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Why are there More Expense Tracking Apps for Xero than MYOB?

Less complicated accounting software, like Xero, connects better with mobile apps

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The robust nature of MYOB can make it harder to link with mobile apps that track your expenses and cash flow and the like.

WE RECENTLY PUBLISHED A blog examining the different expense tracking apps you can connect with Xero, MYOB and QuickBooks, but during our research it became clear that most expense apps integrate with Xero or QuickBooks, but not MYOB.

That’s not to say there are no expense apps that integrate with MYOB. There are. Receipt Bank is one, Squirrel Street is another, and there are probably a lot more on the MYOB marketplace (or add-ons page). Probably the best expense tracking application we found is ExpenseManager, and it only integrates with MYOB. Continue reading Why are there More Expense Tracking Apps for Xero than MYOB?

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Expensify, Xero and Your Retail Shop

Record retail inventory quickly

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Keeping track of expenses just got a whole lot easier.

IN A PREVIOUS POST we discussed how Expensify, an app which you can link to your Xero accounting software, can help businesses like yours’ keep track of expenses easily, accurately, and securely.

And while it’s a great expense app for professional services businesses or tradespeople, Expensify is also great for retail and online shops or hospitality businesses.

Input data and send to Xero

Shops and hospitality businesses require inventory or stock — and lots of it. But it results in an accounting and bookkeeping nightmare at the end of the month when it needs to be entered into Xero and then recorded against sales. Of course, we suggest business’ try to reconcile their transactions more regularly than just at the end of every month.

Take a photo of bills and invoices from suppliers and upload them to Expensify, which will input all of the data and then send it through to Xero.

Create expense reports

Online and offline retailers don’t have to worry about this too much unless they also produce their own products, but for cafes and restaurants that host functions or cater for events, separating the expenses directly related to those functions and events is an important way to track their profitability.

Automatic approvals cut bookkeeping time

By turning on the automatic approvals feature and setting expense rules, you can cut your bookkeeping time by having recurring or trivial expenses automatically approved and sent to Xero, so you can spend more time on the complicated ones that require closer inspection.

By keeping an eagle eye on your expenses using Xero and Expensify you’ll be able to see precisely where your business is most profitable and where it’s not so you can modify it accordingly.

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Our Xero training courses will show you have to track expenses in Xero and how to connect third party apps to your Xero account. We offer ALL SKILLS LEVELS for ONE LOW PRICE. Find out more.


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Financial Reporting with Expensify and Xero

How Expensify can link with Xero

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Are you deducting everything you could be? Perhaps you need an app to help you.

WE’VE TALKED IN THE past about what a life saver daily reconciliations can be, and why some businesses could benefit from reconciling their account daily, twice weekly, or at least, on a more regular basis than once a month.

The expenses your business incurs form deductions that reduce your taxable income, so making sure you’re recording them accurately — and then storing them securely too — is an important part of your business remaining compliant.

An online software program like Xero will enable you to enter your expenses and transactions; and you can also use an app to automate the process for you, like Expensify. Bank Feeds also make this task easier and enable you to work remotely from home. Continue reading Financial Reporting with Expensify and Xero