Tracking Expenses On the Go

Last time we discussed a low-tech method for tracking receipts and expenses on the go. Now let’s look at some of the app options out there to solve this problem. Read below about Receipt Bank and Expensify app solutions. Want help determining the best expense solution for your needs? Just contact me and I’ll help you evaluate your options.

 

Receipt Bank

Pros

  1. Mobile App: – Never lose another receipt with the Receipt Bank mobile app as you can take a picture of the receipt with your device anytime, anywhere. You can either send it right away to Receipt Bank if you have internet connection or store it and the app will automatically send it when you are online. You can also take multiple pictures for those very long receipts like groceries for a company party to make sure everything is read clearly. This app is free to use and great to have so you don’t have to wait to get back to the office and scan receipts or bundle them together to mail them in. It works with Android and iOS devices so majority of mobile users would be able to use Receipt Bank’s app.

  2. Easy of Use: – Using Receipt Bank is very easy as they do most of the heavy lifting for you. All you would have to do is submit the receipts you have either through the mobile app, email or regular mail and Receipt Bank will extract all the necessary information from it such as the name of the merchant, amount, and transaction date. The uploaded information can be asily accessible anytime to use for reports or any use you may have. Receipt Bank’s goal is to save each user 1 hour a week from the unnecessary task of encoding receipt details manually and they provide a great way for you to do so.

  3. Affordable Pricing: – Receipt bank offers many pricing levels for you to choose from as they have a product line for both individual users and businesses, with each one coming in 5 different price levels to match your needs and budget. This is one of the more diveresified products in terms of price options, costing as low as $14.99 a month with 50 items processed to as much as $168.99 a month with 675 items processed for the single users. The multi-user costs $25 a month for 50 items processed and $220 a month for 675 items processed, giving Receipt Bank has some of the more affordable prices available in the market.

Cons

  1. Customer Support: – Receipt Bank offers rather limited options for customer support considering the nature of service that they provide. You can reach Receipt Bank customer support either by email or the Skype number they provide but they don’t provide any live chat options. Live chat would be very useful as users would be able to reach customer support at anytime whether on their desktops, laptops and mobile devices giving them immediate access to support whenever they need it. Email support usually takes long and businesses require fast resolution to be able to continue with their day to day operations.

  2. Free Trial: – Free trials are given by companies to help people get a feel for their products and coax them to pay for a subscription. This is also great for the users as it lets them test out the product to see if it works for them. Usually companies offer 30 day free trials for their products which is ample time to see all the features and test out the product. Receipt Bank offers only a 14 day free trial and because of the nature of the product, might not be enough to get the full experience of the expense tracker. Since most companies already offer 30 day free trials, it would have been better for Receipt Bank to do the same.

Receipt Bank offers a good way to track your receipts and expenses easily especially with their mobile app. It does lack in some features that you might find in other expense tracking software but may be enough for you depending on your needs. You can choose from the many different subscription plans to fit your needs and budget and even try out the software with their 14 day free trial. Really the only way to know if a product works is to try it for yourself so if you like what you see here then maybe Receipt Bank is worth your time.

 

Expensify

Pros

  1. Mobile Use: – Mobile devices are as much a part of our business as computers and desktops. That is why offering a mobile app so people can continue to use your service on the go is very good. Expensify gives you access to their mobile app whether you are using iOS, Android, Blackberry or Windows powered mobile devices. You can take pictures of all your receipts as you make transactions to save time and use the app to track your mileage and record it for reimbursements and reports.

  2. Smart Scanning: – One of the best functions that Expensify offers is called smart scanning. This is very useful if you have a corporate card and need to match your receipts with its transactions. Smart Scanning automatically matches the information on receipts you take pictures of with recorded transactions of your credit card so you don’t have to encode and match them manually. This saves you a lot of time especially if you have a lot of transactions on your card.

  3. Administrative Functions: – Aside from the benefits to the users, Expensify also makes it easy for administrators to do their work with their functions. With Expensify, administrators can process hundreds of reports with just one click saving time and effort. You can reconcile all company card transactions at any time, reimburse employees via ACH, Direct Deposit, PayPal or payroll with no additional cost.

Cons

  1. Errors Encountered: – There are some users that have encountered minor errors when using Expensify. While thse are mostly small problems with the functionalities and do not really take much away from this great product, they could cause some inconvenience to users and slightly affect overall satisfaction with Expensify. Reports of Smart Scanning not matching to transactions properly, reports of Mileage not properly recorded, reports not created and some pictures disappearing. Other than that there really is nothing much to be disappointed about with Expensify.

  2. Customer Support: – Having problems with the program would not be an issue if customer support is easily reachable and resolution immediately given. However, there are a lot of complaints regarding the customer support provided by Expensify. Expensify offers email support which takes a long time to get a reply from and usually with empty promises of an agent that will contact you personally. They do not offer telephone or live chat support which could be of greater help than basic email support. Providing a service that businesses will depend on must be backed by a good quality customer support to ensure that any concerns will be handled and resolved in the least possible time.

Expensify is a great expense tracking software and has rightfully earned a place in our top 10. It has very useful on the go features with the mobile app that can greatly benefit businesses whose employees are field based. They let you convert global currencies so whether you are on a business trip abroad or purchasing from an online store that only deals in their local currency, filing the transactions for reports will be very easy.

 

 

QuickBooks Training

QuickBooks Training

Learn the ins-and-outs of QuickBooks and save both time and money.
We'll be your guide.

Bookkeeping

Bookkeeping

On-site or remote, we'll hire the best person to work with your team.
We've got you covered.

QuickBooks Setup

QuickBooks Setup

Service to grow your business through good accounting practices.
Get to where you need to be.

© 2017 One8Solutions, LLC
72 Tolman St, West Newton 02465 | (617) 332-8522 info@one-8.com