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IQBoxy – Receipt Tracker App Review

August 2, 2016 by Deb Howard Greenleaf

IQBoxy Review by Greenleaf AccountingApril 2018 Update: IQBoxy has rebranded as Veryfi. You can now find them at www.veryfi.com!

 

I think I’ve fallen in love! I’m an app addict at heart and love to try new tools and gizmos, but IQBoxy is an expense tracking app that really blew me away. It really comes close to being the ideal receipt management app that I’ve been seeking. At $5.99 per month, it’s affordable, easy to use and remarkably accurate. Read on to find out more details on this awesome app.

 

So many ways to collect receipts!

 

There are seven — count ‘em — seven ways to get receipts into IQBoxy. In addition to snapping a picture with your smartphone, you can forward email receipts to your custom IQBoxy email address or upload receipts with your computer. With a feature called the Reverse Cloud Sync, you can also pull in receipts from your Dropbox, Box.com, Google Drive, Evernote or OneDrive account. They say you can collect receipts with your Apple Watch, too, though I still don’t understand how that would work. You can also dictate your expense into IQBoxy, which will at least remind you of the expense if you didn’t get an actual receipt. Lastly, you can pay a little extra to snail-mail your receipts to IQBoxy on a monthly basis using their “Monster Bag” service.

 

I tried both the photo and the email approach. The forwarded email took about 3-4 minutes to show up in my IQBoxy account and it was perfectly categorized. Snapping a photo took a bit of tweaking to get the right angle, but once I had the entire receipt in the frame it worked like a charm! In real-time, IQBoxy used its OCR magic to “read” the receipt, pulling off the Vendor, date and amount with ease.

 

As a bookkeeper for small businesses, my first two questions were about integration and archiving.  IQBoxy connects with QBO, Xero, FreshBooks and QB Desktop. Connecting IQBoxy with QBO was extremely easy and quick, with the process broken down step by step within the app. In about a minute, I had connected IQBoxy to QBO and set up my default expense account and payment account. Syncing a new receipt was just a matter of selecting the correct expense account and payment account and clicking the “Upload” button. The expense is created in QBO with all of the information that you entered and the receipt is attached to the expense in QBO. I’m in nerdy bookkeeping heaven! My only complaint is that there does not seem to be a way to select the vendor from the QBO vendor list. In my trial, I’ve already created a duplicate vendor for “usps” in QBO, because I had the QBO vendor name as “US Postal Service.” Perhaps this improvement will be available in future updates!

 

With the helpful Rules in IQBoxy, you can simplify the categorization of expenses even further. For example, you can choose that all expenses from USPS are categorized as Postage Expense. I have to say, I love these automation features!

 

My other major requirement for a receipt management app is the ability to back-up or archive the receipts outside of the app. I was thrilled to see that IQBoxy can be synced to Dropbox, Evernote, Google Drive, MS OneDrive or Box.com.  Once you connect your IQBoxy account with Dropbox, for example, all of your receipts are copied to your Dropbox folder for backup storage. Brilliant! For an extra bonus, IQBoxy also sends a monthly report to your Dropbox folder, listing a summary of the month’s receipts. Did I mention how much I’m loving IQBoxy??

 

For the small business owner looking to manage all of those loose receipts, IQBoxy comes close to being the perfect receipt management app. At $5.99 per month, you may never have to round up those little paper receipts again and you’ll be able to sleep well knowing that you have all of expenses organized and archived. One less thing to worry about!

 

Have a question about IQBoxy? Leave a question below.

Deb Howard Greenleaf
Deb Howard Greenleaf

Deb Howard Greenleaf, EA, CEO and Principal, of Greenleaf Accounting Services provides virtual accounting and bookkeeping services and specializes in financial management to consultants, coaches, solo professionals, and other small business owners across the US. Deb is an Enrolled Agent (EA)—an IRS-licensed tax professional—and specializes in small businesses and entrepreneurs filing Schedule C or as an LLC. As an Advanced Certified QuickBooks ProAdvisor, Deb spends her day in QuickBooks Online and specializes in providing QBO support.

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