Anyone who has ever run a small business has experienced the
tax-time nightmare of finding and organizing receipts. For every
entrepreneurial dream, there's a pile of paper and electronic receipts to be
As small businesses become more mobile, so does bookkeeping.
One solution is to use your smartphone to go paperless. A handful of
receipt-tracking apps now offer new ways to track business expenses, allowing you
to capture receipts and file them on the fly.
The apps fall into two categories: those from-third party
providers such as Shoeboxed and OneReceipt, and others from the credit card
issuers themselves. Chase's Jot app is designed to work with Ink business cards
and ReceiptMatch is for American Express OPEN business cards. Both apps come in
iPhone and Android versions that let you photograph receipts and tag them for
tracking. They were developed in response to a common plight of small-business
card holders: lack of time.
"Being tied to the back office has really become an issue for
card members," says Doug Tabish, vice president and general manager of
ReceiptMatch. "We wanted to make receipt-tracking as easy and flexible as
Chase launched Jot in June 2013 to answer similar complaints. "One
thing we hear from business owners consistently is that they hate being trapped
in the back office," says Brent Reinhard, general manager of Ink at Chase.
"Small businesses are becoming more and more mobile, and owners are out trying
to grow their businesses -- meeting clients, making purchases. Jot was conceived
as a way to allow small-business owners to get out of the back offices and
really focus on growing their business."
Among other things, mobile receipt-tracking allows you to
store receipts securely in the cloud. Small businesses are advised to keep
business-related receipts for up to seven years for tax purposes. Having a good
expense-tracking system in place not only helps with tax filing, it can also help
you analyze and grow your business.
"A lot of small businesses grow quicker than expected," says
Tabish. "Owners need to keep improving products and services and customer
experience, but there's this record-keeping that becomes more and more stressful.
They realize they can't do it all themselves. That's where we thought we could
alleviate the burden."
Check out the slide show below for a look at how the
tracking apps compare:
We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.
Small businesses slow in converting to EMV card readers – With a year to go before retailers hit a major deadline for upgrading their credit card machines, experts warn that many are unlikely to complete the switch in time. As a result, they may find themselves suddenly liable for card-related fraud ...
Did you like this story? Then sign up for CreditCards.com’s weekly e-newsletter for the latest news, advice, articles and tips. It's FREE. Once a week you will receive the top credit card industry news in your inbox. Sign up now!