Home Save Personal Finance Expensify Review | Simplified Expense Tracking

Expensify Review | Simplified Expense Tracking

0
0

Keeping track of expenses can be difficult when you are trying to juggle running a business with all of the administrative tasks that come with it.

Receipts can get lost, claims forgotten, and amounts misremembered. Finding the time to dedicate to expenses is difficult, and it is easy to get overwhelmed by all of the paperwork.

Expensify is an easy way to help you stay on top of your expenses with automated systems where necessary to make the whole process smooth and easy to use.

What is Expensify?

Expensify is a revolutionary expense tracking software package built to streamline your business management.

It helps to speed up the process, automating all of the steps which are suitable, and it can integrate seamlessly into the work schedule of the user, using reliable optical character recognition and a flawless workflow system.

How Does It Work?

Expensify LogoThe primary benefit of Expensify is its ability to automate tedious tasks, speeding up the process.

The whole receipt and expense management process can become automatic, leaving your admins free to complete more pressing tasks.

Automated Features

One-Click Receipt Scanning

Receipts can easily be lost or misplaced, or become damaged and difficult to read.

Expensify’s system allows you to take a picture of the receipt, then it will automatically submit an expenses report without you having to enter any additional information or effort.

Employees directly send their receipts via the mobile app to an inbox, and a party with the correct authority can quickly accept or reject the expense without having to see the whole report.

Company Card Reconciliation

Company cards can be easily managed from a central location; all card transactions will automatically populate, with every transaction reconciling against the corresponding receipt without the need to spend hours poring over each piece of paper.

Automatic Approval Workflows

One of the critical issues with expenses is getting the authorization of the necessary parties to proceed. However, in general, these people are often the ones who are hardest to get hold of, making the entire process unnecessarily drawn-out and painful.

Expensify offers the option for administrators to customize the expense policy rules for their particular company.

Expensify can be configured to flag any expenses which need a managers review automatically. For example, those over a certain price or from a specific area.

Everything else, such as a $10 meal or $3 coffee, can be automatically approved, saving valuable time and effort.

Administrator Privileges

As well as automatically authorizing requests, admins can also set up other automatic allowances and restrictions, such as standard mileage rates, per diem charges, default hourly rates, currency, and category limitations.

For instance, the app can set limits on the amount which can be spent on hotels or client entertainment.

Automatic Accounting Sync

If a change is made within your accounting system, it can be challenging to make sure the update is transferred and recognized across all systems.

With Expensify, you can automatically synchronize any changes in real time.

This allows for constant clear visibility into the finances of your company, which could be hugely valuable come audit and tax time.

Identify violations

Since the system knows what to expect, and is fully briefed on what expenses to accept and reject, any policy violations will be immediately flagged and identified.

This tells the relevant parties whether an expense has been submitted late, violated a rule, or a fact needs to be checked.

Integration

A key feature of Expensify is its ability to integrate easily with a variety of other software programs which may already be used in your business. Compatible integrations include:

  • Quickbooks
  • Sage
  • FinancialForce
  • Oracle and NetSuite
  • Microsoft Dynamics
  • Zenefits
  • Workday
  • Gusto
  • Greenhouse
  • T Sheets

The software is also able to successfully integrate receipts from a range of businesses such as:

  • Uber
  • Trainline
  • The Parking Spot
  • Hotel Engine
  • Hotel Tonight
  • Lyft
  • Parkwhizz
  • Airplus
  • TravelPerk
  • TripCatcher
  • ScanSnap
  • Spot Hero

Plans

Expensify splits its plans into two main categories: individual and group. Each of the two plans offers 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

As a bonus, Expensify allows you to try their services for free for seven days, and this trial period can be extended for up to 28 days if you add employees, or use some of the other available features.

You are also entitled to five SmartScans a month on the free account, before upgrading to access more.

Expensify even offers the option of an annual subscription or flexible billing, allowing you to be more in control of your account and the features used. This trial period allws you to pick the best package for your company’s needs.

Should You Use Expensify?

Pros

  • Integration: Allows for integration with a variety of different applications, systems, and services to ensure smooth and seamless use
  • Data: Expenses can be tracked on miles traveled or hours spent on a project, allowing for more accurate and useful data
  • Free trial: The free trial gives you plenty of time to try out the software and decide whether it is the right fit for your company
  • Environmentally sound: Allows your business to go paperless, offering a more eco-friendly solution and workplace
  • Synchronization: Allows synchronization with cards, meaning that all transactions can be pulled into a report easily with no need to manually enter data
  • Automation: Automation of almost every feature enables you to speed up the process of tracking, recording, and approving expenses

Cons

  • Tax functionality: Lacks the ability to support taxes as a separate line item
  • Mobile uploads: There have been some reports of issues with uploading receipts from phones, meaning that additional documentation may be required to verify expenses.
  • Upfront planning required: Must be used precisely as trained and directed, or else it can result in financial irregularities later on which can be challenging to resolve if the event in question was several months ago.

In Conclusion

Expenses are an essential element of business, but unfortunately, they can end up taking up far more time than desired.

Chasing costs and receipts, approving and rejecting requests, and confusion over restriction and limits can all eat away into valuable time which could be focused elsewhere in the business.

They can also cause a headache when it comes to tax returns, as important documentation is missing, leading to delays and frustration in an already stressful process.

Expensify offers a solution to help automate and track expenses while fitting in effortlessly with existing software and procedures.

It takes care of some of the most tedious and time-consuming tasks, such as auto-approving smaller amounts, setting limits and restrictions on what can be claimed, and instantly flagging any violations or confusions that occur, allowing the relevant departments to deal with them more effectively.

If you’re looking for help streamlining your business Expensify is definitely a worthwhile investment.

The post Expensify Review | Simplified Expense Tracking appeared first on Good Financial Cents®.

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *