In an age of e-receipts where there is little tolerance for loose slips of paper, it’s harder than ever to keep track of finances and spending.
Rather than relying on scraps of paper to record transactions, our app of the day keeps even the most absent-minded people or chaotic businesses on top of expenses.
What’s the App?
Shoeboxed lets users take photos of their receipts and spending reports, and uploads them into a system which keeps track of finances. It eliminates the need to save physical copies, which can reduce clutter and help keep better track of purchases and outgoing bills. Users can export the information to QuickBooks, Wave Accounting, Excel, FreshBooks Outright, Xero and a number of other financial tools, and create expense reports on the go from their smartphones. Interested users can download it for both Apple and Android.
There are three different tiers of service. The one for businesses costs $50 a month and allows 500 receipt scans per billing cycle, while the classic comes in at $30 with 150 scans. There’s also a lite version targeting casual individual users for $10 a month, allowing 50 scans.
You’ll Want It If…
This is a great app for small business owners, but it also works for people looking for an easy way to track family spending to improve their budgets. It’s also super convenient for people who travel often, since it is often difficult to hold hotel, restaurant and other travel-related receipts piling up on the road. And if you’ve run into trouble with the IRS for lackluster record-keeping, this might be a godsend — the IRS accepts its digitized records. Bigger businesses might want to take a look at the larger monthly package, while families simply looking for a way to reduce clutter could sign up for the Lite version.
It’s Not My Thing — What Else Ya Got?
If you’re not into Shoeboxed’s monthly fees, there’s always Lemon, “the smarter wallet,” which also takes pictures of receipts. Lemon is free if you scan less than 100 receipts a month, but it doesn’t have the extra perks of Shoeboxed, like generating expense reports on the go. Lemon might be better for people interested in banishing paper receipts but not particularly concerned about expense reports or sending data to the IRS.