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Do you use an app for expenses?
Rules to Better Accounting|82afdd86-0f82-4749-9d86-e9b96fc107d3
v25.0
Posted at
6/11/2020 3:51 PM by
Christian Morford-Waite
Rule Intro
Tracking expenses can be a painful process of accumulating receipts and entering them into outdated systems… but there is a better way.
Various apps help solve the above problem. Using a modern Accounting system such as Xero, some connected apps can be used in conjunction with the accounting system and they include:
It may be difficult to determine which app would be best suited for your business so below is a comparison of some of the major features of each app.
Features (based on 5 users)
| Receipt Bank
| Hubdoc
| Expensify
| Preferred Option
|
Pricing
| $360/annual
| Free with Xero
| $840/annual (minimum)
| Hubdoc
|
Submission Procedure
| Phone App – take a photo and submit it to the Receipt Bank email OR forward an email to the Receipt Bank email.
| Same as Receipt Bank
| Same as Receipt Bank
| No preference – the same procedures with all.
Figure: Hubdoc email for receiving
|
Restriction on Invoice uploads
| 300/mo
| Unlimited
| Unlimited
| Hubdoc and Expensify
|
Back-up
| Unlimited – Never deletes and remains archived
| Unlimited – use cloud back up and security. Never deletes
| Unlimited – Never deletes and remains archived
| Hubdoc – the added security just seems better
|
Organising
| No real organization of documents. Either inactive or archived and ordered in date/supplier order
| Requires greater access than uploader only. Automatically organized into folders (can be updated).
| Can be manually organised into folders or reports.
| Expensify as Hubdoc requires greater access
|
Expense Rules
| Automate rules (or after the first occurrence) as to where expenses are to be accounted to (account categories)
| Same as Receipt Bank – however seems to only be on each invoice (can’t create outside of existing invoice – not that important)
| Same as Receipt Bank – little easier to navigate to the section
| Expensify
|
Accounting Codes
| Syncs with Xero account categories and automatically chooses those options. Brings bank reconciliations of these invoices to 90% of the way
| Same as Receipt Bank
| Not available at $840/annual. If the business wants to use this, the subscription plan will be $1800/annual.
| Receipt Bank or Hubdoc
|
Receipt Fetch
| Ability to integrate with most common suppliers (utilities, banks and some more). Automatically grabs any new invoices and pushes to Receipt Bank
https://help.receipt-bank.com/hc/en-us/articles/360005754174-List-of-Suppliers-for-Invoice-Fetch
| More options than Receipt Bank and more major suppliers
https://go.hubdoc.com/hubfs/HubdocLiveAUConnections.pdf
| Limited options https://use.expensify.com/all-integrations
| Hubdoc
|
Phone Compatibility
| iPhone, Android and Web-based
| All Phones
| All Phones
| Hubdoc or Expensify
|
Two-factor Authentication
| No
| Yes
| No
| Hubdoc
|
How-to Videos
| No
| Yes
| Yes
| Expensify - has more videos
|
Overall, Hubdoc is a clear winner. Additional to the above, Hubdoc is allowed unlimited users when connected with Xero.
To improve on the function of these apps, it is recommended to set-up default receiving emails that users can either forward all invoices to that email or just take a photo with the app which is stored within the app.
Figure: Good Example – Hubdoc default email for receiving
We can also do the vis versa, so all invoices going to a hubdoc default email can be forwarded back to a company internal email for reference.
Figure: Good Example - Hubdoc email can forward to another email (forwarding and receiving can be both ways)
Page Content
Expense apps are a timesaver, both for the day to day user, as well as the accountant receiving the expenses.
As a user, all you have to do is take a photo of the receipt from your mobile app and add a comment (all other data is pulled in via OCR “Smart-scan”), then all of these expenses get batched together and sent on a weekly basis to the accountant, who can then manage them in bulk.
Best of all… for light users… it’s free! 
Figure: Good Example – Hubdoc is free with Xero
For better results claiming your receipts, please read Do you know how to enter a Hubdoc receipt?
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