As your business starts to grow the hassle of tracking your expenses can become overwhelming. From invoices to receipts to overdue bills and more the thoughts of managing financial documents can leave some business owners frozen in fear. Now since these receipts and bills could be just about anywhere tracking them down and sorting these documents can be an absolute nightmare. We all know how hard it is to keep track of every important receipt, more often than not you’ll find yourself dumping your purse and turning it inside out all in the hopes of finding that one receipt from 2 months ago. In many instances that receipt is gone for good.
If you’ve been following our social feeds you’re sure to have seen our excitement over the rapidly advancing world of cloud-based technology. Fear, not these technological advancements have spurred a wave of programs and applications designed to help you get and stay organized with your receipt tracking. With technologies such as receipt-capturing, yes you read that right! Many apps now allow you to take a picture of your receipt with your phone, instantly uploading the receipt to your financial tracking account. Now if you find yourself pondering the various options for these efficient apps we’re here to help. We’ve worked with various cloud-based applications and there are a few that stand out as game-changers. Keep reading as we share our favourite receipt-tracking apps.
Hubdoc automatically converts invoices, bills, statements and receipts into digital data which can then be imported into your digital accounting software such as Xero or Freshbooks. Much like Receiptbank, Hubdoc uses Optical Character Recognition (OCR) to create transactions which will then be exported to your choice of cloud accounting software, ultimately syncing with the actions from your bank feed. What we love most about Hubdoc is its ability to automatically sort through your email, pulling bills, statements and receipts for you and then sorting said documents by account. Instead of constantly scrolling through your email and gathering the data yourself Hubdoc does that for you! CSV lovers rejoice, not only does Hubdoc import PDF files seamlessly but this also extends to CSV files.
How it works:
Hubdoc offers similar versatility to Receiptbank in the sense that you can upload images from your smartphone to their downloadable app. If you are a more old school business person there is still the option to upload via email, linking your Google Drive or Dropbox accounts, or you can just connect HubDoc directly to your bank/suppliers! Once your document has been uploaded, Hubdoc kicks on their OCR and the important data points are uploaded to their specific accounts.
Receipt Bank is an amazing app used by many of our clients. This app has the ability to extract the key data points from the digital image of your receipt and invoice. Once the data has been imported from your image it can be edited, organized and synced with your online accounting programs such as Xero or Quickbooks. All of that and all you have to do is take a picture from your phone, talk about time-saving!
How it works:
Receipt Bank uses a technology called Optical Character Recognition (OCR) to capture data from the image of your receipts or invoices. To upload a picture and/or document you can upload via your computer, smartphone app or email. Since OCR was originally developed to read text to the visually impaired at a whopping 60 words per minute this technology is quite accurate.
Whether you’re looking for a receipt tracking application for yourself, your business or your team, the above apps are tried and true by the Zenbooks team. Both applications mentioned above offer their own unique characteristics. Take them for a spin and let us know which one you like best!