Whether you are an independent contractor just starting out or you have been freelancing for a long time, you have to stay on top of expense reports for your business. You should know where all the money is being spent to maintain your small business. You'll need clean records of all your receipts when tax season rolls around.
Listen, hoarding paper receipts is a thing of the past. The IRS has updated its rules for organizing tax receipts. That means they accept digital receipts to track business write-offs for your taxes.
Well, if you're in the market for the best receipt scanner, we've got your answer. In this article, we will review the best receipt apps on the market and tell you what makes them so great.
Let's dig into which receipt app to take care of all your expanse scanning tracking for your business.
Note: If you want to try the top-rated receipt app (that saves the average user $5,600 from their tax bill), try Bonsai Tax. Our tax software is simple to use and organizes as well as stores all your receipts for your taxes. Claim your 14 day free trial today.
Correctly managing your taxes is absolutely vital for any business. If you mishandle your taxes, you can receive penalties, lose more money and deal with a lot of unnecessary headaches. Let's talk about the benefits of using apps to track receipts for taxes.
As an entrepreneur, you are always occupied and busy. You need a receipt scanner that can complement your lifestyle.
You know, one that is portable and can be used on the go. The beauty of the internet is that you can use a cloud-based tax app from anywhere. You won't worry about carrying a portable receipt scanner to take photos or scan receipts.
Storing your receipts online beats any phone app to scan documents, 1099 excel template, or filing cabinet to store receipts.
With a receipt app, you won't have to worry about losing or misplacing your receipts. So you won't have to worry about the IRS requirements for how long you keep tax receipts because all your documents will all be on the cloud.
Ever heard the expression, at the push of a button? Receipt scanning apps will literally do that. Connect your accounts and the software will organize, categorize and track everything for you instantly.
As an entrepreneur, you know your time is valuable. Scanning and organizing all of your tax receipts on your own is mundane and takes a lot of time. Now, all you need to do is create expense reports, and voila, all your deductions are organized. Receipt scanner apps could free up your time so you can focus on other things like making more money.
Receipt scanning apps organizes and tracks all your business expenses for you. All you need to do is export the files if you ever need them. Maybe you need to send your records to an accountant or a friend. Just download your scanned documents and deliver them wherever you need to.
If you are interested in the best receipt scanner for your small business, continue reading this blog post to find out which one we recommend.
Bonsai has always been on a mission to make the lives of freelancers easier. That includes providing contract templates, proposals, invoices, and everything else a freelancer may need to automate their small businesses and manage less work.
Bonsai Tax is our software to help you manage your receipts, stay on top of your deadlines, and pay fewer taxes.
We'll review all the reasons why Bonsai Tax is the best receipt app you'll ever need to use.
Let's get into the nitty-gritty details of all the features that will be available to you the moment you try our software. In just a moment, we'll go over some reasons why Bonsai Tax stands apart from its competitors in the market as the best tax receipt organizer app.
As we mentioned above, tax rules are always changing. You may know a list of 1099 tax deductions available to you, but I bet some write-offs will slip through the cracks. Our receipt scanner will help you maximize your deductions at the end of the year by identifying and categorizing all your expenses.
All you need to do is swipe left for personal expenses and right for business ones after Bonsai scans your receipts and identifies all the potential write-offs.
If you need to split expenses for both business and personal, the app can do that.
Instead of going through all your receipts, sorting them, and calculating your write-off amount, just use our software to scan your transactions. Seriously, that can save you a lot of time and money. In fact, the average user of our app to track 1099 expenses saves $5,600 during the tax year. You see, the receipt scanner software pays for itself and more.
Most accounting software and expense tracker templates can be a pain to use. Receipt scanners are supposed to make your life easier! They are not supposed to be complicated to navigate or use.
Bonsai Tax is hands down the easiest receipt scanner to use. All you have to do is sign up for an account, connect your credit card/business accounts, and watch as Bonsai Tax tracks all your tax deductions for you.
Tax accounting can be a fairly complex topic. The laws and regulations for what counts as a business expense are always changing. Our 1099 expense tracker would auto-import potential expenses from your bank and credit card transactions, classify and then display them on your account. You don't have to scan documents yourself, the app will track and store your receipts online or in the cloud.
Sure, receipt scanning is important. But so is staying on top of all your tax deadlines. Independent contractors have to pay their taxes every quarter because the U.S. operates on a 'pay-as-you-go system'. Bonsai Tax will send reminders for quarterly tax deadlines as well as help you determine how much you should make in estimated tax payments within the app.
Knowing the right amount to send to the IRS every year will help you avoid tax underpayment penalties.
Also, check out our self-employment tax calculator to determine how much you'll owe to Uncle Sam at the end of the year.
