November 17, 2020

Which Receipt-Tracking Apps Do Small Business Owners Prefer?

By mye455y

When looking into receipt-tracking software solutions, we wanted to find the one that most people felt was the “best.” There are many options to choose from, ranging from free apps with limited features to solutions with advanced features that require a monthly subscription.

Here are the top three solutions that small business owners told us about.

  1. Expensify is a popular all-in-one solution.
    While speaking with small business owners, the one name that most consistently popped up was Expensify.

“Expensify does a great job of pre-organizing receipts, but you can organize them to your liking in the app as well,” said Tawnya Schultz, financial freedom coach at The Money Life Coach. “It does a lot of the heavy lifting for me, and it’s super simple and quick to use so I’m not up for days doing expense reports or taxes.”

The service starts at $4.99 per month for individuals and $5 per user, per month for business plans. Business plans come with high-powered features like automatic expense reporting and company credit card monitoring. Most of the professionals we polled considered it a worthwhile investment because of how automated it is.

“Manual entry is a thing of the past for users of Expensify because of the software’s SmartScan technology that automatically scans, inputs and tracks business expenses,” Masjedi said. “However, its unique selling proposition is that it can automate any possible expense tracking as long as it’s within the software’s current capabilities, including an estimated mileage usage for your vehicle using the wonders of GPS.”

  1. Rydoo is an inexpensive cloud-based option.
    Brian Patrick, home expert and CEO of Pest Strategies, said he relies on Rydoo for his company’s expense tracking needs.

“Rydoo is the best receipt-tracking tool because it is cloud-based, inexpensive, feature-rich, has OCR scanning capabilities, and allows enterprises to limit access according to employees’ roles and responsibilities,” he said.

Plans are billed annually and start at $7 per user, per month for the Team plan, which covers up to 50 active users, and $9 per user, per month for the Growth Plan, which covers more than 50 active users. Both plans come with OCR scanning, mileage expense reporting, and approval flow, while the latter plan includes features like expanded expense policy rules and per diems.

  1. AutoEntry simplifies receipt scanning and organization.
    Glen Wilde, the CEO and founder of Diet to Success, said that AutoEntry more than meets his company’s receipt-tracking needs.

“I currently use AutoEntry for managing and organizing all of my receipts,” he said. “It syncs well with the most popular accounting software programs. I can scan receipts and invoices and have a digital copy in my phone in seconds. Once uploaded, the system automatically extracts the numbers and inputs it into the system. There is no manual input required. This is a huge plus because even the smallest human error can completely compromise accuracy and snowball into huge errors. It’s a major benefit for someone like me who isn’t a strong number-cruncher.

AutoEntry uses a credit-based pricing model that’s billed as a monthly subscription. What that means is that you’re paying for credits to use for things like invoices (1 credit), bills with line items extracted (2 credits), bank statements (3 credits per page), and so on. Unused credits are rolled over into the following month. Plans range from the Bronze service tier, which costs $12 per month for 50 credits, to the Platinum service tier that costs $98 per month and comes with 500 credits.

  1. Shoeboxed adds data analytics to the fold.
    Shoeboxed takes an all-encompassing approach to loading, organizing and using receipt data. You can send paper receipts in the mail, or you can use the phone app to upload them digitally. Either way, Shoeboxed will put them through advanced software that runs professional analytics on your receipt information.

Additionally, you can use Shoeboxed tools to catalog and organize your receipts in a way that makes sense to you. You can stick with default organization recommendations, or you can personalize the experience.

Shoeboxed runs on a subscription model. The lowest tier starts at $18 per month. You can add services and capacity through two more tiers, capping at $54 each month. This puts Shoeboxed in a competitive price range. It is not the cheapest service available, but it is still well within the realm of affordable for most businesses.

  1. Smart Receipts puts receipt tracking in the palm of your hand.
    Most receipt software packages come with a smartphone app. Smart Receipts, however, turns your phone into a mobile scanner. With the ability to create CSV reports, as well as PDFs and ZIP reports, you can organize your receipt data the way that works best for you. This can be loaded into expense-tracking apps, accounting reports, etc., all from your phone.

The app is available for free on Google Play Store and the Apple App Store. Some features are locked behind a paywall. All things considered, a free app that lets you digitize and track receipts has a lot of potential.

  1. Wave Receipts simplifies expense tracking.
    Another free mobile app, Wave Receipts, is focused on providing a more narrow range of functions versus other receipt-organization tools. With Wave Receipts, you can scan receipts anywhere using your phone. With the mobile app, you can organize the data as you see fit, and the built-in tools make it easy to track expenses.

What you won’t find, though, is advanced analytics. Wave Receipts caters to startups and small businesses; the app aims to simplify expense tracking to make it more accessible, not necessarily to provide granular financial data for companies. The free app can be paired with other Wave apps, like Invoicing, to create a complete software suite.

Key takeaway: There are many receipt-tracking software solutions. The three most popular apps among the small business owners we spoke with are Expensify, Rydoo and AutoEntry.