In today’s harsh financial climate it is more important than ever to keep track of all expenditure, whether it is a personal expense or for your company. Keeping financial records and understanding the correct VAT regulations can be extremely time consuming and can eat away at your time and money.

Using new technology to your advantage can be particularly valuable in such cases. ExpenseMagic, a new iPhone app, provides easy to use software to keep all expenses under control, for simple and easy management.

Through the app, the user can take a picture of a receipt and have all the relevant data captured for them by specially trained bookkeepers. Data such as totals, VAT amounts and Supplier names are captured and sent back to the users iPhone and can also be accessed through the users online account on ExpenseMagic. Data can then be exported to their accountants via both the iPhone and online, where a spreadsheet is automatically generated with all the relevant expenses for simple upload into accountancy software.

Taking pictures of receipts on the go ensures that users no longer have to worry about losing receipts, as they always have a digital copy stored for them. Users can ensure that they always get reimbursed, whilst companies are reassured that the correct VAT amounts are always captured so as to not miss out on any claims. As fully completed spreadsheets can be sent to accounts teams, accountants no longer have to spend precious time re-keying data and no longer have to worry about mundane bookkeeping tasks.

Best of all, the app is free to download. A token is needed to process each receipt and the account comes with 5 free tokens. After that, a bundle of 20 tokens can be purchased for £2.99, less than a cup of coffee! For businesses, corporate accounts can be created with additional expense management functionality. More information can be found on the ExpenseMagic website, www.expensemagic.com.