Expense Tracking Services: Get Organized for Tax Season
This article was provided to TechNewsDaily by our sister site, TopTenReviews.
Many business owners or freelancers dread tax season. Gathering the receipts for tax-deductible expenses becomes a chore for the most organized people. Recently, TopTenREVIEWS evaluated several services that help track and organize expenses. These products offer multiple tracking methods, secure information storage and tax education.
"Every March, I start digging between the cushions of my car for lost receipts," said Lecia Monsen, Managing Editor for TopTenREVIEWS. "I don't know why I think that I will somehow keep everything organized better next year. These expense tracking services will keep you organized so you won't dread tax season anymore."
The Top 3:
1. ProOnGo: For individuals faced with travel or wanting to keep track of receipts right away, this expense-tracking service offers great features at a reasonable price. Using a phone's GPS, mileage can easily be tracked, and pictures of receipts automatically identify and track the spent amount. ProOnGo easily links with QuickBooks and offers reports as a CSV or Excel file.
2. Taxbot: This expense-tracking service offers great mileage tracking. Unlike some other services, Taxbot does not require using a vehicle's odometer, since all miles are tracked with the phone's GPS. Also, this service requires users to give adequate and detailed descriptions of every receipt tracked to make sure they follows IRS rules. Taxbot offers many tips for saving money, as well as advice from tax expert Sandy Botkin.
3. Xpenser: This expense-tracking service stands apart as one of the few that allows voice recording. Xpenser does not require immediate data entry for tracking receipts. Instead, pictures of the receipt can be stored digitally for later use. Also, this service protects user information by storing encrypted files in two locations.
What Makes a Top-Notch Expense Tracking Services?
Convenience is king for expense tracking services. Business owners and freelancers need a service that will link with smart phones and offer on-the-go tracking without requiring too much data entry. Expense tracking services should offer these features:
Tracking: The best expense-tracking services offer smart phone apps to help track receipts. Good services also use a phone's GPS instead of a car's odometer. Any extra feature becomes an added bonus, like automatically collecting information from receipt pictures or offering voice recording.
Storage & Reporting: A good expense tracking service will protect a business's important financial data, and services should offer several levels of encryption and multiple data banks. The best services allow users to download the data in multiple file types.
Education: Since tax laws constantly change, top expense tracking services provide up-to-date information and tips.
Ease of Use: Many expense tracking services allow users to take pictures and input data, but great services also analyze the numbers. Additionally, top-notch services make it easy to navigate the menus and apps.
Help & Support: A strong customer support team means a service can handle any situation and question. Look for a service with email and phone support, as well as tutorials and FAQs online.
Staying organized for tax season becomes easy when technology does all the work. Expense tracking services help small business owners and freelancers focus on work without worrying about recording mileage or storing receipts.