Expensify Review: Is It STILL #1 for Business Expenses?

Now, let's look at 10 reasons why Expensify might be right for you.

0:26 Personal spend reimbursement

Reason number one, personal spend reimbursement. Expensify can be used for employees to submit expenses and be reimbursed directly from Expensify. Your business connects the bank account, the employee connects their bank account. You get the expenses, you review 'em and approve them and get the money back. You can also reimburse employees indirectly outside of Expensify as well.

0:46 Report review and approval

Number two, expense report review and approval. Expensify allows employees to create reports, submit, and then have a manager review and approve. Policies can be configured to flag expenses over a certain age, amount, or when they lack a receipt, making it easier for the approver to review.

1:02 Accounting software integration

Number three, accounting software integration. Expensify integrates with various accounting software including NetSuite, QuickBooks Online, QuickBooks Desktop, Xero, Sage Intacct, Microsoft Dynamics, and many more.

I'll speak directly to the QuickBooks Online integration, where Expensify imports the chart of accounts, customers, classes, locations, and items into Expensify. You can then use that data for employees to be able to categorize their expenses, and then you can also use Expensify to map their default categories to your chart of accounts, and it'll auto categorize so that your employees don't have to do that.

And finally, Expensify syncs back to your accounting software. So all of those transactions that have been coded to your chart of accounts come in nicely. No need for double entry.

1:45 Credit card import and automation

Number four, credit card import for personal cards. An employee can connect them and all transactions come in, so all they have to do is click and add those to an expense report.

For corporate cards, all transactions come in and they simply have to go through and add the justification for the spend, making it very automated.

2:04

Number five, expense reporting automation. Credit card connections automate bringing expenses into Expensify for a user. They can create expense rules so that the spending at the same vendor is automatically categorized every time. An automatic submitting of reports can be set up so that when a report is compliant with the policy, it simply submits and goes for approval.

2:22 Receipt capture

And with automation comes reason number six. Receipt capture. Expensify makes it easy to capture receipts with three options. You can take a picture with Expensify mobile app. You can send an email with a receipt to a specific address. And you can upload a file from your computer.

Smart Scanning will extract the vendor, date, and amount, and if you have a credit card imported, Expensify will match the receipt to the transaction, so you don't have to do that.

2:45 Cards, mileage, and what's next

Number seven, corporate card accountability. Many companies use Expensify to hold employees accountable for their use of corporate cards. Using the credit card import, receipt capture, and approval workflow I mentioned earlier, employees can submit reports for review and approval. This is a highly undervalued process that many businesses ignore, and Expensify facilitates this.

Number eight, the Expensify card. The Expensify card is a unique corporate card. It integrates with Expensify workflow so that employees are prompted to capture receipts when they do a transaction. They also must submit reports regularly to maintain a set limit on that card. It reduces the cost of Expensify for you when you use it for the majority of your spend. Benefits include 1% cash back on all spend, with 2% back when you spend more than $250,000 a month. There are also discounts with various partners, most of which are software.

3:34

Number nine, mileage tracking. You can use the Expensify mobile app, which uses your phone's GPS for real time mileage tracking. Or you can generate a mileage receipt within Expensify, where you put in two addresses and [unclear] the mileage that was used to travel there.

3:50

Number 10, Expensify is very user friendly. I would argue that Expensify has one of the most user-friendly expense management solutions of anything out there. And I would know. I've spent years in hotels, over a million miles on airplanes, and submitted hundreds of expense reports. With the easy receipt capture, credit card integration, mobile app and web interface, Expensify makes it really easy to submit reports for employees and easy to approve for managers.

Now, for the bonus reason. Expensify is moving to become a financial super app, with the ability to pay bills, invoice, and they're even looking to add payroll. So far, these features are fairly simple and ideal for very small businesses, but keep your eye on how these progress, because it could be a very interesting solution.

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