Best Apps to Track Your Business Expenses: Expensify and Mile IQ

Written by Posted On Thursday, 20 February 2020 05:25

My last article was about adding a communication platform using Slack to help you run your business. This week it’s about something most of us are terrible at doing, accounting and business expenses. I have been fortunate a couple of my contract jobs used Expensify and it made my job so easy keeping records and recording expenses so I wanted to share.

Expensify what is it? Let me quote Expensify: “Our unique approach to solving a real-world problem allows people to spend less time managing expenses and more time pursuing their real goals.” Before I go too far I always like to share other apps or programs that accomplish similar tasks. The way I see it Zoho Books, Quickbooks Enterprise and Xero are all alternatives to Expensify and if you are looking at adding a record keeping and expense managing program. I would suggest you look at all four products, understand what they can do for you, compare prices and select the company that best suits your needs. Majority of the time I share free apps but this time a couple of bucks a month makes these types of programs completely worthwhile plus tracking your out of pocket expenses will end up paying for the monthly fee many times over.

Let me share my personal experience with Expensify, I was doing a lot of traveling and really dislike having to keep paper receipts. A majority of the time I used one credit card to pay for all my business expenses when not using my credit card I could take a picture of the paper receipts and store them in Expensify. Every two weeks I would go to my credit card account on my phone and open each business charge, snap a screen shot and move into Expensify. The company I was contracted with along with my own accounting system had copies of all my business expenses and a total for the time period I was completing. But just like your contact management you need to be disciplined to keep up with your expenses so at the end of the year you are not digging around in shoe boxes preparing for your tax return!

While we are discussing business expenses, taxes and keeping track let’s add another app, Mile IQ. This is an app I highly recommend and have been a fan since its release in 2013. Tracking mileage has always been a task most of us strongly disliked. We rolled the dice with our accountant every year picking a mileage number and hoping no questions or records were requested. Mile IQ changed all of that for me and many of you and what an easy great app to have available.

To get started download the free app from either Google Play or the App Store, either explore the app yourself or go to their website. Click on the “How It Works” tab and get started. One feature I really like and has enabled me to either recover or track is toll fees. Living in Florida I have a SunPass which automatically adds funds from my credit card to my account. A business trip to South Florida or the Keys can cost over $40 in turnpike tolls round trip. A swipe on the app I could add the toll charges from my account page on the SunPass website.

Mile IQ has two levels of service, “Basic” which is free and tracks up to 40 drives a month or the “Unlimited” which does it all. Not a bad deal $4.99 a month if you pay for a year and promise it will simplify your life and save you money!

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Dick Betts

Dick Betts, REALTOR® The Villages, FL with Touchstone Real Estate, Addie Owens, Broker, Mount Dora FL.  Dick has been working in the real estate industry for more than 20 years and brings his experience and expertise to help you find the best solution for your real estate needs.  Moving to Florida in 2008 he started in Ocala and began searching where in the state of Florida he wanted to call home, Florida has so many options, Beaches, Southeast, Southwest, the Panhandle.  After weighing his options, he found where he wanted to call home just 20 miles south of Ocala, The Villages!  Living fulltime in The Villages since 2011 his only regret was not moving there sooner.

Dick has traveled across North America since 2000 speaking, training and helping REALTORS® in 47 states and 5 Canadian Provinces hone their skills to better serve the public.  He now brings those years of experience to The Villages to help folks who also want to call The Villages home.  People looking to buy in The Villages are from around the world and need a tech savvy REALTOR® to serve their needs.  Selling in The Villages you want to list your home with somebody who knows how to market your home to the Facebook Generation and bring the most exposure possible to attract a buyer.

Want to really learn about The Villages Lifestyle?  Want to see what The Villages has to offer?  Let Dick Betts be your guide and help you call The Villages your NEW HOME TOWN!

www.dickbetts.com

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