In the immortal words of Benjamin Franklin, "In this world, nothing can be said to be certain except death and taxes." I happen to think Margaret Mitchell said it better in her classic book Gone With the Wind: "Death, taxes and children! There's never any convenient time for any of them". While everything from bank statements to credit card bills are going paperless, we still save our receipts faithfully every time we make a purchase so we can prove our expenses to Uncle Sam when tax time comes around. This can really add up to a lot of paper for busy real estate professionals, who are constantly on the go. Say goodbye to those shoe boxes stuffed with receipts. Now, there's Expensify.
Expensify is a free virtual recordkeeper for all your real estate business receipts. To sign up, simply type in your email address. Download their mobile app to your iPhone, Blackberry, Palm or Android so you can quickly scan your receipts and upload them into your account. You can organize your receipts into categories and create reports for quicker reimbursement from your real estate company or for your accountant. You can link your Expensify account to your credit card to make organizing even easier. Expensify also integrates with QuickBooks. You can even record mileage into your Expensify account to keep track of how much distance you actually traveled for showings, listing appointments, lunches with clients, etc.
The IRS recommends that you save all documentation pertaining to your taxes for at least three years after filing in case you get audited and have to prove your expenses. It is even longer for a business. Receipts can become yellowed, faded and hard to read after a while. Scanners like the NeatDesk organizer cost $400. Get rid of the shoe boxes full of receipts and keep money in your pocket with the free virtual organizer Expensify.
Originally posted on my Real Estate Support blog here: http://real-estate-support.com/2012/08/free-virtual-receipt-organizer/.
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