Welcome to the cashless age.
HMRC Making Tax Digital isn’t yet upon us, but it’s fast on the horizon. Most of us have seen our personal tax account on HMRC’s online portal at least once. To our managing director’s horror, many of us don’t even carry cash.
Gone are the hazy days of drivers carrying out week sheets. Instead, you use apps to work, so it makes sense to use apps to record your ingoing and outgoings. Here are the 6 best expense apps for drivers to use.
OnBalance
In 2017, Thomson Reuter announced the first app specifically made to tackle Making Tax Digital. Many of our clients use OnBalance to connect straight to our Onvio Tax platform, helping you seamlessly submit all the information we need to create your tax return.
OnBalance is the mobile companion of Onvio Tax, which was revolutionary for connecting to your personal tax account on HMRC’s platform. The app allows you to capture receipts using your smartphone camera, and record simple transactions.
Add OnBalance to your Eazitax tax return for only £2 per month (£24 per year!) Click Here.
Zoho Expenses
Zoho Expenses streamline the way you track expenses. Like other apps on this list, you can upload receipts via the app or email, but it’s handy for logging cash advances and mileage. To create reports to pass to your accountant, you can generate reports in the form of XML, PDF, CSV and XLS files or sync it with your accounting software. Add Zoho Invoices too for free if you submit invoices.
QuickBooks
QuickBooks is one of the most popular personal accounting software. It puts a big emphasis on expense tracking. They have an easy-to-use dashboard that helps you can track every penny that goes in and out in real-time. You can also download bank account data automatically.
If you work with invoices, Quickbooks also makes it easy to get paid on time but lets you effortlessly chase up when a client’s payment is overdue. Perfect for sole traders, the app lets you track tax and capture receipts on your phone.
QuickBooks starts at £10/month.
Expensify
Expensify is great for tech-savvy drivers that love everything to be done automatically. Users can complete expense reports and upload receipts.
The app also has ‘SmartScan technology,’ making it easier to keep track of receipts while you are on the road. When you take a picture of a receipt, the technology scans the numbers and turns them into digital data. This saves time and mistakes from happening while on the go. The app also integrates easily with more serious accounting software like QuickBooks, Xero, and NetSuite.
Unfortunately, users have reported that the technology isn’t always 100% accurate, and you may have to make manual changes after data is entered.
Expensify is Free for up to 25 ‘Smart Scans’, then starts at £3.99/month
FreeAgent
FreeAgent lets you snap and store photos of receipts, send an invoice and keep an eye on your cash flow. In addition, it allows you to give your accountant access to input data, which is always a plus for us at Eazitax. The service is free to Natwest, Mettle, Royal Bank of Scotland or Ulster Bank NI business current account holders.
Users report that it’s super easy to log payments on the go, but advise that it’s better to use the desktop software for more complicated tasks.
Coconut
Coconut is an app-only business current account service, but customers can get a debit card. Coconut isn’t a bank, but works with PrePay Solutions (owned by Mastercard). So it’s an account, but not a bank, but is linked to a real-life actual bank. You can connect all your banks and credit card providers to Coconut, which allows you to bring all your business finances into a single place.
Transactions are categorised automatically, making it easier for your accountant to prepare your tax returns.
For those of you reading this article and thinking, ‘I don’t like the sound of any of these apps’ – don’t worry! Expense apps are a great help to those who like to do everything from their smartphone, but aren’t for everyone. If you’re still working from weekly sheets or putting receipts in a shoebox, that’s fine too. At Eazitax, we’re happy to help you wherever you are.
If you’re currently working from a spreadsheet or on paper and want to dip your toe in the world of technology, we can help you find a great first-step solution. Our job is to make doing yours easier, call Eazitax today to find out more.
