For most people, the end of the year means holiday shopping, decorating, parties and eating. But for real estate agents who are independent contractors, the end of the year also means there are some scary bookkeeping chores coming up quickly.
One of the oldest tips in the book is to track your expenses and receipts throughout the year for easier end-of-year reconciliation and tax time drama avoidance. But it’s one of those things we all know is easier said than done. When the going gets tough throughout the year, business gets busy and we have to let things go – all this record-keeping can easily get assigned to a shoebox (as in, we simply shove it in a shoebox and figure we’ll deal with it later).
That’s why I like the Shoeboxed receipt tracker and reader. It’s an app available for iPhone and iPad that puts a lot more organization into your receipt-tracking efforts without much work required from you. You can test it out for free with five documents (receipts) scanned per month, and sign on to a monthly plan that matches your volume needs if you like it.
It’s fairly simple to use the app: Just snap a picture of your receipt and it will extract the data and store it into a searchable online archive one day later.
What can you do with this data? You can export it to any type of file you may have for tracking your expenses: PDF, XLS, CSV. You can generate expense reports if you need to be reimbursed for anything. The app also integrates with Freshbooks, Evernote, Salesforce and many other tools for easy plug-in to organizational systems and apps you may already be using.
Check out Shoeboxed’s monthly rates at this link. And check out the free app and free trial period by downloading the app from the app store.
Tax time will be here before you know it. Make this the year you get it together ahead of time without sacrificing precious time in the process.
By: John Thompson, Intero Real Estate Services, Inc.