What is Expensify?
The journey of the Expensify software started with the idea of creating a helping hand for needy people without using direct cash gifts. David Barrett founded it in 2008 as a concept of card reporting. His initial expense-reporting concept has now expanded to real-time expense reports. Further, Barrett’s idea was accelerated by the introduction of smart receipt scanning technology.
Expensify is a cloud-based expense managing software that, offers a wide range of facilities including paying bills, generating invoices, collecting payments, planning trips, reimbursement etc. Even though Expensify is a subscription-based service, more than 10 million people use its free features. Its customer base is ranging from individuals to the most prestigious companies. Most importantly, it was listed on the Nasdaq index in 2021 and won the User Favourite award at Accountex Conference.
Services offered by Expensify
1. Expense Management
Expensify simplifies the expense tracking and managing process by laying the groundwork for accounting. Users can scan their receipts instantly with the help of Expensify receipt scanner and SmartScan will collect all the relevant data. It also enables users to import credit card transactions and to create customized multi-level approval workflows to get a thorough review of the expenses. Further, advance tax tracking, (synchronize tax rates, customize tax details) duplicate detection, delegated access features will increase its value in the accounting aspect.
2. Expensify Card
Expensify card comes with a slew of advantages. Members can get cashback offers depending on their spending. It offers a business credit card, which has no joining fee or annual fee. Most importantly, customers can start to use the cards and benefits without waiting for long hours. Further, it generates IRD-guaranteed eReceipts for expenses, which are over $75.
3. Invoices
Companies can automate the invoicing process without spending additional costs. This automation will create a seamless data extraction. Its different payment methods and mass invoicing features will reduce the complexity and save time. All the invoices can be linked to accounting software like Xero, QuickBooks and ERP systems like Oracle NetSuite. This connection will give instant updates about the status of the invoices. Further, it simplifies the communication between customers by providing a comment section.
4. Bill Pay
SmartScan will reduce human intervention by automatically extracting useful information. Expensify enables companies to avoid processing delays and to keep an eye on paid and unpaid bills. Further, it is a secured software, which facilitates automated approvals and payments.
5. Travel
Apart from providing basic services such as booking tickets, making hotel reservations, Expensify also focuses on providing medical advisory services, emergency transportation and health assessments at no charge. Services are provided in accordance with rules & regulations in the companies and by considering personal interests and preferences as it used by both individuals and companies. Further. Expensify provides transparent & detailed information on all expenses incurred during the travel.
Integrations
Expensify has built integrations with a lot of widely used applications and software including Accounting and Finance software, Enterprise Resource Planning software, Human Resource managing platforms, Practice managing solutions, Receipt integrations with ridesharing companies & tax integrations etc..
These integrations allow users to code and synchronize expense-related transactions into Accounting & Finance software and ERP systems according to relevant tracking categories. Continuous and automatic data synchronization will maintain the consistency between Expensify and expense reports while displaying real-time data.
Companies can eliminate or remove unnecessary manual work and steps in the workflows by creating Expensify accounts for new employees. Further, these accounts will always maintain the latest approval workflows by removing former members.
These integrations allow users to easily track, manage and report expenses related to Uber, Lyft rides and Grab business rides.
These integrations allow users to easily track and manage parking slots, airport parking slots (The Parking Spot, ParkWhiz) and last-minute hotel reservations with Hotel Tonight.
Expensify & Accountants
Expensify CPA card is a corporate card specially designed to address the challenges and issues faced by accountants in their day-to-day activities. Accountants can easily obtain an Expensify CPA card by simply using Expensify card in their firms and completing Expensify training and certification program, which is offered by Expensify approved University. Expensify approved University provides a vast amount of knowledge to reap maximum out of Expensify, expense management software and continuous support.
Further, Expensify CPA cardholders and their firms can enjoy a wide range of benefits including,
- Free membership in AICPA (American Institute of Certified Public Accountants)
- Free state-by-state CPA certification renewal
- Free CPA cards for the accountants’ firms
- Instant approval facility
- Offers a high credit limit
- Two-way synchronization with accounting software (Mirroring data)
- Offers virtual cards for merchants and many more.