Time to catch on?
If someone came to you and offered you the chance to get a return of £250 from a spend of £18, guaranteed, without a visit to the bookies then justifiably you might be a little sceptical – the old “if it looks to good to be true” probably springs to mind. If it was an accountant making the offer then you might be even more dubious what sort of scheme was involved.
Having long since been a convert to cloud based accounting systems, I have spent the last few months reviewing and trialling some of the complementary apps that can feed into your cloud based system. I initially looked at the apps on the basis of saving time and therefore creating an opportunity cost benefit (where you get to use the time on something more productive). This has led me to be an official partner of both Xero accounting system and the Receipt Bank app – both prevalent in the market today and so my focus here is one you may not be aware of.
Tripcatcher – can offer just the returns highlighted above as well as the opportunity cost benefit of saving time and hassle.
There are also a number of other apps that will do similar things – Expensify is a notable player in this space and another I would recommend.
So – what is it all about and how do you derive the benefit?
The app is a simple tool designed to capture mileage on business journeys, using either a GPS tracker or simple data entry – which then provides a simple feed into both Xero & Receiptbank. This allows capture of mileage expenses and a track of miles claimed to date in the specific tax year to ensure the right rate is used. All this can be done in real time or whenever convenient without the need for any sort of spreadsheet or other data capture.
The benefit is then driven from the simple calculation of the VAT that can be reclaimed on the trips logged in the system with no further calculation required. It is the VAT that is often overlooked when claiming mileage – and it would only take 15,000 business miles or thereabouts to drive the £250 return. Imagine a salesforce of 10 on the road and the benefit starts to get significant.
If you don’t believe me – have a look for yourself tripcatcher
As I say, there are a number of apps that will perform similar functions and I have no great affiliation here to tripcatcher – it happens to be the one I use and is straightforward and simple and a classic “no brainer” of a decision for me.