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If there truly is a devil, he created two things: calculus and expense reports. Luckily, unless your chosen field is math, you more than likely won’t need or use calculus outside of a classroom. Expense reports however, are a different story altogether.
Many companies will reimburse their employees for expenses accrued on the job (food, lodging, gas, etc.), but many employees don’t take advantage of this opportunity simply because it is a pain to manage. Employees need to keep track of all of their receipts and mileage logs day-in and day-out. Not only is this a headache to keep track of on top of required work, but it is also nerve-wracking because a single misstep can cost money. Expensify aims to take the stress out of this process by offering a streamlined and simple-to-use service that will track your expenses for you.
Expensify was founded by David Barrett with the slogan “Expense Reports That Don’t Suck.” The slogan itself pretty much sums up what Barrett strives to do with Expensify: to make expense reports easy. Expensify first targeted small businesses with ten or less employees. Since its founding several years ago, the company has seen massive success with its flagship app and now has over 2 million users and works with over 300,000 companies, including major corporations.
How Does Expensify Work?
Expensify is available for anyone to use, but is mainly aimed at companies and their employees. For individuals the app is totally free and allows up to ten SmartScans a month (more on SmartScan later). For companies, Expensify offers a variety of packages based on the company’s individual needs: the Team package ($5 per month), the Corporate package ($9 per month), and Enterprise (refer to Expensify’s pricing page for a breakdown of the packages). The app itself is actually pretty easy to use. I used the version available for Windows, and I was treated to a minimalist, if not a little bland, interface that was simple to follow and easy to use. The app’s functions are divided into four tiles: SmartScan, Expense, Time, and Mileage. Time and Mileage are the most straightforward, allowing you to track hours worked and miles driven. Expensify even informs you how much you will be reimbursed for mileage through the app. Expense lets users enter how much they spent at any given location as well as comment on the expense. All three of these can be categorized and saved into one or more reports, which is great for staying organized and keeping all of your records in one spot.
SmartScan is a unique feature that separates Expensify from a majority of the competition. SmartScan allows you to take a picture of any receipt, and Expensify will process it into an expense and add it to your reports. It certainly takes the hassle out of manually entering it, but it may not be to everyone’s liking. It’s nice because users won’t have to keep their receipts (something this writer is particularly bad at). The big downside, though, is that I have noticed the app can take a while to process the image. It’s not a big deal in the grand scope, but I found myself constantly checking to see if the expense had generated or not. I also had to process one receipt twice because the expense returned saying I had spent $0…which was not the case.
Is Expensify Worth It?
Ultimately, yes. Even though I don’t personally benefit from all the features it provides, it is at the very least useful for keeping track of all the mileage and expenses I intend to use for tax write-offs. Businesses will benefit immensely from it because they will be able to process all of their employees’ expense reports directly from the Expensify website, which is also very minimalist and easy to use. Most of all, employees will enjoy it because it will take nearly all the hassle out of expense reports. If the devil truly did create expense reports, then Expensify is our holy water against them.