For self-employed workers and business owners, keeping up with receipts and business expenses is time-consuming, taking time and energy that should be put toward more important efforts. Xpenditure is an expenses management app that allows anyone with a smartphone, a tablet or simply a webcam to digitize, store and manage receipts.
This Xpenditure review examines the benefits and features of the app, including its new incorporation of miiCard’s identity protection processes.
We’ll look at how Xpenditure’s features can help both business owners, employees and accountants as they keep up with expenses, whether for reimbursement, tax purposes, or both.
For professionals tasked with storing and organizing receipts on an ongoing basis, an app that automates the process provides welcome relief. Xpenditure is a mobile app that lets users scan and store receipts for expense purposes. But unlike other receipt-scanning solutions, Xpenditure digitizes the receipt and matches it to credit card statements for verification.
Main Functionality of Xpenditure
Using the camera on a mobile device, workers, snap a picture of each receipt, at which point important information is extracted. The date of the purchase, the location, and the amount are sent to the specified parties regardless of the worker’s location. An employee traveling cross-country for business, for instance, can ensure each expense is uploaded along the way, allowing administrative staff to complete processing before that employee has returned.
Benefits of Using Xpenditure
Receipt information uploaded through Xpenditure is securely stored online for seven years to satisfy IRS requirements. Because the administrator can assign roles to staff members, administrative staff can be set up with administrator, CFO, director, or personal permissions–or a combination of all four. The administrator can remove and add users, as well as change permissions of those users, on an ongoing basis.
With the addition of miiCard to Xpenditure, users now have an added layer of security. miiCard verifies a user’s identity against his or her bank account and ID, which brings with it the ability to add digitized bank statements to an Xpenditure account. Because of this, receipts can now be reconciled against bank statements for an added layer of verification.
The Basics: What Does It Look Like
The web version of the app provides a dashboard, allowing business users to upload receipts, add expenses, and upload business cards to an account. These items will be available to administrative staff as they work to manage a business’s accounting.
The web version is also a great place to generate reports, edit expense details, and add accounts. Accounts can be managed under Settings-Company Settings-Users-Add Users.
Here you can manage permissions, create new projects, create mileage categories, approve expenses to be paid, and more. When a user downloads the app on a mobile device, the interface encourages the upload of receipts and other information.
Here you can scan a photo of a receipt for information to be automatically populated or enter expense information manually. Back at the office, administrative staff can generate payments and run reports.
Xpenditure offers support via Skype, e-mail, or telephone, with the company taking action on most reported bugs within the same day. For feature requests, Xpenditure considers every suggestion. If a suggestion is something that could benefit from the feature, the company generally adds the feature within two weeks, depending on how much development time is required.
After a free trial, basic users pay only $5 per user per month. This covers all of the basic features of both the web and mobile apps.
However, to add groups and role management, an approval module, and integration with existing business software, or to have a plan for more than 15 users, businesses will be required to upgrade to the Pro version, which is available for only $7 per user per month.
The Bottom Line
For any business, tracking and managing expenses can be a costly, time-consuming process. Xpenditure lets organizations easily store and organize receipts, extracting relevant data for use in accounting procedures.
Xpenditure’s features are robust, but for smaller organizations, the ability to approve expenses is still an important option. Since these features aren’t available in the less expensive version, businesses should consider the Pro version which isn´t that expensive considering the productivity benefits that can can get out of it.
Ratings: ease of use 5/5, features 5/5, value 4/5