Do you use an app for expenses?
24/06/2020 12:55 PM by
Tracking expenses can be a painful process of accumulating receipts and entering them into outdated systems… but there is a better way.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.
Overall, Hubdoc is a clear winner.
Features (based on 5 users)
|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||Automatically organized into folders (can be updated). ||Same as Receipt Bank||Hubdoc|
|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|
|More options than Receipt Bank and more major suppliers|
|Limited options https://use.expensify.com/all-integrations||Hubdoc|
|Phone Compatibility||iPhone, Android and Web-based ||All Phones ||All Phones||Hubdoc or Expensify|
|How-to Videos||No||Yes||Yes||Expensify - has more videos|
Also not listed above is that hubdoc has unlimited user capacity.
An additional recommendation in using these apps is to set-up default receiving emails to receive invoices, so users can either forward all invoices to that email or just take a photo with 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)
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. Figure: Good Example – Hubdoc is free with Xero
Best of all… for light users… it’s free!
For better results claiming your receipts, please read Do you know how to enter a Hubdoc receipt?
Do you feel this rule needs an update?