How to Keep Track of Your Receipts using Apps from MYOB, Quickbooks & Xero

These Online Accounting software apps are a business tool using technology to capture receipts and importing them directly into your chosen software.  If you are not already using receipt capture apps it might be time to start.

MYOB Capture App

Included FREE with your MYOB Essentials or AccountRight subscription, scan your receipts with our app to change the way you do your expenses.

How it works:

  1. Line up your smartphone camera and take a photo of the receipt.
  2. Use the app to adjust the image to fit.
  3. One-click reads the receipt, extracts the info and inputs it directly to your software!

MYOB Capture is already making life easier.

How it helps:

Cut your data entry down

The app scans and reads the relevant information on your receipt. Advanced machine-learning suggests matches to your transactions & bank feeds then populates the bill so you can drastically reduce your manual admin.

No deductions missed

A central location for all your documents means less stress for you at tax time. It gives easier access for your accountant and bookkeeper so you can stay compliant for good.

So long, paper.

When you store receipts digitally on our servers, not only will the ink never fade but also the days of sorting through dozens to find the right one are gone. Securely stored, easily organised, problem solved.

See your money clearly

Get a clearer picture of how much you’re spending. Have confidence in your business expenses with no surprises, so you can think less about your history and more about your growth.

Good news! The MYOB Capture app is included with your MYOB Essentials or AccountRight subscription and is free to download.

Source:  MYOB website  https://www.myob.com/au/myob-apps/myob-capture

 

QuickBooks Receipt Capture

Easily track business expenses

QuickBooks makes expense tracking easy so you always know where your money is going.

 Track your business expenses in one place

Connect QuickBooks to your bank accounts, credit cards, PayPal, Square, and more, and we’ll import and categorize your expenses for you. Create custom rules to categorize your expenses, and run reports to see how you spend every dollar.

Snap and save photos of receipts with our mobile app, and we’ll automatically match all your receipt information to an existing transaction. Expense tracking has never been easier.

Stay ready for tax time

Easily track business expenses all year to make sure you never miss a tax deduction. Say goodbye to Excel. QuickBooks automatically sorts expenses into ̨categories and keeps them organized all in one place.

Manage your cash flow

QuickBooks tracks expenses throughout the year, providing you with the data you need to better predict and manage your cash flow. View the built-in cash flow statement and see how much money you have — so you can cover your bills.

Additional Resources

XERO Create and Capture Expenses using the Receipt Scanning App

Overview

  • If you have a receipt for personal money spent, and you want it reimbursed, add it to an expense claim.
  • If you have approver status in expense claims, you can create expenses for yourself and other employees, including expense claims in currencies other than your base.

Create and submit a new expense claim

If you submit expense claims to be reimbursed, you can capture, create, view, edit and submit your expenses using your iOS device and the Xero Expenses app.

  1. From the Dashboard, tap to create a new expense claim.
  2. To attach a receipt, tap Add receipt:
    • Align the physical receipt with the camera, then tap the circle button to capture it.
    • Tap the image icon found next to the circle to select an existing photo or file from your phone.
  3. (Optional) Tap No receipt if you have no photo or file to attach.
  4. Once you’ve selected a photo, tap Use photo, then select:
    • Save for Later, this will take you to the dashboard where Xero is analysing the receipt. You’ll receive a notification once it’s completed.
    • Add Details Now, Xero will extract key information from the receipt and add it to the expense claim.
  1. Automatic receipt processing can take a bit of time, but if you need to enter a receipt urgently, you can always add the expense details manually. If you’re in a rush, tap Fill it out myself to enter the details.
  1. Complete all the necessary fields, this includes What was it forwhere did you spend it? and Categorise to an account.
  2. Select a tax rate from Set tax rate.
  3. (Optional) Tap Assign to customer to make the expense appear as a billable expense for that contact in your invoices
  4. (Optional) You can assign projects, tracking categories or labels to this expense if you have them set up.
  5. (Optional) To add itemised lines or multiple accounts to this expense, tap Itemise above the Purchase amount, then complete the required fields.
  6. Tap Save, then tap:
    • Save draft to add the expense claim as a draft.
    • Submit to send it to your approver.
    • Approve your expense claim. This will only appear if you have the ability to approve expense claims.

What’s next?

Select To reviewto pay or All to review expense claims by status and totals in each type.

Source: Xero website   https://www.xero.com/au/features-and-tools/accounting-software/expenses/receipt-scanning/