What's the best software to keep track of my expenses?
As a business owner one thing you don’t want to miss out on is your expenses!
Gone are the days where you collect all your receipts in a shoe box and then worry about where certain ones have disappeared to. There is plenty of great cloud software available to ensure you keep track of your expenses and that all receipts and invoices are kept in a safe place in an orderly fashion.
Not only does using software help to ensure you don’t miss out on lost receipts it also saves you time so that you can concentrate on what you do best. All 3 pieces of software which we will explore enables you to upload receipts and invoices via an app, email or direct upload. They are all capable of integrating with your accounting software to easily reconcile your accounts.
We explore our top 3 pieces of software to keep track of your expenses:
Formerly known as ReceiptBank, Dext Prepare enables you to upload your receipts with a simple click of a button. This can be done via an app on your mobile device, sending an email to a dedicated Dext inbox, dragging and dropping from your computer or direct upload. You can even set up dedicated inboxes so that your supplier can send them directly to Dext rather than sending to you for you to forward on. This is a great time saving feature.
Dext automatically ‘Fetches’ all business data which can be viewed all in one dashboard. Dext connects to over 1,400 suppliers to fetch data from invoices, statements and bills.. You can set automated rules depending on category, tax code, customer or supplier. By connecting your business bank account it enables Dext to match your transactions.
Dext also integrates with all major accounting software such as Xero, Quickbooks, Sage and FreeAgent to name but a few.
You can opt to either pay monthly or annually, but if you choose to pay annually you will save 20%. But what do you get for your money?
Business: With this option you will get 1x user and up to 50 scans every month, this plan costs £12.50 per month. If you choose to pay annually it will work out at £10 per month
Business Plus: This gives you 5x users and 300 monthly scans and costs £25 per month or annually works out at £20 per month
Premium - You will get the option of upto 20 users with this package and upto 3,000 scans per month for £50 per month or billed annually it equates to £40 per month.
The Business Plus package gives you 8 additional features to the Business package. The additional features are as follows:
Monthly Bank statement extraction
Missing Items Tracker
Premium will give you a further 3 additional features to that of Business Plus along with more monthly bank statement transactions, 5 on business plus and 25 on Premium.
Additional features are
Extract Line Items
Boost extraction for urgent items
Hubdoc is great for smaller businesses who don’t need all the features which Dext offers. At the bargain price of $12 USD (approx £8.50) per month (following a free trial) you can stop chasing bills and monthly statements and let Hubdoc do the fetching for you. It will also organise your documents into folders for you so you know exactly where to find everything you need. Just like Dext simply take a photo of your receipt or invoice using the app, forward invoices or scan the old fashioned way.
Hubdoc integrates with Xero, Quickbooks and bills.com, so not as many integrations are available but a great price to say the least. You can also automate rules to publish to your accounting software.
For the monthly price you get unlimited usage with multiple collaborators and unlimited uploads.
Start a free trial today:
Using the AutoEntry app you can upload invoices and receipts with just one snap, or drag and drop on your desktop, forward emails or scan. Categorise and publish to your accounting software by integrating with QuickBooks, Xero or Sage. Just like Dext and Hubdoc you can automate your categories.
Unlike the other software AutoEntry uses a credit system for pricing so that you only pay for what you need:
Bronze is £9 for 50 Credits
Silver is £17 for 100 Credits
Gold is £32 for 200 Credits
Platinum is £75 for 500 Credits
As you can see the more credits you buy the more money you save. By entering in the amount of invoices/receipts you will process per month, % of invoices requiring line items and pages of bank statements per month on the AutoEntry website it will give you an estimate of how many credits you will require.
Start your free trial now:
As you can see all 3 offer great value for money especially when you consider how much time you will save by uploading your documents to the cloud and no more lost expenses!
For advice on which software is best for you then please get in touch.