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THE PAPER TRAIL: 5 digital tools to manage your finances ahead of tax time

HPThe Paper Trail is a series aimed at helping you to get organised for tax time and the end of the financial year. It’s brought to you by HP OfficeJet Pro X, HP’s fastest inkjet desktop printer, featuring HP PageWide technology and delivering professional quality prints at up to half the cost of laser.
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If you’ve got an old shoebox full of faded, rumpled receipts, you’re going to have a bad time at tax time.

With a plethora of tech companies developing solutions to make our paper lives simpler, there are plenty of better ways to manage your tax affairs, and none of them involve ironing old receipts or scouring drawers full of old bills.

Here are five digital tools which make managing your tax affairs easier.

1. Level Money

is an app which tracks and calculates your income and recurring bills to suggest what your daily, weekly and monthly spending should be. It’s great for those who aren’t too good at figuring out how to budget as it does most of the heavy lifting for you.

2. Pocketbook

is an Australian-developed app which helps control and plan your budget as well as track your expenses which makes it simpler to claim them back at tax time. It also organises and categorises your expenses which makes reviewing them down the track simpler.

3. Xero

is a cloud-based accounting platform which links into your bank feeds and business books to give you a real-time overview of your cashflow position. It imports and categorises bank transactions, sends invoices and enables you to make expense claims, storing it all in the cloud and linking it up with your accountant so the tax time paperwork is minimised.

4. Expensify

is an app which simplifies the horrible work expenses process. It streamlines the way employees report expenses and makes the whole ordeal less of a hassle for those having to process the claims. You can automatically import card transactions and best of all you don’t have to type in receipt details.

5. Mint

is a personal finance app developed by US accounting giant Intuit. It gives you a real-time, complete overview of your finances including bank accounts and credit cards. Like Pocketbook, it also tracks your spending and alerts you when you reach a budget limit. It displays all the information in handy, colour-coded graphs and charts.

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