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Do you use an app for expenses?
  v20.0 Posted at 24/06/2020 12:55 PM by Nick Viet
​​​​​​​Tracking expenses can be a painful process of accumulating receipts and entering them into outdated systems… but there is a better way.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

​Expens​​​ify

​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
​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
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. 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.

pic.png
​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. 

​​pic1.png
Figur​e: 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. 
Best of all… for light users… it’s free!​ ​2020-06-12_12-10-17.png​​

Figure: Good Example – Hubdoc is free with Xero​​

​For better res​ults claiming your receipts, please read Do you know how to enter a Hubdoc receipt?​



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