PROS / This app uses GPS to automatically track your miles when traveling.
CONS / This service cannot extract data from paper receipts.
VERDICT / Competing services offer more ways to enter expenses, but Taxbot is an easy app to use when managing business expenses.
With an attractive interface that is simple to use, Taxbot is a good solution for expense tracking. This tool makes it easy to keep track of business expenses, including mileage, from anywhere in the world using your laptop or phone. This business expense tracker is particularly motivating because it keeps a running tally of the potential savings you are accruing by documenting your deductible expenses.
Mileage tracking is simple with Taxbot. Using the mobile app and your phone's GPS capabilities, it takes only a couple of taps before your phone figures out where you are in the world and then starts logging your miles. At the end of a trip, another tap has the app tabulating your mileage – you don't need odometer readings or anything else. Taxbot calculates everything for you. If you forget to log a trip with your smartphone, or if you don't have a smartphone, you can log travel expenses after the fact using the online interface. You just need the beginning and ending addresses. Taxbot's Google Maps integration takes care of the rest. This is handy because you don't need to fiddle with odometer readings, even after the fact.
Taxbot is one of only a handful of expense management services that offers credit card integration. You enter your business credit card information and Taxbot begins logging your transactions with that card. When a transaction comes through, Taxbot verifies whether you already logged that expense when it happened. If not, it goes into a list of potentially missed deductible business expenses that you can review later. If you find a deductible credit card transaction was missed, you can move it over to Taxbot's running total. Taxbot will have automatically imported most details about the transaction, like date and category, but you will have the opportunity to add a few new details and attach a photo of the receipt if you want, in preparation for tax time. Taxbot integrates with 10,000 financial institutions, so it likely works with your business credit card.
There are a few minor features missing from Taxbot when you compare it to similar tools. Some expense trackers make it easy to incorporate emailed receipts for tax time – you can forward them and have the application read and extract dates and totals. Taxbot does not do that. Also, Taxbot does not extract data from a receipt for you or read receipts like some applications do. Even though you usually have to double-check all of that information anyway, we like apps that give you the option.
Business expenses can quickly get out of control when you do not have a records system in place. Taxbot can help you track and organize all your expenses, ensuring that you get the maximum tax refund possible. Taxbot is not the most sophisticated tool – it lacks a few capabilities we value, including the ability to extract information from paper receipts and the ability to integrate email receipts – but the essentials all are there in a very user-friendly package. With Taxbot, you can go into tax season with a few complete reports instead of a shoebox full of receipts.