There Is An App For That …..
Jan 14, 2016
By now, you are probably tired of hearing about New Year’s resolutions. However, with tax season just around the corner, have you given any thought to how you might organize your tax records? This topic may be a specific interest to those with business related expenses. You may already have the typical shoe box storage which eventually becomes so full it is difficult to contain your files. With advanced technology and the growing capabilities of smartphones, here are some helpful apps which may ease the collection process.
Expensify – Acknowledged by the tech community as the best app for expense reporting, Expensify takes the time, paper, and headaches out of your expense reports! The app allows you to scan receipts, create reports, and sync with your band and credit cards. Plus, it is easily integrated with QuickBooks, SalesForce, Excel, etc.
Shoeboxed.com – Shoeboxed is an award winning app which has been featured in Forbes, The New York Times, The Wall Street Journal, The Today Show, and hundreds of other publications. This amazing app serves as smeans to track receipts, mileage and even business cards. Simply snap a picture and the app will extract the vendor, total amount, payment method, date etc. You can also instantly create expense reports and file by the most common tax categories.
Doxo.com – Doxo is a virtual filing cabinet, excellent for anyone trying to go paperless with household documents. The app syncs with your personal accounts including banking, mortgage lenders, insurance providers, etc so you can manage your bill payments for a wide variety of services. If the account is not electronic to start, you can scan the information and make it digital. In addition, you are able to scan items like warranty information, your passport and medical records so you are able to access all your information in one location.
Mileage Log+ – Hands down, this app is one of the most feature packed and easy to use mileage trackers available. Not only will it track mileage for medical, charitable and business purposes, but it automatically logs your miles with the current IRS standard mileage rates.
IDonatedIt – The first ever app available to tack and value all of your non-cash charitable donations.
Before you commit to using one of the many apps available, make sure to spend some time researching reviews to ensure you get the features most important to you as the consumer. Some apps may require a one-time or monthly fee. Putting your smartphone to work may be the best decision for your business needs. If you are using your personal phone for business purposes, you may be able to receive a business deduction for the dollar amount utilized for business purposes!
By: Tara West, CPA, CMA, CGMA, Manager
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