American Express OPEN and Intuit have partnered up to launch ReceiptMatch with QuickBook, a cloud based system that lets small business owners reconcile credit card expenses directly from their smartphone.
The American Express credit card is fully integrated into QuickBooks, reducing the time it takes for businesses to match up receipts and expenses. ReceiptMatch uses a combination of web based software in conjunction with a smartphone app that is available for iPhones and Android devices.
How it works
Business owners synchronize their online American Express account with their QuickBook account, and download the smartphone app. They take a picture of the receipt using the app and once it’s in the system ReceiptMatch will match it up to the charge in their account.
The expense can then be tagged with the company’s QuickBooks categories or customer/ job codes directly from the mobile app or via their American Express online statement. Before syncing the information users can review it to make sure it’s correct, and then send the data directly to QuickBooks.
Having more time for work and play
Over two-thirds of business owners report that reconciling their monthly expenses takes up a big chunk of their time and prevents them from taking care of more important business issues, according to the Small Business Expense Management Survey commissioned by American Express OPEN and Intuit.
Respondents also indicated that being freed up from this task would mean having more time to grow their business by spending additional time with customers (35%) and marketing their enterprise (33%).
A quarter just wanted more time off.
Using apps is not new to business owners, with 81% saying that they already use a wide range of technology driven tools to manage their businesses. The rest use an old school approach to keep track of their expenses.
The 2014 Small Business Expense Management Survey was conducted between February 28 and March 7 and included responses from 1000 small business owners and managers of companies with less than 100 employees.