What are the best receipt apps for streamlined receipt management in Australia? It depends on how many people will use it, the platforms you need to integrate with and your budget.
Here, we break down the five best receipt management apps — and give insight into which will suit you best.
What is a receipt app?
A receipt app is software that lets you easily record and manage receipts in the cloud — it's also one of the best ways to store receipts. Depending on its functionality, the app may also extract information and pre-fill your bills to simplify your bookkeeping processes.
What features should you look for in a receipt management app?
What features you should look for in a receipt management app depends on your needs, but these are the most common:
Receipt scanning
Optical character recognition (OCR) technology scans receipts and extracts key data for processing, reducing the need for data entry.
Expense categorisation
Expenses are automatically organised into categories, such as office supplies, travel, entertainment and more, so users can track their expenditure.
Cloud sync and backup
Data is synced across multiple devices and backed up to the cloud so expense data is securely stored and easily available when required.
Integration with accounting software
Integration with accounting software like MYOB to accurately track expenses while minimising data entry and the risk of keystroke errors.
Expense reports
Customisable expense reports are easy to generate and share, and are available in various formats.
Multi-currency support
Easily convert between currencies.
Advanced security features
Data encryption protects sensitive information and secures login options.
Search and filter options
Quickly find specific receipts or expenses.
Mobile accessibility
Mobile apps both both iOS and Android devices.
Access management
Roles and permissions control access to financial data.
Add notes and reminders
Record details for more accurate categorisation.
Top 5 receipt management apps in Australia
The top five receipt management apps in Australia include MYOB, Thriday, ATO myDeductions, QuickBooks and Zoho Expense.
1. MYOB Capture app — Best to use with MYOB accounting software
MYOB Capture App scans and saves receipts and invoices, then pre-fills them — so you don't need to keep paper copies.
With advanced machine-learning capabilities built in, you may be able to drastically reduce your business management tasks. By maintaining accurate records, you may get a clearer picture of your spending while making sure you claim every reimbursable expense.
To capture key data, simply load the app onto your iOS or Android device and take a picture of the receipt.
Advanced security features, such as data encryption, protect sensitive information and provide secure login options. You can also set roles and permissions to control who has access toy our financial data.
This will feed directly into your MYOB accounting software. The key benefits and features of MYOB Capture App include:
Scan as you go to on-charge and claim every dollar
OCR technology automatically enters the receipt details and categorises your spending in your MYOB accounting software. Add notes or reminders and switch between currencies if you need. Properly recording every transaction means you never miss a deduction in your tax return and minimise your tax bill. If you're spending on behalf of a client, one click automatically adds the transaction to their invoice.
Keep a handle on your spending
With every expense properly recorded, you'll always get a real-time view of your cash flow and spending. This insight gives you a clear picture of your spending, making it easier to stick to your budget and improve your forecasts. Easily generate customisable expense reports in various formats and use the search function to quickly find specific receipts or expenses.
Streamline tax time
With your receipts stored centrally and matched to transaction, you simplify tax time — no need to search through boxes of paper receipts. It also means you're fully prepared if your business undergoes a tax audit.
Sole operators
If you're a sole operator, the Solo by MYOB app will be your perfect fit! Simply snap a picture of your receipt and watch the important details autofill into the app. You can track all of your expenses in one place while automated expense categorisation keeps you ATO-ready and error free, so you're always ready for tax time.
Securely connect your bank accounts
Solo smart-matches your bank transactions with invoices and expenses – no more manual work, just review and approve.
Take payments on the spot with Tap to Pay
Tap to Pay uses the latest technology to let you take in-person payments instantly. Available on Android and iPhone, with the ability to accept payments from physical debit and credit cards, Apple Pay and Google Pay.
Create and send invoices directly from your phone
Create professional invoices in seconds from the Solo by MYOB app – you can also apply your logo and brand colours. You can send your invoices by email, text or WhatsApp and check who has (or hasn't) paid.
2. Thriday Receipt app — Best to use with Thriday accounting software
The Thriday Receipt app uses automation to simplify your financial management, while data encryption and secure login options help protect sensitive information. Other benefits include:
Receipt scanning
Simply take a photo to upload receipts and automatically enter details into Thriday software.
Mobile accessibility
Use the iOS and Android mobile apps to photograph receipts on the go.
Expense categorisation
Thriday will automatically organise expenses into categories, removing much of the manual work from the reconciliation process.
3. ATO myDeductions - Best for individuals
The Australian Taxation Office (ATO) app includes the myDeductions tool to help individuals and sole traders manage their deductions and income records. Companies can't use this tool. Benefits of the ATO myDeductions app include:
Automatic integration with myTax
As an ATO app, myDeductions automatically integrates with myTax to pre-fill your tax return. This makes it easier for you or your tax agent to lodge at tax time.
Record and categorise expenses on the go
Add and categorise expenses as they happen from your iOS or Android device.
Data checks
The app highlights incomplete entries so you don't for get to add key details.
4. QuickBooks receipt scanner app - Best to use with QuickBooks accounting software
Intuit's QuickBooks receipt scanner app automatically uploads receipts to QuickBooks, or you can upload receipts manually.
Receipt scanning
Take a photo of your receipts, then upload it. The software will extract the details and import them into your QuickBooks software.
Simplified bookkeeping
The software automatically categorise expenses and matches receipts to spending, reducing the need for manual reconciliation.
iOS and Android apps
Use the QuickBooks receipt scanner app from your mobile device on the go.
5. Zoho Expense - Best used with Zoho CRM
Zoho Expense's robust feature set and integration capabilities make it especially suitable for larger businesses already in the Zoho ecosystem. Encryption and access management help protect sensitive data and other benefits include:
Receipt scanning and expense categorisation
The app for iOS or Android uses OCR technology to extract data from scans of paper receipts. The software then automatically organises transactions into categories. Users can add notes and reminders as they go, too.
Record deductions directly
Integrations with Zoho CRM means the app uploads details to record deductions immediately. You can also convert between currencies when you need.
GPS point-to-point mileage tracking
Automatically generates expense claims for mileage. Approval workflows include a comments function.
Best receipt app FAQs
Why is receipt management important?
Receipt management is an important part of financial tracking, reporting and budgeting. Keeping track of your spending means you can manage your cash flow to stay within budget. Receipt management ensures you accurately record your expenses, so if you're ever audited, it's easy to prove that your spending is legitimate.
Is it worthwhile investing in a good receipt management app?
It's worthwhile investing in a good receipt management app. These tools let you record and store a copy of your payment receipt as soon as you receive it, mitigating lost records and inaccurate expense claims. Importantly, you also have proof of your purchases at tax time.
Is storing tax receipts a requirement for tax time in Australia?
Storing tax receipts is a requirement for tax time in Australia. Australian tax law requires that you keep records of all transactions related to your business for five years from the date you lodge your tax return.
Can receipt management apps digitise receipts as well?
Yes, receipt management apps can often digitise receipts as well. They use optical character recognition (OCR) technology to read the data on your receipt and put it in your accounting software.
Declutter your expense tracking
It's time to increase the accuracy and efficiency of your expense tracking with a receipt management app.
While there are many options, the MYOB Capture app will change how you manage your expenses. It's free as part of your MYOB accounting software - choose your plan now.
Disclaimer: Information provided in this article is of a general nature and does not consider your personal situation. It does not constititue legal, fianncial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You shoudl consider whether this information is appropriate to your needs and, if necessary, seek independent advice. this informaiton is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.