Is Expensify Right for My Business?

All business owners and bookkeepers know the headache of sorting through receipts and the nightmare that expense tracking can create.

Creating expense reports takes a lot of time and, if not done right, can cause expensive mistakes. Time is money. Consider the time it takes an employee to submit expense reports. That is time they could be doing something else for the business. 

If you want to be more productive and push your team to reach milestones and KPIs, you need them to use the right tools.

Expensify can save companies 50% of the time they spend on expenses – according to their site – and that’s time better spent growing your company.

If you’re searching for a platform that can help make managing your expenses faster and easier, you may want to consider Expensify.

What is Expensify?

Expensify is an app that helps companies create more efficient business processes. It makes the process of turning in expense reports faster and easier. As a result, tracking and managing expenses is also an easier process.

Expensify works seamlessly with some of the most used options for accounting software. This handy app allows you to do real-time reporting and tracking of your company’s spending and helps track where your money is really going.

Expensify is used by 10,000+ businesses, according to their official site. Automating expense management is a main reason to use the platform, which has big-named brands using it, such as:

• Stripe
• Xero
• Square
• Rocket Mortgage

But, you can even use Expensify for your own expense management or if you have a team of 1 – 10+ employees.

What is Expensify Used for?

Expensify allows you and your employees to use the Expensify mobile app to easily capture receipts, track spending, and record expenses. 

With a single click, employees can create and submit expense reports, which, depending on company policy, go straight to approval or land in an administrator’s inbox for manual review.

The old way of expense reporting, tracking, and reimbursement requires saving receipts, manually categorizing expenses, filling out spreadsheets, manual approval, and then usually writing a check. Using Expensify is a way simpler and more efficient process.

Features include but are not limited to:

• Advanced spend management: You can use Expensify for business or personal use. But for business, you can manage expenses, invoices, vendors and even spot trends all in one tool.
• Receipt tracking: Scan receipts using your mobile device and have it automatically recorded for you.
• Bill pay: Quickly and easily approve payments and set automated approvals, saving you time and resources every month. You can also use the dashboard to see what’s due and what’s late to keep vendors happy to work with you.
• Invoicing: Rapid invoicing helps you receive payments faster. Auto-calculate your taxes, add other fees or apply discounts all within one easy to use tool.
• Travel management: If you take a lot of trips as part of your business, import all of the expenses into Expensify. You can even schedule flights and book accommodations.
• Expense reports: Approve or decline expense reports and any expenses that were sent to you for reimbursement. You can also reimburse employees in the local currency of over 190+ countries, so if you have an international presence, Expensify will help you grow your business even further.

Expensify can be used to manage all of your expenses in one central location, but it’s even more powerful when you integrate it into one of the leading platforms, such as QuickBooks, Sage, Gusto or Xero.

What’s Expensify used for? Everything if you connect it to one of the 45+ integrations they offer.

You can even leverage features in Expensify to remain compliant and streamline account auditing. For example, you can check all of your transactions against company policy or delete duplicate receipts.

And, you can also try a free trial of Expensify to see how it works for yourself.

We Can Help You Get Started

On the surface, Expensify looks to be a tool of convenience but used to its full capabilities, Expensify has features to be used as a dynamic accounting and strategic planning tool in your business.

If you haven’t already added Expensify to your accounting system, connect with us today! This priceless platform is extremely useful to any business, big or small. We can get you set up and provide you with the ongoing support needed to ensure you’re maximizing the use of Expensify. 

Schedule a complimentary consultation today. Let’s plan how to help you and your business grow.