As its name suggests, Expensify is about employee expenses and capturing that information.
I remember working for a client that had a large number of external sales representatives, and every trip would end up with literal piles of travel expenses paid by cash and company-issued credit cards. Head office was particularly pedantic and insisted on having even the smallest expense recorded and scanned for irregularities.
The monthly reconciliation of expenses was not something I looked forward to, boy I wished I had Expensify back then, it would have made my life so easy, not to mention the sales reps (they hated it as much as I did).
So how does Expensify work?
Expensify works on a few very simple principles:
- Capture the receipts/expenses into Expensify
- Sort/match the information
- Employee gets reimbursed
You can capture the information in a variety of ways that are logical and very easy to use. The main points of capturing the information are via the following :
- Upload from your computer
- Mobile – take pictures with your phone and upload via the Expensify App.
- Email invoices/receipts directly from your email address
Credit Card/Bank Statement Import
A really useful feature built into Expensify is it allows you to import your credit card or bank statement and it will automatically match the expenses against the statement, which I think is really useful and saves an awful lot of time for month end reconciliations, especially when you have 20 plus staff members to deal with.
Another very useful feature is the mobile trip feature built into the app, it has the following features built into it:
1. Manage and access travel plans, including real-time flight updates.
2. Track mileage manually, using your phone’s inbuilt GPS or odometer readings.
3. Log and bill hours to clients using the built-in time entry feature.
I really like the features in the app, they are well thought of and really useful, for those company accountants that have to deal with this sort of thing on a daily basis, these simple, yet effective features are really invaluable.
Sort/Match the engine room
In the background, while you are working, logging in information via the mobile application, is an engine running that Expensify called Smartscanning this is the main OCR application that does all the hard work and with a bit of human direction is the power behind the add-on.
A normal scan takes approximately 20-30 minutes, but this in no way hinders your workflow as it does all this in the background and lets you know when the scan is complete and requires your attention.
Employee gets reimbursed
Expensify gives you a lot of administrative control for those larger organisations that have strict internal policies for employee expenses. You can set up rules for approval and have them automated, report history with digital signatures and full audit trails.
Employees can have there reimbursements made via direct deposit, PayPal or integrated with your payroll to be disbursed later.
Expensify comes in three different packages.
Team – $5/User/Month
Corporate – $9/User/Month
Enterprise – Custom
With each incremental package, come more robust internal policies and integrations with ERP’s and higher end programs like SAP, Salesforce, etc.
I really like Expensify, it is very focused on what it is doing and it does so with ease. Each feature is well thought out and the real world application of the solution in my view is the measure of how good a solution is. Often solutions have features just to pack the software with a lot of features, that aren’t necessarily useful. Expensify is full of features that are very useful. It even has automated controls that eliminate duplicate expenses. How great is that!
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