How do I track expenses when I am on the road?

One of the easiest downfalls in a new business is forgetting what you spent and losing receipts.  If you fail to properly record your expenses, you will miss out on tax deductions as well as lose sight of what it takes to properly deliver your product or service.  Fortunately, the days of the shoe-box of receipts is over.  In a previous post we discussed using an accounting system to track income and expenses.  Now we will talk about using an application top capture your expenses to get them into the accounting system.

 

There are many options out there and you will need to compare the costs and features to determine which is right for you.  Luckily, there are even websites that will help you make these comparisons!

 

  • – Some questions to think about for your business are:
  • – How many users will you have?
  • – What is the monthly fee?
  • – Can I install it on the type of phone that I have?
  • – Will it integrate with the accounting system I have chosen?
  • – Will pictures of the receipts automatically try to figure out the details so I don’t have to type them in?
  • – Will it track mileage for me?

Based upon some of these questions, you will be able to determine what is best for your organization.  Making expense tracking easier for yourself and your employees is key to ensuring you have the most accurate and most real time information to run your business.

 

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Michael Giuffrida from Southington CT has been operating businesses since 1997.  He is an experienced entrepreneur in business management, profitable growth, business valuation, mergers and acquisitions, and information technology managed services.

 

5 thoughts on “How do I track expenses when I am on the road?

  • With over 140 days on the road last year, this was certainly a topic of interest! As you know, the ability to have this information link with the accounting system is crucial and I look forward to visiting the sites you have recommended and making some of those comparisons.

  • I’d like to find a better app that tracks mileage and captures receipts in one place. I’ll definitely check out the link you posted so I can compare some options. I hope to be more organized in 2017!! I’d also like to start using a scanner with text recognition software so I don’t have to manually label receipts that I’ll need to reference later.

  • One of the most frustrating parts of my job. I have encouraged other companies to use concur but unfortunately up till now I have been unable to convince my own company of it’s value. Spreadsheets are not my favorite thing! 🙂

  • I have utilized Concur at two companies I have been employed. It makes tracking expenses while on the road extremely easy with the ability to take pictures of your receipts with the phone app, associate it to an expense, etc. With a business card tied to your account it even uploads your charges with electronic receipts depending on the vendor.

  • There are some iPhone apps that can also assist with managing expenses on the road. For example, an app that lets you take photographs of your receipts and converts them to document files that you can email to yourself at work. This makes it easy to log the receipts right away instead of risking losing them in your coat, wallet, or car.

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