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Updated about 8 years ago, 10/14/2016

User Stats

93
Posts
30
Votes
Ashley Abramson
  • Wholesaler
  • Renton, WA
30
Votes |
93
Posts

Favorite way to keep track of receipts for taxes/expenses?!

Ashley Abramson
  • Wholesaler
  • Renton, WA
Posted

What is everyone's favorite way to keep track of receipts for taxes/expenses?! Having a hell of a time this year and would love some guidance for next year!

User Stats

31
Posts
5
Votes
Romel Aquino
  • Rental Property Investor
  • Alta Loma, CA
5
Votes |
31
Posts
Romel Aquino
  • Rental Property Investor
  • Alta Loma, CA
Replied

I use Expensify. Sign up for a free account  at Expensify dot com and find out if you like it.

User Stats

203
Posts
93
Votes
Bryan R.
  • Tacoma, WA
93
Votes |
203
Posts
Bryan R.
  • Tacoma, WA
Replied

I tried Shoeboxed for awhile, but found the UI not great for managing multiple projects from multiple entities. I think for someone with a simpler setup it may work.

Currently I just do Evernote and Quickbooks. It's clunky, but it works.

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User Stats

2,053
Posts
1,591
Votes
Daniel Hyman
Tax & Financial Services
Pro Member
  • CPA
  • Milwaukee, WI
1,591
Votes |
2,053
Posts
Daniel Hyman
Tax & Financial Services
Pro Member
  • CPA
  • Milwaukee, WI
Replied

Ashley Abramson have you tried Dropbox? You can sign up for a free account, download the app, snap pictures of the receipts with your phone, and save.

  • Daniel Hyman
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My Online Accountant
5.0 stars
70 Reviews

User Stats

93
Posts
30
Votes
Ashley Abramson
  • Wholesaler
  • Renton, WA
30
Votes |
93
Posts
Ashley Abramson
  • Wholesaler
  • Renton, WA
Replied

@Daniel Hyman Yes I use Dropbox already - maybe that is the simplest. I have heard Shoeboxed too.

User Stats

4,079
Posts
1,596
Votes
George P.
  • Property Manager
  • Livonia, MI
1,596
Votes |
4,079
Posts
George P.
  • Property Manager
  • Livonia, MI
Replied

2 ways... quicken property management. it's like excel, but presented better. tons of features and a cake compared to quickbooks

receipts - a portable scanner... everything gets filed in special hard drive under year, month, $xx - place of business - date. this way i can find every receipt in 2.6 seconds.

User Stats

10
Posts
4
Votes
Shelley Johnson
  • Indianapolis, IN
4
Votes |
10
Posts
Shelley Johnson
  • Indianapolis, IN
Replied

Xero has come out with a self employed version (think it is free or low cost)  that makes it super easy to swipe one way for personal and one way for business.  Accounts can be linked so transaction shows up automatically and you can attach a snap of the receipt for record keeping.  If your accountant is familiar with Xero then at year end they can also access so accurate tax planning can be done before the clock ticks away at year end.

User Stats

18
Posts
4
Votes
Tina Peters
  • Chico, CA
4
Votes |
18
Posts
Tina Peters
  • Chico, CA
Replied

I use propertyware.com. It's relatively inexpensive for what you get. It's property management all in one place. I can easily see expenses by category, by property, what asset each property may have along with its acquisition date and associated asset warranty. I don't have the time, nor am I that great at website building. Propertyware has it built in where you click on a unit for vacancy and it auto rolls out to various publish sites based on the predefined into you've populated.  When it comes tax time, everything is organized for you.

User Stats

7
Posts
1
Votes
Jason Wisniewski
  • Real Estate Investor
  • Fargo, ND
1
Votes |
7
Posts
Jason Wisniewski
  • Real Estate Investor
  • Fargo, ND
Replied

Expensify all the way! I just signed up for the $5/month plan. I have been using the free version for almost 3 years. Upgraded to the paid plan to try out the Quickbooks Desktop integration.

User Stats

609
Posts
341
Votes
JR T.
  • Financial services executive
  • Frederick, MD
341
Votes |
609
Posts
JR T.
  • Financial services executive
  • Frederick, MD
Replied

We are using Buildium. You can scan paperwork to their cloud.

User Stats

44
Posts
27
Votes
Brett Weaver
Pro Member
  • Rental Property Investor
  • Loretto, TN
27
Votes |
44
Posts
Brett Weaver
Pro Member
  • Rental Property Investor
  • Loretto, TN
Replied

A big +1 for Expensify.  I really like the images included at the bottom of the automatically generated expense reports. 

If / when I start using an online property management application I will probably use any functionality that they provide to keep everything in one place.  

  • Brett Weaver
  • User Stats

    14
    Posts
    1
    Votes
    Jack Beach
    • Investor
    • Nashville, TN
    1
    Votes |
    14
    Posts
    Jack Beach
    • Investor
    • Nashville, TN
    Replied

    Expensify.

    User Stats

    3,635
    Posts
    4,364
    Votes
    Natalie Kolodij
    Tax & Financial Services
    Pro Member
    • Accountant
    • Charlotte, NC
    4,364
    Votes |
    3,635
    Posts
    Natalie Kolodij
    Tax & Financial Services
    Pro Member
    • Accountant
    • Charlotte, NC
    ModeratorReplied

    Accountant pro tip: For the love of everything don't give your CPA documents still in envelopes or stapled. I have literally had to spend over an hour just removing staples before. ...and firms charge you by the hour to do your taxes. 

    Excel, software, organized stacks of receipts. Any of that I can knock out quickly. 

    Another thing that takes a lot of extra time....is if you give documents, and your own printed summaries. But they don't match. I'd rather you not give me a summary than me have to double check everything on your summary after finding a mistake. 

    That's just my input from the other side of the desk :) 

    business profile image
    Kolodij Tax & Consulting
    0.0 star
    0 Reviews
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