Smith 
Managing expenses can be really tricky when you’re busy running a business along with handling all the administrative stuff. Receipts can easily get lost, you might forget to claim some expenses, and sometimes you can’t remember the exact amounts. Finding the time to manage all this paperwork can be overwhelming. But, Expensify is here to make things easier with automated systems that help you keep track of your expenses effortlessly.
What Is Expensify?
Expensify is a game-changing expense tracking software designed to simplify business management. It speeds up the process by automating suitable steps and integrates seamlessly into your workflow using smart optical character recognition and a smooth workflow system.
How Does It Work?
The main perk of Expensify is its ability to automate boring tasks, making the whole process quicker. With automatic receipt and expense management, your administrative team can focus on more important tasks.
Automated Features
One-Click Receipt Scanning
Receipts are often lost or damaged, but with Expensify, you just take a picture of the receipt. The software then automatically creates an expense report without any extra effort from you. Employees can send their receipts via the mobile app to an inbox where authorized personnel can easily approve or reject expenses without checking the entire report.
Company Card Reconciliation
Managing company cards is a breeze with Expensify. All transactions are automatically recorded and matched with the corresponding receipts, eliminating the need to manually go through each piece of paper.
Automatic Approval Workflows
Getting necessary approvals can be a bottleneck, but Expensify allows you to customize expense policy rules. The software can flag expenses needing a manager’s review, like those above a certain amount or from particular areas, while smaller expenses such as a $10 meal can be automatically approved.
Administrator Privileges
Admins can set up automatic allowances and restrictions, like standard mileage rates, per diem charges, default hourly rates, currency, and category limitations. For example, the app can limit how much can be spent on hotels or client entertainment.
Automatic Accounting Sync
Expensify can sync changes made in your accounting system in real-time, providing continuous clarity on your company’s finances. This feature is incredibly valuable during audits and tax filing.
Identify Violations
The system can quickly flag and identify any policy violations, helping relevant parties know if an expense is submitted late, breaks a rule, or needs verification.
Integration
Expensify easily integrates with various other software that your business may already use. Some compatible integrations include Quickbooks, Sage, FinancialForce, Oracle and NetSuite, Microsoft Dynamics, Zenefits, Workday, Gusto, and more. It can also integrate receipts from services like Uber, Trainline, and Hotel Tonight.
Plans
Expensify offers two main plan categories: individual and group, each with different features and benefits.
Individual
- Unlimited Receipt Uploads
- Unlimited Smart Scans
- Next-Day Reimbursement
- Bank and Credit Card Import
- Free Mobile App
- Track and Search Expenses
- Share and Submit Expenses
- GPS Mileage Tracking
- Duplicate Expense Detection
- Expense Rules
- Per Diem
- Tax Tracking
- Copilot: Delegated Access
Group
- Tax Tracking
- Complete Visibility for All Admins
- Expense Approval
- Vacation Delegate
- Corporate Card Reconciliation
- Multi-Layer Approval
- Custom Approval
- Implement Expense Rules and Restrictions
- Custom Export Options
- Custom Fields
- Accounting Codes
- Single Sign-on
Free Trial Period
Expensify offers a seven-day free trial, which can be extended up to 28 days if you add employees or use additional features. You are also entitled to five free SmartScans per month on the free account before needing to upgrade for more access. You can opt for an annual subscription or flexible billing to better control your account and features.
The Bottom Line
Keeping track of expenses is crucial for any business but can eat up a lot of time. Chasing costs and receipts, dealing with approvals, and managing restrictions can divert attention from other important tasks. Expensify provides a practical solution by automating tedious tasks, setting limits on claims, and flagging any issues that arise. This makes expense management smoother and less time-consuming, allowing you to focus more on running your business. Investing in Expensify could be a great way to streamline your business operations.
