Apps Apps Apps - April 2021
Apps Apps Apps
Adding the right applications to your business can streamline operations, create efficient processes and save you time and money. But where to start? There are 1,000’s of applications out there, many solving the same or similar issues. Each month, we research, trial, and review dozens of applications; constantly searching for the ideal solutions for our clients. We have an internal rule that any application we recommend must solve at least three problems.
Each month, members of the MATAX team pick their favorite of the month. Here are the selections for April.
Dan’s Pick:
An expense and revenue recognition integration for businesses that are required to recognize unearned revenue or prepaid expenses on an accrual basis in the periods that services were provided rather than when the actual invoices & transactions occurred. Previously, accountants and bookkeepers would have to keep track of all accrual items manually (often in a spreadsheet) and then make manual journal entries to recognize prepaid revenue and expenses. Flowrev significantly speeds up this process and reduces human error by automatically calculating and posting the manual journal entries to the accounting platform.
It is worth noting that Flowrev currently only supports mapping expenses to a current asset account for prepaid expenses. There is no support in place yet for mapping accrued expenses to a current liability account.
Flowrev helps you by:
Saving time via automatic entries & calculations
Providing flexibility with different recognition methods (per diem, straight-line, balloon)
Improving accuracy with calculations and reducing human error and data corruption of large tracking spreadsheets
Prices range from $480 - $2,880 annually for businesses & $300+ annually for accountants and bookkeepers
Julie’s Pick:
A simple app that automates mileage tracking for professionals and freelancers. No longer do you have to track on a spreadsheet or print out Google Maps for backup.
The app works in the background on mobile devices, tracking your mileage from location to location – it doesn’t have to be manually turned on each time you want to track mileage.
Swipe left or right on the app to designate if its personal or business travel
Manual capabilities to add a ride memo or record parking and tolls
MileIQ’s web dashboard makes it easy to add a missed drive; pull detailed reports, and sync the data to accounting software such as Xero
Free up to 40 drives/mo, $5.99 per user/mo for Unlimited; Unlimited included in some Microsoft 365 subscriptions.
Cheng’s Pick:
SAP Concur is a spend management solution system.
Has A/P automation, employee reimbursements, and receipt management all in one application.
Allows businesses to set up approvals and policies for teams to follow.
Ability to connect to major travel companies (hotels, airlines, and car rental) directly to auto pull receipts when travel arrangements are booked.
Quickly email, upload, or use phone app to submit receipts.
Reimburse employees directly through SAP Concur via Expense Pay feature which allows for both ACH or checks.
Manage and reconcile business expenditures made through a range of company cards by connecting directly into Concur.
Integrates with Xero & QuickBooks and more robust applications.
Contact SAP Concur Sales to obtain pricing
For demos of these apps or additional info about discounts and extended trials, please reach out admin@mataxhq.com.