Our receipt scanner can track your business expenses no matter what your job is. If you are a GrubHub 1099 worker, Uber or Lyft driver, graphic designer, advertiser, web developer, writer, photographer, you name it. Our scanning software can save you thousands of dollars from your tax bill. Not to mention, you get the full freelancer produce-suite when you try our receipt scanner. See for yourself why Bonsai is the go-to independent contractor app.
If saving thousands of dollars on your tax bill sounds good to you, then test-drive our software and see for yourself why freelancers consider us the best receipt scanner app on the market. Bonsai Tax is a one-stop solution to manage your deductions no matter what you do. You've got nothing to lose by signing up and getting started! See for yourself why we're voted the best app to track receipts for taxes.
Expensify is heralded as a simple app to track business expenses. The OneDrive feature allows you to take a picture of your receipt, and they’ll automatically categorize the expense for you.
You'll also have the option to import credit card transactions and combine them with receipts to scan for deductions.
Expensify is great because it saves time from entering information manually. It also makes sure that all the data is captured correctly so there are no mistakes when filing taxes at year-end. It's fairly easy to enter an expense, select a category, type the dollar amount and submit it.
The mileage tracker feature can record how far you've traveled for the Standard Mileage Deduction. All these features can be accessed from your Android or IOS mobile phone as well as a web browser.
However, users complain about how duplicate charges are flagged by the Expensify app. Sometimes folks have multiple expenses for the same dollar amount from the same company. Users have also complained about the mobile app being buggy when they take a picture for receipts and the company being overly promotional for their Expensify card. That is why many folks search for Expensify alternatives.
Overall, the app can help you simplify expense reports and easily help you get reimbursements for expenses.
If you are looking for a smooth interface to track and record your receipts, Zoho Expense is a useful tool. You'll be able to easily record monthly expenses and mark items for reimbursement.
The app is fairly simple to set up. You can use the tool without heavy training.
Users of this app complain about the reporting functionality. They say it is too clunky. For example, to record an expense, you'll have to attach it to a report which can get tiresome or difficult. The app also does not auto-generate receipts for expenses over $75.
Also, many user reviews have stated they hate having to take a photo with their phone and constantly send them to themself. After they do this, then they will be allowed to download as well as upload them. Constantly having to snap a photo and data entry can be a pain.
The app is not too expensive though. You won't burn a hole through your wallet using it.
This receipt scanner app is a great tool for categorizing and organizing credit card receipts.
If you are looking for cloud-based accounting software, then Freshbooks is best for you. It's best not just because it offers a free trial but also because of its simplicity and ease-of-use which will help any small business to record their expenses without the headache of learning an accounting software package that has hundreds of features.
On top of managing your expenses, you can pay invoices.
While many apps offer scanning capabilities, the best and simplest are often those that do not require any additional software to be installed on your device or computer. This is especially important if you have an older model iPhone or iPad with limited storage space as well as a small battery.
Freshbooks has a:
Users have stated, however, that the mobile app can be too expensive for what you are allowed to do on the app. Especially if you have a lot of clients or want to use their add-on options. The price can quickly add up.
Put simply, this software can scan receipts, and get the job done. You don't need to be a professional accountant to use it.
Wave accounting is a great app to track business purchases. People save a lot of time using this app because it is really easy to use.
Since storage is online on the cloud, you can easily access it from any computer. Not to mention, the app easily integrates with other popular accounting tools and apps.
Evernote is a great receipt scanning app to help you scan receipts and organize your deductions for tax time. Many small business owners love this app's expense tracking feature because it is so easy to use.
The app is great at organizing purchases as well as tracking revenue. It stands out because of how easy it is to use, and its variety of features make this app a great choice for anyone who needs to store receipts or wants an accurate way to track their income.
Evernote is one of those apps with a lot of features.
QuickBooks is a receipt scanner app and more. We'd recommend this app for small business owners that have more medium-sized.
This app can help simplify your accounting. You can easily take a photo of your receipt as well as connect your bank account/credit card statements. QuickBooks will automatically scan your bank account, categorize your deductions and spit out an expense report for you to download.
Not to mention, QuickBooks allows you to track your receipts in real-time and provides good accounting reports.
People who use this receipt management tool, complain about a lack of professional support as well as system crashes. The data is oftentimes not automatically backed up, which can lead to the loss of important receipts. Check out our full list of alternatives to Quickbooks Self-Employed.
Seriously, the amount of cash you can save by downloading one of these apps is enormous. Tracking receipts have never been easier.
When tax season rolls around, just create expense reports of all your receipts, fill out your tax form and file your taxes with the IRS. It is really as easy as that. We hope this guide has helped you make an informed decision about which best receipt scanner to purchase.
A verbal contract (formally called an oral contract) refers to an agreement between two parties that's made —you guessed it— verbally.
Formal contracts, like those between an employee and an employer, are typically written down. However, some professional transactions take place based on verbally agreed terms.
