Basic accounting for how long to keep receipts
I do my fair share of traveling, although I am not a world traveler by any means. However, the one thing I find so annoying is a fat wallet! Does anyone else mind carrying that thing in the back seat of your pockets? Or in your purse?
Receipts are a necessary evil to good expense recording but it doesn't mean we can grow with the times. Check out these 5 apps that can eliminate receipt piles in your wallets and see if any of these work for you!
For users who need advanced features, Cashbook Expense Tracker offers a slew of robust options in a polished and easy-to-use interface.
Expenditure provides a simple and intuitive interface for recording both expenses and income. Adding a new transaction is fast and easy: Enter the amount and select whether it is an expense (red button) or income (green button). If your transaction takes place in a different currency, the app can convert it for you, a feature that is particularly useful for business travelers.
3. Receipts Pro
Receipts Pro lets you separate expenses into different accounts (e.g., business versus personal); within each account, you can divide expenses by categories (e.g., mileage, equipment, etc.). When adding a new receipt, the app allows you to enter up to eight custom fields, including the date, notes and whether the expense is recurring.
ProOnGo is very specifically a business app -- it allows small business owners to track both employees' expenses and clients' payments via a mobile app and a Web application.
Cash expenses, such as services paid by the hour, can be entered manually or using the SmartScan feature, which uses optical character recognition (OCR) to read and input the merchant name, transaction date and amount. You are allowed ten free SmartScans per month; after that, each SmartScan costs 20 cents.
We hope you enjoyed these simple bookkeeping tips for keeping ups with receipts and expense tracking!
LUXA Enterprises offers outsourced accounting services for small businesses in the Tulsa and surrounding areas. If you’re considering a short or long-term approach to outsource accounting, give us a call for more information at 918-928-7288.