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Never lose another receipt again
Pockets, briefcases, purses, jackets, glove boxes - how many places do you toss receipts and then immediately lose them? This is no longer a problem when you use a receipt keeping app to digitize and document them.
Ready to get started? Contact Accountor CPA today to learn more about our receipt tracking app services, support and bookkeeping offerings.
The Best Way to Keep Track of Receipts for Taxes - Apps and Software Assistance
Preparing better for tax filing is one of the biggest reasons that an individual needs receipt tracking and management software.
When it comes to declaring expenses on your taxes, you have all the categories and totals at your finger tips with receipt tracking applications. You no longer have to dig through a shoebox or filing cabinet to find your receipts and try to remember if they are business or personal-related. Whether business expenses or personal ones, you have them separated, organized, categorized, and ready to input into your tax forms.
Further, if in the future you get reassessed or audited by the CRA, you will be expected to provide receipts for the expenses you claimed. This may be two, three or even six years in the future. The chances of the receipts being lost or illegible by that point are high. With receipt tracker apps, they can be stored for years to ensure they are available when you need them - without a hassle.
Personal Receipt Trackers
Personal receipt trackers can be used to help you track your personal, family, and household expenses. They are particularly beneficial for personal budgeting as you can distinguish the areas where you are spending the most, and areas where this spending may not be necessary.
If you travel for pleasure often, a receipt monitoring application can assist you in following your spending to simplify your reconciliation when you get home. Some personal receipt trackers calculate the currency conversion, so you know your spending in your home currency.
Best Way to Keep Track of Business Receipts
Business receipt tracking can help your company stay more organized when it comes to project cost tracking, client cost tracking, and employee reimbursements.
Being able to organize receipts and costs by project or client specifically allows you to better understand your ROI as it relates to these. You can better plan for projects in the future that will yield a higher ROI.
Keeping track of business receipts also allows you to reimburse employees more quickly. If the employee is able to easily digitize a receipt, you can more quickly reimburse them.
The Best Apps for Tracing Receipts, Bills, and Invoices
What are the best apps for tracking receipts and receipt management?
There are multiple choices for receipt tracking apps. Accountor CPA provides help with the best receipt management software programs that are dedicated to providing receipt digitization to individuals and employees who are always on the go.
Each of our top apps to keep track of expenses has receipt imaging and digitization - a key component of any receipt tracker.
Our top picks for the best in receipt tracking software:
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QuickBooks Online
QuickBooks is the best option for individuals or businesses with robust accounting and bookkeeping needs. Its receipt imaging syncs right with the QuickBooks software to give you enhanced, detailed insights into your spending and accounting.
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Expensify
Expensify is the best option for those who travel often, for business or for pleasure. It syncs with ridesharing apps, has extensive mileage tracking functions, and syncs with your company credit card to automatically import those expenses from your travels.
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Receipt Bank
Receipt Bank is the best option for those who have a lot of receipts to track and digitize. It can sync easily with other accounting apps and payment processors, and is accessible via Android, iOS, email, web browser, or automatically when you integrate it with your bank and credit card.
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Receipts by Wave
Receipts by Wave is the best option for enterprises just starting out or those who are not quite sure what receipt tracking capabilities they need. This is the only free receipt tracking option on our list that still provides good receipt imaging.
Keep Track of Receipts with Google
If you do not process high volumes of receipts or have much in the way of expenses, but still want to track your invoices and bills, Google Sheets can be a great, free alternative to software for you.
Google as a receipt tracker works when an individual manually inputs the data into a Google Sheets file. You can create custom categories and dedicate time each week to update it with your receipts and transactions.
The key to this method is finding an effective Google Sheets template for receipt tracking. Click here to download Accountor CPA’s receipt tracking template.
Once all your receipts are categorized and totaled, you are able to generate reports and start getting better insights into what these numbers mean.
Receipt Tracker Apps for Android and iOS Smartphones
Modern receipt management software needs to work on the go. That is why the leading receipt tracker apps and digitization need to be compatible with your mobile phone.
A receipt imaging software program is only useful if you can use it on Android or iOS to immediately take photos and upload your receipts to the application. With millions of people searching for receipt tracker apps for Android and iOS receipt trackers, most accounting and bookkeeping programs will offer apps for either operating system.
Before you choose a receipt tracker, make sure it is compatible with your device. If it is not, it may not be reputable software.
Keep Track of Receipts with Accountor CPA Help & Support
Need the best way to keep track of receipts for business or your household? Accountor CPA can help.
We work with the industry’s leading receipt tracking software to help you stay in control of your spending, bills, and invoices. We can help you choose and set up the right receipt management software for your household or business and integrate it with other accounting and bookkeeping software for a comprehensive solution and aid.
Contact us today to learn what sets our receipt tracking services apart from other Canadian bookkeeping firms. Boost your profits and minimize your expenses with assistance from Accountor CPA.