Freelancers are a good example of this. Often, freelancers will take on projects having agreed on the terms and payment via the phone, or an email. Unfortunately, sometimes clients don't pull through on their agreements, and hardworking freelancers can find themselves out of pocket and wondering whether a legal battle is worth all the hassle.
The main differences between written and oral contracts are that the former is signed and documented, whereas the latter is solely attributed to verbal communication.
Verbal contracts are a bit of a gray area for most people unfamiliar with contract law —which is most of us, right?— due to the fact that there's no physical evidence to support the claims made by the implemented parties.
For any contract (written or verbal) to be binding, there are four major elements which need to be in place. The crucial elements of a contract are as follows:
Therefore, an oral agreement has legal validity if all of these elements are present. However, verbal contracts can be difficult to enforce in a court of law. In the next section, we take a look at how oral agreements hold up in court.
Most business professionals are wary of entering into contracts orally because they can difficult to enforce in the face of the law.
If an oral contract is brought in front of a court of law, there is increased risk of one party (or both!) lying about the initial terms of the agreement. This is problematic for the court, as there's no unbiased way to conclude the case; often, this will result in the case being disregarded. Moreover, it can be difficult to outline contract defects if it's not in writing.
That being said, there are plenty of situations where enforceable contracts do not need to be written or spoken, they're simply implied. For instance, when you buy milk from a store, you give something in exchange for something else and enter into an implied contract, in this case - money is exchanged for goods.
There are some types of contracts which must be in writing.
The Statute of Frauds is a legal statute which states that certain kinds of contracts must be executed in writing and signed by the parties involved. The Statute of Frauds has been adopted in almost all U.S states, and requires a written contract for the following purposes:
Typically, a court of law won't enforce an oral agreement in any of these circumstances under the statute. Instead, a written document is required to make the contract enforceable.
Contract law is generally doesn't favor contracts agreed upon verbally. A verbal agreement is difficult to prove, and can be used by those intent on committing fraud. For that reason, it's always best to put any agreements in writing and ensure all parties have fully understood and consented to signing.
Verbal agreements can be proven with actions in the absence of physical documentation. Any oral promise to provide the sale of goods or perform a service that you agreed to counts as a valid contract. So, when facing a court of law, what evidence can you provide to enforce a verbal agreement?
Unfortunately, without solid proof, it may be difficult to convince a court of the legality of an oral contract. Without witnesses to testify to the oral agreement taking place or other forms of evidence, oral contracts won't stand up in court. Instead, it becomes a matter of "he-said-she-said" - which legal professionals definitely don't have time for!
If you were to enter into a verbal contract, it's recommended to follow up with an email or a letter confirming the offer, the terms of the agreement , and payment conditions. The more you can document the elements of a contract, the better your chances of legally enforcing a oral contract.
Another option is to make a recording of the conversation where the agreement is verbalized. This can be used to support your claims in the absence of a written agreement. However, it's always best to gain the permission of the other involved parties before hitting record.
Fundamentally, most verbal agreements are legally valid as long as they meet all the requirements for a contract. However, if you were to go to court over one party not fulfilling the terms of the contract, proving that the interaction took place can be extremely taxing.
So, ultimately, the question is: written or verbal agreements?
Any good lawyer, contract law firm, or legal professional would advise you to make sure you formalize any professional agreement with a written agreement. Written contracts provide a secure testament to the conditions that were agreed and signed by the two parties involved. If it comes to it, a physical contract is much easier to eviden in legal circumstances.
Freelancers, in particular, should be aware of the extra security that digital contracts may provide. Many people choose to stick to executing contracts verbally because they're not sure how to write a contract, or they think writing out the contract terms is too complicated or requires expensive legal advice. However, this is no longer the case.
Today, we have a world of resources available at our fingertips. The internet is a treasure trove of invaluable information, platforms, and software that simplifies our lives. Creating, signing, and sending contracts has never been easier. What's more, you don't have to rely on a hiring a lawyer to explain all that legal jargon anymore.
There are plenty of tools available online for freelancers to use for guidance when drafting digital contracts. Tools like Bonsai provide a range of customizable, vetted contract templates for all kinds of freelance professionals. No matter what industry you're operating in, Bonsai has a professional template to offer.
A written contract makes the agreement much easier to prove the terms of the agreement in case something were to go awry. The two parties involved can rest assured that they're legal rights are protected, and the terms of the contract are sufficiently documented. Plus, it provides both parties with peace of mind to focus on the tasks at hand.
Bonsai's product suite for freelancers allows users to make contracts from scratch, or using professional templates, and sign them using an online signature maker.
With Bonsai, you can streamline and automate all of the boring back-office tasks that come with being a freelancer. From creating proposals that clients can't say no to, to sealing the deal with a professional contract - Bonsai will revolutionize the way you do business as a freelancer.
Why not secure your business today and sign up for a free trial?