Expenses – they’re definitely not the business owner’s dream. Saving every receipt, tracking every mile, and desperately trying to remember if you used the right card! However, it’s important to get this right, especially with the self assessment deadline around the corner. One tool that we recommend to all of our clients is Tripcatcher. In this blog, we’re going to explain how this trip tracker can save you, your team, and your bookkeeper time and hassle.
What is Tripcatcher?
Tripcatcher is an app specifically designed to track business mileage. Business owners or eligible employees can log their journey, publish mileage expenses to their integrated accountancy system, and automatically calculate the appropriate VAT. The best feature, we think, is that Tripcatcher uses Google Maps to accurately track the total mileage. Users can also save favourite or recurring trips on the app, making admin easier and faster.
Why is having a “favourites” option so helpful?
Saving a location to your favourites allows you to track your mileage from any starting point to that location with ease. It’s a smart feature designed to save time, reduce data entry, and remove the risk of error. In fact, it makes it so much easier to keep an accurate mileage log!
The app also has a “recurring” journey tab, so trips that you make on a regular basis can be logged automatically. It’s great for individuals who make regular site visits, or work from a designated location each day of the week.
Where else can Tripcatcher make a difference in tracking your mileage expenses?
Two additional features make this app perfect for individuals to use (you can thank us later!)
- HMRC-
- For private vehicles, Tripcatcher uses HMRC recommended rates, enabling you to claim mileage for additional passengers and for the rates to adjust once you meet the 10,000 mile threshold.
- For company cars, the app uses HMRC advisory fuel rates which are also updated automatically for each vehicle type.
- For your peace of mind, these records are stored on your accountancy software. This comes in handy when it’s time to complete your expenses and tax records
- VAT- your business’ VAT bill is reduced when you claim back the VAT on the mileage claim for fuel. It automatically selects the correct VAT rate for the vehicle’s engine type and feeds this information back into your accountancy records. (For more information on how this is calculated, you can visit their website)
How can you make the best decision for your business?
When it comes to any new tools or software, the best thing to do BEFORE you pay for any subscriptions is to try them out. Of course, there are lots of solutions available, and not all of them will be relevant for your business. Here’s how we recommend making a decision:
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- Understand where your business is struggling for efficiency, or where there is room for improvement. You can do this from your own experience, or from a task management system (again, don’t get one unless you need it or intend to use it)
- Rank the level of impact this issue is currently having to decide whether you need to fix it
- Research the options available, and make sure you choose a couple of software packages that actually solve that problem. You might also set some criteria to help you choose i.e. does it integrate into my existing software? What is the running cost?
- Trial them out and see if it actually works (and whether you’re still using it)
- Purchase and enjoy!
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If you’d like more information on streamlining operations, tracking your expenses, or getting your business finances under control, please get in touch. In addition to bookkeeping services, we also offer administrative support. Together, we can find the best solution to keeping you in business.