Tracking expenses is critical as you keep a handle on the financial pulse of your business financials. It is also required if you need to document your expenses to prepare an accurate tax return. Plus, if you’re audited by the IRS or state tax authorities, you may need the expense documentation handy.
If you’re like most business owners and executives that collect tons of receipts every month; there is good news. There are many time-saving apps available that may be the answer to your accounting and business expense woes. Here are some top-rated apps for storing receipts and tax records:
Scanbot: Use it to scan and upload charitable donation receipts, medical bills and work-related invoices.
BizXpense Tracker: This app can track expenses and mileage, and it also allows you to record billable hours, and it comes with an expense report generator.
Concur Mobile: Designed for small businesses whose employees travel frequently, so you can track travel expenses and approve travel spending quickly.
Expensify: Includes a receipt capture feature and can be synced with your credit cards so that expenses can be pulled in automatically.
Shoeboxed: Expense-tracking app lets you capture receipts and file them for reimbursement or a tax deductible.
Smart Receipts: Scans receipts via phone and generates expense reports that you can email to yourself as a PDF or CSV file.
Our list would not be complete if we didn’t mention the IRS’s official tax app. IRS2Go allows you to request copies of your tax records and track the status of your refund.
These smartphone apps can help you track tax-deductible expenses and receipts, estimate taxes, and track your refund. Hopefully this will help you better organize business finances and expenses throughout the year as well as give you a less stressful tax season.