There are many little annoyances that an advisor must deal with as a cost of doing business. Tracking expenses is a prime example. Out of necessity, advisors have developed systems for tracking expenses that vary in sophistication. Ranking high on the list is the empty-the-pockets-on-the-assistant’s-desk-and-let-her-deal-with-it system and the stack-the-receipts-in-a-pile-for-a-slow-day-project approach.
While these systems are second nature, the beauty of living in the digital era is that annoying tasks have spawned clever digital solutions.
Such is the case with tracking business expenses. For those who have embraced mobile devices, the days of the crinkled and barely legible receipts can be gone forever. Shoeboxed, Lemon Wallet and ABUKAI Expenses are some of the apps available that make managing receipts painless and efficient. You can download these apps on your Apple, Blackberry or Android device(s), and then simply take photos of your receipts. The expenses are digitally categorized and stored, and in many cases, the data can be imported into a spreadsheet or an accounting program like Quickbooks. With Shoeboxed, you can mail in old receipts and they will make digital copies for you. You can even get multiple “seats” on an ABUKAI account, allowing staff members in your office to contribute to the expense report. Other expenses management software programs, like Expensify and Xpenser, also have mobile applications that result in efficiency gains.
Neat Receipts takes a slightly different approach. They offer a mobile scanner and digital filing system that allows you to scan receipts, business cares and documents. The Neat Receipts software system then identifies, extracts and organizes key information. While these applications might help you to make your practice more efficient, they could also help clients who own businesses. Clients often look to their advisor for tips on how to gain more control over their financial world.
With tax deadlines rapidly approaching, the inefficiencies of traditional approaches are top of mind. Take this opportunity to suggest this small way to remove one of the little annoyances in their lives. You may find that they are quite receptive and appreciative of your efforts.