Expenses automation, part 2: App reviews

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Part one of this series on expenses automation explained the growing importance of capturing and tracking expenses to keeping a handle on the financial pulse of a business and to document outgoings for tax and accounting purposes.

However, the process is often fraught with difficulties, mainly due to quirks of human nature. Because it is such a source of frustration and delay, expenses management has been the focus of a wave of technology innovation.

Web-based tools give finance departments a platform to simplify data entry, bypass spreadsheets and capture receipts remotely into the accounting system. Adoption rates for expenses management tools have climbed steadily over the past few years. And though some clear leaders have emerged in corporate and small business sectors, new entrants appear on a regular basis to take on established players in a market that continues to expand.

To keep pace with these developments, the AccountingWEB team reviewed a number of currently available expense management apps. This is by no means a comprehensive list...

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07th Jan 2016 12:25

Xpenditure

Can I also mention Xpenditure, an App I've been using for a couple of years?  The uses OCR very well indeed, costs £5 / user / month.  Its also 'sucks' data from company credit card statements which I didn't see referred to in the review on a fairly quick scan.  It deals very well with the different methods of payment (cash / credit card).

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07th Jan 2016 12:41

Thanks...

... @StephenMB. Will add that to the list.

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Xpenditure

Hi Tom

You are spot on in terms of expense management solutions being at a tipping point. In part it is due to the fact so many of us now carry smart phones around in our pockets which have sufficient processing power to read receipts and to digitize them on the fly.

The key drivers are linked to the numerous universal pains most users (employees and accounts) have dealing with expenses and receipts. These can range from costs associated with losing receipts, to the time suck that most manual expense management processes are, to the batch processing that occurs (which you alluded to in part 1 of this series). Given the range of resultant benefits it is hard to see companies persisting with manual processes much longer.

Alan Gleeson

VP of Marketing at Xpenditure.com

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By DMGbus
27th Jan 2016 13:51

Receiptbank beware

I have a client who uploads mobile phone images to Receiptbank.

The resulting error rate is annoying...here's some examples..

#  Buying a computer gets put to Sundry Expenses on the P&L

#  VAT gets reclaimed in air fares

#  Travel expenses gets put to entertaining

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27th Jan 2016 17:19

other API integration

whilst Concur loads into a number of larger accounts systems - certainly into SUN, so to be truely useful a number the above seem to fall soley within the OMB / SME [with emphasis on small co] loading into the new bred of cloud accounting may need to expand horizons / interfaces to impact the market

as noted above the co credit card is a vital [point for inclusion and upload ]

additionally - the office petty cah - or site  office petty cash -  are also prime candidates for control econciltion and timely data - to be included - how many have expanded out the 'user' base

these are certainly a number of features these apps should address - with of course expenses in non £ whilst travelling abroad and,  the VAT handling of transactions - nowone has commented yet on these

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