As a business owner, you want to make things as simple as possible, right? After all, why would you want to do things the hard way?!
When working on processes for accounting, it seems that sometimes there is no easy way to do things, especially when it comes to the dreaded end-of-the-month expense reporting.
If you can relate, we have good news for you! There is a solution to your problem, which is called Expensify!
Now you are probably asking, “what is Expensify used for?”
Great question!
Expensify makes it easy to track expenses, submit expense reports, pay bills, generate invoices, collect payments, and track mileage!
Are you ready to say “see ya later” to those piles of receipts you have shoved in your purse, dashboard, and drawers? If so, keep reading to see how Expensify can revolutionize your expense reporting!
What Is Expensify?
We mentioned above what solutions Expensify brings to the table in terms of expense reporting and more, but let’s dive into what Expensify is and how you can utilize it to streamline your pre-accounting process!
Expensify is a cloud-based platform or “app” that is designed to streamline the business expense process to save you time and money! According to a survey conducted by Expensify, users take 83% less time performing those expense reporting tasks by using their platform!
How long does it take you to perform your business expense reporting now? Just think about how much time you can get back by utilizing this advanced platform.
Oh, and did we mention that it is extremely user-friendly despite its advanced and intelligent technology? Once you set the processes like approval workflows and purchasing policies, it is smooth sailing from there. It can also be integrated with QuickBooks, so everything is compiled in one place.
There are quite a few different features of this platform so let’s take a closer look at some of these tips on Expensify and how to use it!
How Does Expensify Work?
Expensify is loaded with features that make expense reporting a breeze, including:
One-Click Receipt Scanning
This is probably our favorite of all the features that Expensify has. Remember how we talked about those receipts stuffed into purses and cars? That is now a thing of the past, thanks to Expensify on mobile. Going forward, as soon as you receive your receipt, you can open the SmartScan app on your smartphone, take a picture of it, and let the system do the rest! It automatically saves a copy of the receipt and uploads the important information into an expense report.
Expensify also offers a card that you can connect, and by using that, you can cut out the SmartScan process completely! Never having to scan, copy or find a receipt again? That is revolutionary.
Budget Setting and Workflow Approvals
You can automatically set what is approved for purchases on the card, as well as set a spending limit every time an employee sets out on a business trip. You can set limits on food spending, travel, and entertainment. The system even notifies employees after they upload their receipts to let them know how close to the budget they are.
Does your business need several people to sign off on a purchase to ensure that it falls under the company’s purchasing policies? If a purchase made on the card needs to be approved by several people, it will start a chain reaction and notify those specific people that a charge needs reviewing. This helps to avoid fraud and keeps an eye on purchases that truly should be reimbursed.
Apps like Expensify help you save a lot of time while also reducing the manual steps you need to take in your business. Instead of having to manually go through approvals or other workflows, Expensify will work with you to make the process as fluid and effortless as possible.
And, there’s also a credit card import feature that allows you to:
- Import business cards
- Import personal cards
- Automate receipt coding and merging
Corporate reconciliation is also built into the platform, which will allow you to review all of the unsubmitted expenses and confirm statements right from Expensify.
Mileage Tracking
If you or your employees travel in personal vehicles to different locations for your business, tracking mileage can be cumbersome. You’ve probably tried tracking it on your phone, using a spreadsheet, or other “organizational” methods to track your miles accurately.
The Expensify app’s GPS capabilities can automatically track your mileage from beginning to end of the trip and calculate the mileage expense for easy reporting.
Audit and Compliance
Duplicate receipts and transactions can quickly turn your books inaccurate. Expensify empowers you by offering duplicate receipt detection automatically, and you can even verify:
- Each transaction
- Exchange rates
- And more
PCI-compliance is also built-in, so you have peace of mind that your banking data is protected.
And now, Expensify uses AI-powered receipt auditing to ensure compliance. Their auditing services will automatically:
- Ensure exchange rates are correct
- Detect duplicate receipts
- Confirm that each transaction is accurate
It does all of this with the power of AI technology.
Integrations
Expensify syncs automatically with your accounting system, HR software and the rest of your tech stack to save you even more time.
Integrations include:
- QuickBooks
- Microsoft Dynamics
- Xero
- Gusto
- ADP
- ANZ
- Oracle
- Sage
- Zenefits
- Workday
- More
Customizable Workflows
Expensify empowers you to create custom approval workflows that align with your business’s needs. You can even customize your expense policy rules to flag certain types of expenses for review.
Want To Know More About What Expensify Is Used For? Connect With Redmond Accounting!
Work smarter, not harder! Here at Redmond Accounting, our goal is to help you work more efficiently, reduce errors in your accounting and prevent fraud within your business. The Expensify platform encompasses all 3 of those goals and is quickly becoming one of the most utilized accounting platforms in the small business industry. By integrating with QuickBooks, you can swiftly and accurately take care of all your expense reporting through this revolutionary platform.
That is why we included Expensify in our latest article, 3 Small Business Accounting Tips You Should Know.
If you are interested in learning more about how to add Expensify to your business, schedule a consultation and speak with one of our accounting technology professionals today!
