Tech Tip: App Expensify Simplifies Expense Reporting for Business
For small business owners, managing costs and efficiencies is critical. Often, finding ways to simplify administrative processes and save time can mean the difference between a profitable and unprofitable quarter.
Enter Expensify, an online expense management application that can take the time (and tedium) out of expense tracking and reporting. Known for its user-friendly design and ease of use, this mobile app has continuously added features and design changes that make submitting expenses reports quick and easy!
Expensify for Employees:
For starters, Expensify can import expenses directly from registered credit cards and bank accounts, and use them to create financial reports – in this case, expense reports that employees can email to employers. This service, which is available as a desktop or a mobile app (available for the iPad, iPhone, Android, Windows Phone, and Blackberry), also allows employees to manually upload expenses and receipts to create expense reports (or upload them when offline to be stored until they have an online connection).
A really cool feature is Expensify’s SmartScan, which can extract the necessary information from images of receipts and create an expense report by simply scanning a receipt on your mobile device. Expensify’s Trips feature lets you file travel-related expense reports concurrent with booking trips.
Additionally, Expensify allows employees to track mileage (either manually or by using GPS), as well as time and taxes, and create expense reports for both. An analytics feature allows employees a simple way to read through report data over a chosen time period. All items can be noted as billable or reimbursable.
Expensify for Employers:
Employers can reimburse U.S. employees through ACH Direct Deposit, PayPal, or even Bitcoin using Expensify; up to a whoppping $20,000 per report! And that’s not all….
Expensify’s Invoicing feature allows employers to create invoices based on the billable expenses submitted by employees. Expensify can be integrated with many of the leading enterprise accounting systems. Additionally, employers have several different options for approving expense reports: Submit-Only, Submit & Approve, and Advanced Approval, depending on the firm’s process for submitting reports.
Expensify is available at multiple different levels – Free, Team, Corporate, and Enterprise:
The free mobile app person is great for the salesperson or entrepreneur wanting to track their reimbursable business expenses.
Simply scan, load photos of receipts, or manually enter and then ultimately generate a spreadsheet report of your expenses! The team version is good for businesses on a budget. This level costs a firm $5 per employee per month and affords purchasers unlimited SmartScans, online reimbursements, basic expense approvals, and the ability to sync one’s account with Quickbooks and Xero.
Corporate starts at $9 per user per month and offers all of the features of Team, as well as more synchronization options with enterprise accounting packages, and more advanced workflow and policy enforcement options, as well as corporate card reconciliation. Enterprise then expands on that and integrates with larger business ERP systems.
A simple solution to a longstanding business problem, Expensify aims to make expense management straightforward and affordable for employers and employees worldwide. Expense reports have never been easier!
Are you using a expense tracking app? Let me know!