Expense management is essential for any business. However, it can be incredibly overwhelming to manage and track hundreds of records without proper expense management software in place —that’s where Expensify comes in.
Expensify is a comprehensive tool that enables you to keep track of your business expenses and accounts simply and intuitively.
While there are many other expense management applications out there, most of them are very complicated to use and require many steps to sign up.
Expensify, on the other hand, is simple, user-friendly, and it does what it promises.
What is Expensify?
Expensify is an expense reporting software that enables businesses to easily and quickly manage the expenses incurred over months or years through its real-time data and reporting processes.
The software automates expense reporting and tracking process right from making payments to the finalization of expense reports.
With Expensify, businesses can keep summaries of multiple accounts together with calendars ensuring transparency while various ratios, such as debt-to-income ratios, are balanced at the appropriate time. This extra organization can help prevent any unpleasant situations.
Moreover, you can use Expensify to track your travel expenses based on the distance covered or the amount of time spent on a given project. If you are traveling across borders, the application also allows you to convert currencies.
It also gives you a simple way to record expenses. For example, you can record expenses by the information provided through photos of purchase receipts.
How Expensify Works
Expensify doesn’t require you to enter any data manually. Everything is automated, from making payments or getting receipts to finalizing expense reports.
All these are made possible by the application’s robust features, mobile support, and excellent integration.
This functionality gives you an easy time managing your business expenses. You can also automatically integrate the software with various payment methods, including credit cards and bank accounts. Moreover, the application allows you to record purchases and deposits in real time.
With Expensify, it’s also possible to sync information with your smartphone so you can save transactions regardless of the device you are using.
This app also can handle many small business accounting tasks. For example, you can invoice customers for travel time.
It’s worth noting that Expensify’s invoicing feature allows you to create and send invoices even to clients who don’t have an Expensify account. You have the option of creating a new invoice or using an existing expense report.
The best thing about Expensify is that it allows for integration with most third-party invoicing and billing systems. You shouldn’t feel limited by the in-built tools.
Additionally, Expensify has GPS technology, which allows for the tracking of business trip expenses. You can track and record the miles traveled for virtually any kind of deduction or reimbursement.
Apps Integrated with Expensify
Some of the applications that Expensify can integrate with include:
- Uber
- Sane box
- Oracle
- Sage
- Microsoft Dynamics
- NexTravel
- Tripcatcher
- Egencia
- Scan snap
- Intacct
- Financial force
- Workday
- Trainline
- Netsuite
- Tsheets
- Travelport locomote
Expensify Key Features
Expensify has loads of features to ensure great user-experience and efficiency when it comes to managing and tracking expenses. Here’s a look at some of its key features:
- Credit card import – The application allows you to import your card transactions into the system for automatic receipt merging and coding.
- Unlimited receipt scanning – You can upload a photo of any receipt and Expensify will automatically transcribe its content and store it as long as you desire.
- Next-day reimbursement – The software allows you to reimburse expense reports as soon as the next day.
- Corporate card reconciliation – With the application’s real-time dashboard, you can manage corporate spend, review unsubmitted expenses, and confirm statement amounts in a single platform.
- Multilevel approval workflows – You can create approval workflows to ensure your business has more control over employee spend.
- GPS mileage tracking – Expensify app features a GPS tracking tool that allows you to log your mileage automatically from the beginning to the end.
- Delegated access – You can grant permission to your colleagues to create, approve, or submit reports on your behalf. You can also grant auditors review-only access to employee expense data.
- Advance tax tracking – You can sync tax rates from your accounting package. You can also set custom tax rates, codes, names, and defaults for various expense policies.
- Custom report exports – You can create custom reports that can be easily exported and used outside of Expensify.
- SAML SSO – You can grant your staff members, one-click access to their Expensify accounts through secure single sign-on providers.
- PCI-Compliant Security – You don’t have to worry about the security of your banking information. Expensify employs world-class security measures that meet Privacy Shield and GDPR standards to ensure the safety of your data.
How Much Does Expensify Cost?
Expensify offers three pricing plans:
- Team – $5 per active user
- Corporate – $9 per active user
- Enterprise – requires a quote
Let’s see what each plan has to offer:
Team Package
With this package, you get to enjoy the following:
- Online reimbursement
- Basic expense approval
- Sync with QuickBooks and Xero
Corporate Package
In addition to the features in the team plan, the corporate plan also gives you access to the following features:
- Multi-stage approval workflow
- Corporate card reconciliation
- Advanced policy enforcement
- Integrate with Sage Intacct, NetSuite, Dynamics, etc.
Enterprise
In addition to the corporate plan features, Enterprise also gives you the following:
- Custom business logic
- Full ERP integration
- Integrate with SAP, Oracle, FinancialForce PSA, and Salesforce
- Dedicated Success Coach
The Pros and Cons of Expensify
The Pros
- User-friendly: The app is straightforward and intuitive. All you need to do is snap a photo of the receipt, and the software will handle the rest.
- Manageable: Provides an efficient way to keep your accounts in order, thanks to the valuable tools for tracking your expenses and importing the data to QuickBooks.
- Easy uploading: Once you make a purchase, you simply snap a photo of the receipt and upload it to the system, so you don’t necessarily have to keep hard copies of receipts with you.
- Affordable: The application is easy to use and comes with low-monthly charges that can be scaled as you add or remove users.
The Cons
- Timely: Some users have claimed that the process of taking pictures of receipts via the smart scan feature sometimes takes longer than expected.
- Default address: The mileage app doesn’t save a default address, so if you frequently use one address, you will always have to type it in for your mileage.
Bottom Line
Expense management issues can wreak havoc on your business if you don’t have reliable expense management software. Expensify is designed to prevent any detrimental expense management issues.
With this application, you can ensure transparency in record-keeping achieved by the fact that the app allows you to keep summaries of various accounts along with calendars.
With the calendars, you can also avoid detrimental financial issues as you have visibility on debt-to-income ratios and you can ensure they are balanced promptly.
If your business engages in lots of traveling, you will also benefit from Expensify’s robust tools that track travel expenses according to miles traveled.
In fact, Expensify is one of the most comprehensive travel tracking applications you can get today. You can also convert currencies and record the information if your business is involved in international traveling.
Above all, the app is loaded with features that make managing and tracking your expense a breeze.
