One of the major problems small businesses face these days is Record Keeping, particularly at tax time and finding all the business expenses you want to claim back in your tax refund.
So we turn to the world of Social media and mobile applications – but how can this help us be more prepared at Tax time?
It certainly is important for all small business owners, contractors and self employed professionals to adhere to regulatory requirements about proper record keeping.
Now there is a mobile application that can help small business owners keep all their receipts and simply email the details through to their email, or even directly to their accountant.
Tax Receipt Log is a mobile application available in the AppStore for iOS devices and also in the Android marketplace.
The Application is very easy to use and a real time saver in my day today activities. Often I am on the road traveling for work and am accumulating a stack of paper receipts I stuff in my wallet. A week later when I am back in the office I hope to put in an expense claim and get all this expense back – but I am constantly sifting through my wallet, jacket pockets, bags, wherever I can do track down my business expenses.
Tax Receipt Log is a simple mobile application that lets you take photos of all your receipts. You then assign that particular receipt to an expense category (eg travel, food, cleaning, communication, IT, office, personal, stationary, utilities etc). You are actually to add your own categories if you wish.
Once you have taken a photo of your receipt and assigned a category, you can set your countries tax rate (eg VAT – UK, Sales Tax – USA, GST –Australia) and email through a copy of the receipt and details (in an excel spreadsheet) to your email address, or even your accountant. This eliminates any need of scanning receipts into your computer – oh what a pain that used to be!
Typically the whole process from taking the photo, entering in the category details, price of the product, and then emailing through the details to yourself or your account is about 15-20 seconds.
Personally I was always a bit sloppy keeping receipts for business expenses. Small claims such as coffee with clients I wouldn’t bother about. But now after using the Tax Receipt Log application I am a pedantic expense claimer and don’t let one single expense escape me!
For a onetime cost of:
$3.99 – USA/ UK
$4.49 – Australia
This makes your tax record keeping a breeze and will surely save your accountant time and therefore also save you money!
The iTunes links are as follows:
USA – http://itunes.apple.com/uk/app/tax-receipt-log/id427512945?mt=8
UK – http://itunes.apple.com/uk/app/tax-receipt-log/id427512945?mt=8
Australia – http://itunes.apple.com/au/app/tax-receipt-log/id427512945?mt=8
The Android Marketplace link for this application is: https://market.android.com/details?id=com.itechart.ramteltax_new&feature=search_result
This application is compatible on any iOS device with a camera, such as the iPhone, iPad 2, iPod Touch
If you are a small business owner, sole trader or contractor you may find this application is exactly what you need to keep those important receipts and make your tax time reconciliation a breeze.
Latest posts by David (see all)
- Tax Receipt Log Review – Don’t Lose your Receipts again! - September 23, 2011