As a small business owner, freelancer or even just a person, you’ll notice keeping track of expenses is a nightmare. From receipts to invoices, there’s always something that needs to be organised properly.
That’s where Expensify comes in – a complete expense management software that simplifies the process of tracking expenses and streamlines the way you manage your finances.
In this review, we’ll take a closer look at Expensify, its features, and how it can benefit small business owners, freelancers, and employees even.
What is Expensify?
Expensify is a cloud-based expense management software that helps you track your expenses, manage receipts, and automate expense reports. It’s an all-in-one solution that simplifies the process of expense management, saving you time and money.
And let’s admit it, everyone wants to lighten this burden. Hence we present you the features next.
The software has several cool features which are dead-useful. We think everyone should own a piece of them to make lives easier.
Expensify’s receipt tracking feature makes management easier by automatically importing receipts from various sources, including emails, credit cards, and bank accounts.
You don’t have to scramble around to find a missing receipt or trying to remember what you spent on that business trip months ago. With Expensify, all of your receipts are in one place, easily accessible, and fully searchable.
Oh, and if you prefer to manually add receipts, you can do that too. Simply snap a picture of the receipt with your phone and add it to your expenses. Easy?
Generating expense reports is easy with Expensify’s simple and customisable report generator.
You can customise your reports to include specific expenses, categories, and time periods, making it easy to track and see where your money is going.
With just a few clicks, you can generate a comprehensive expense report that is easy to read and share with your team or accounting department.
Expensify also allows you to set up policies and rules.
This is especially helpful for your employees, ensuring that all expenses are submitted in compliance with your company’s policies. With this feature, you can customise the approval process, set spending limits, and create specific rules for certain expenses or categories.
This sort of thing not only helps your employees understand what expenses are reimbursable, but also helps you maintain control over your company’s spending.
Expensify can integrate with your company’s corporate cards, automatically importing transactions and reconciling expenses.
This feature, as you can tell, eliminates the need for manual data entry, saving time and reducing errors. Plus, the reconciliation process ensures that all expenses are accurately accounted for, and that there are no duplicates or fraudulent charges.
Something we all want now.
Their mobile app is a game-changer for expense management on-the-go. With the app, you can track your expenses from anywhere, at any time.
You can take a picture of a receipt and add it to an expense report right from your phone, eliminating the need for tedious paperwork. Plus, the app syncs with your account in real-time, so you can always stay up-to-date on your expenses.
App is available on both iOS and Android though it was hard to fish around for this bit of info on their website! Odd!
Expensify integrates with a variety of accounting software, including QuickBooks, Xero, and NetSuite.
This feature allows for easy transfer between systems, reducing the need for manual data entry and minimising errors. And, with it’s integrations, you can streamline your accounting processes, making expense management even easier.
In addition to these core features, Expensify offers a number of other useful tools, such as:
- Mileage Tracking: To track your mileage using your phone’s GPS, making it easy to accurately report your mileage expenses.
- Next-Day Reimbursement: Offers next-day reimbursement for expenses, giving your employees peace of mind and allowing them to focus on their work instead of worrying about their expenses.
- Invoice Management: Manage your invoices to make it easy to track outstanding payments and stay on top of your accounts receivable.
- Free Plan: Expensify offers a free plan for individual freelancers or small businesses, making expense management easier for everyone.
Overall, the features make it a complete expense management software that is user-friendly, customisable, and efficient. Whether you are a small business owner or part of a large corporation, it has the tools you need to simplify your expense management processes and save time and money.
Now what does it cost?
Expensify offers a variety of pricing plans, including a free plan that includes up to 25 scans per month. This is enough for one person.
Paid plans start at $4.99/Month per user and includes additional features such as unlimited scans, integrations, and etc.
Benefits of Expensify for Small Business Owners
Expensify can benefit small business owners in a number of ways. We’re just gonna touch on these very lightly.
- Saving Time – It can save you time by automating the process of expense tracking and report generation. This frees up your time to focus on other aspects of your business.
- Saving Money – By automating expense tracking, you reduce the risk of errors ensuring all expenses are properly accounted for, in turn, help you save money in the long run.
- Streamlining Workflow – It can streamline the workflow for expense management, making it easier for you and your employees to manage expenses and generate reports.
- Improving Compliance – With it’s policies and rules, you can ensure that all expenses are submitted in compliance with your company’s policies. This helps you avoid costly mistakes and reduce the risk of fraud.
Benefits of Expensify for Freelancers and Employees
Expensify also benefit individual freelancers and employees in a number of ways, including:
Automating Expense Tracking – It can automatically track and categorise expenses, saving you time and reducing the risk of errors.
Simplifying Expense Reports – With it, you can generate expense reports quickly and easily. This makes it easier to get reimbursed for your expenses and ensures that you are properly compensated for your work.
Managing Receipts – It can help you manage receipts, ensuring that you don’t lose track of important documentation.
If you’re looking for an alternative to Expensify because this is somehow still not worth it, there are several other expense management software options available such as Xero Accounting, Freshbooks, Zoho Expense, Concur, Receipt Bank, and Abacus.
As you can tell, Expensify is a complete expense management software that offers a range of features to help businesses of all sizes manage their expenses more efficiently. From automatic receipt scanning to easy reimbursement, it offers everything you need to keep your business expenses under control.
If you’re looking for a powerful, easy-to-use expense management software, this is definitely worth considering. With its intuitive interface, robust feature set, and flexible pricing options, it is a great choice for businesses of all sizes. Whether you’re a small business owner or a finance team member at a large corporation, Expensify can help you streamline your expense management process and save time and money in the process.
So why wait? Sign up for Expensify today and start managing your expenses like a pro!