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We’ve looked at a lot of different expense tracking systems and found a lot of different ones, most of which are made to meet the needs of small to medium-sized businesses (SMBs). But from my own experience, I know that Expensify stands out because it meets the specific needs of bigger businesses and its monthly subscription starts at just $5 per active user. Expensify does more than just make processes easier; it also does a great job of integrating with other tools.
One thing that makes Expensify stand out is that it can easily integrate with other technologies, which is very important for making complicated processes easier. Its optical character recognition (OCR) technology makes sure that data extraction is reliable, and its combined workflow system makes scheduling easy and effective. The software also goes the extra mile by automating as much of the expense keeping process as it can. This makes things easier for users and more efficient.
What happily surprised me about Expensify is that it’s not only useful, but also fun to use. Its easy-to-use design and features make keeping track of expenses simple, even for people who aren’t very tech-savvy. Because of these great features, I think Expensify gets the our choice for best platform for tracking business expenses for medium and large companies. It shares this honor with other top performers, such as Certify and Rydoo. This shows how well it meets the complex needs of bigger businesses.
Expensify Specifications
Expensify has a number of different price plans to cater to the requirements of companies of varying sizes. The free plan includes unlimited receipt uploads, SmartScan, next-day reimbursement, import of bank and credit card information, and a free mobile app. Plans that require payment begin at $5 per user per month and offer extra capabilities such as the enforcement of cost policies, reporting, and integrations.
| Feature | Description |
|---|---|
| Expense tracking | Easily track expenses by snapping a photo of your receipt or manually entering the details. |
| Expense report approval | Create and submit expense reports for approval, and receive notifications when they are approved or rejected. |
| Reimbursement | Get reimbursed quickly and easily, directly to your bank account or company credit card. |
| Corporate card | The Expensify Card is a corporate card that automatically syncs all expense data with your Expensify account. |
| Vendor bill management | Pay and track vendor bills directly from Expensify. |
| Travel booking | Book travel and automatically create expense reports for your trip. |
| Expense policy enforcement | Set up expense policies to ensure that employees are following your company’s spending guidelines. |
| Visit Website |
What is Expensify?
Expensify is a potent tool that streamlines the process of managing expenses and keeping track of receipts. It syncs flawlessly with both Xero and QuickBooks, and it simplifies the entire process of pre-accounting for your business. Expensify’s one-click, real-time expense reports save countless hours of laborious manual data entry, allowing businesses to operate more efficiently.
Expensify review: Features
The features that are available on Expensify might vary greatly depending on the plan that you select; however, all plans include the option to upload an unlimited amount of receipts, the ability to share and submit expenditures, and the ability to give next-day expense reimbursement. An expense report is automatically generated whenever a receipt is scanned or uploaded into Expensify. Users have the choice to either immediately submit the report for reimbursement or add additional expenses before doing so.
All Expensify plans provide additional features such as GPS mileage monitoring, administration of per diem expenses, and the ability to import bank and credit card transactions. Expensify Card, Concierge Travel, Full Expense Report Approval, and the Assignment of a Vacation Delegate are some of the more advanced features that are available in the group plans (Collect and Control), which also include these options.
In spite of the fact that you will be required to subscribe to the Control plan in order to integrate Expensify with accounting software like QuickBooks Desktop, QuickBooks Online, Xero, NetSuite, Oracle, and SAP, you will still be able to export your Expensify transactions as a CSV file even if you are using one of the other plans. The following is an overview of some of the additional capabilities that are available in Expensify.
Expensify review: Smart Scan
Whenever a receipt is scanned into the SmartScan program, optical character recognition (OCR) is applied to it. This enables the application to quickly and easily extract any text that may be present on the scanned image. However, it is more advanced than simple software for scanning receipts in that it examines particulars such as the name of the merchant, the amount of the receipt, the date, and even the type of currency that was used.
After this, it compares the information that was extracted to previously collected data, such as a credit card charge, and then matches the two. In the event that SmartScan is unable to decipher the information on the receipt, it will mark it so that it can be entered manually. The mobile app is the primary location where SmartScan is utilized; however, it is also possible to use the feature digitally or by sending a digital copy of a receipt to receipts@expensify.com.
Expensify review: Ease of use
The Expensify primary entry screen makes all plan components easy to reach. The first time you log in, you’ll see a list of tasks to accomplish before using the app. After completing these tasks, use the left-hand vertical menu bar to access further options. Whether your expenses are receipts or manually entered, the expenses screen makes them easy to manage. An expenditure report is generated for each entry, which can be submitted for reimbursement.
Expensify also has a scheduled submit option, an auto-sync option for exporting to a third-party accounting application, and a manual reimbursement threshold that can automatically accept expenses under a predetermined threshold. Set category rules, policies, and flag submissions that violate them.
Finally, the Expensify Card or ACH payment option makes employee reimbursement quick and easy. Cardholders will get funds after an expense is approved. Click the blue icon at the bottom right of the screen to talk with the concierge if you get stuck in the app.
Expensify review: Pricing
How much does Expensify cost? The pricing seems pretty simple, but there are a lot of different choices, such as annual pricing, month-to-month pricing, bundled pricing, and unbundled pricing. Make sure you read the fine print on the Expensify pricing page. Expensify has four plans right now. The first two, Track and Submit, are for single users, while the Collect and Control plans are for small businesses with multiple users.
- Track is for people who run their own businesses and only want to keep track of their business costs. If you pay for the Track plan all at once, it costs $4.99 a month.
- Send: For people and small businesses that want to keep track of and send in their costs. When you pay for a year at a time, Submit costs $4.99 a month.
- Collect: Collect is for small businesses that want to automate the process of managing receipts. It will sync with your financial software automatically. The Expensify Card is also part of Collect. Collect starts at $5 a month per person if you pay for it all at once.
- Control: The Control plan comes with multi-level expense approvals for businesses that want to fully handle their expense reports, cards, and reimbursements. If you pay for control over a year, it starts at $9 per user per month, which includes the Expensify Card.
Final Words
After using Expensify, I can say it’s a versatile and useful expenditure control application. Expensify efficiently meets the demands of startups, freelancers, and fast-growing companies. The strong corporate features of Expensify set it apart from competing expense management solutions. QuickBooks and FreshBooks offer basic expenditure management, but Expensify goes farther, making it suitable for organizations needing full spending control.
Expensify’s free plans are unbeatable for individuals. Expensify outperforms QuickBooks Self-Employed for mileage monitoring, cost management, receipt preservation, and tax preparation. Expensify is essential for managing my expenses and staying organized, especially during tax season.
Expensify review: The Good and Bad
Expensify goes the opposite direction and targets large enterprises with complicated software integration needs, whereas the majority of our rivals in the expenditure tracking industry focus on small businesses. It performs admirably enough in this respect to win the Editors’ Choice distinction from us as well.
The Good
- Smart process enhancements make Expensify easy.
- Adds GPS mileage recording and automated reimbursements.
The Bad
- User interface has a steep learning curve.
Questions and Answers
Expensify has been an invaluable tool for our company, enabling us to more effectively and efficiently handle our business’s outlays of money. The user interface is really easy to use, and the reporting capabilities are excellent. On the other hand, we have experienced some difficulties with customer assistance, and the associated costs can be rather steep for larger companies.
Users of Expensify are given the ability to arrange travel, track their spending, pay bills, and issue invoices. In order to automate pre-accounting systems, this feature supports unlimited receipt scanning as well as mileage tracking up to and including next-day reimbursement. – Scanning of an unlimited number of receipts: Take a picture of any receipt, and Expensify’s SmartScan will automatically…