Replace Your Shoebox with an Expense App
No matter your ability, throughout life there is a requirement to manage receipts and track payments. Everyday expenses, tax payments, funding acquittals and government reimbursements all need to be recorded. Mobile phones are a must have for all people from tweens through to pensioners and mobile platforms have become easier to use over time, with thousands of apps at everyone’s fingertips. One of the major benefits to using an expense app is mobility.
With the development of OCR (optical character recognition), all you need to do is snap a photo with your mobile phone, that's it. The software recognises the content and automatically pushes it through to a nominated file for reporting. The application features also include the ability to forward an email attachment with an invoice or order details directly to a connected expense application. The software recognises the data and transforms a file ready for review, attaching the receipt or invoice for your records.
Transforming your data into an organised system for review and processing
Currently the more popular apps on the market are Hubdoc and Receipt Bank. Xero is one of the most powerful accounting systems on the market and has recently developed a business interest with Hubdoc. The Hubdoc application s conveniently available within your Xero subscription and is a great option for expense management. I personally use Receipt Bank which integrates with Xero and other accounting systems such as MYOB and Quick Books. Receipt Bank is a simple mobile application and is easy to use at a low cost of approximately $15 per month under a subscription pricing model.
The receipt bank and hubdoc apps are very similar yet I found the user experience simplified when using receipt bank. The integration was seamless into Xero and after opening the app I can have a receipt captured and applied to the correct Xero account, ready for approval within a couple of clicks. The approval process is easy and also auto-match for reconciliation purposes directly with my accounting system is a great function. Receipt bank has the option to forward emails directly into the system ready for review and this process has enabled me to deal with invoices and receipts by only handling them once and allows me to get on with my priorities and not be left remembering to find receipts in my car, wallet or inbox.
When considering an expense management application, it is important to identify your requirements. If you are running a small business, Hubdoc or Receipt Bank are the perfect options for you to keep track of your expenses in one place. Both have the ability to fully integrate into an accounting system for tax reporting, making it easy and accessible. On the other hand, if you are only needing to track expenses, a specific application like Plan Tracker and Ability8 are available at low cost and are effective for keeping your funding expenses under control. Over recent years, many people with disabilities have found themselves self-managing their funding through different avenues and there have been some terrific applications developed that are tailored directly to the needs of their users. We will go into the NDIS specific applications in more detail down the track, but one standout applications for NDIS self-management would have to be Plan Tracker. Enabling participants to manage their NDIS funding, record invoice sand receipts and stay on top of their spending, it has everything you need.
March 23, 2020
inNDIS Self Management