Expensify is a software platform you can use to manage your expenses, transactions and money in real-time. It integrates with lots of other main accounting packages as well.
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Expensify has a powerful set of tools to track your expenses based on the miles travelled or the amount of time spent on a particular project. For international travelling, you can convert currencies and easily allocate to different projects or clients. It offers a simple solution to recording expenses such as recording expenses by capturing receipts using your phone.
Receipts can easily be lost or misplaced, or become damaged and difficult to read.
Expensify’s system allows you to take a picture of the receipt, then it will automatically submit an expenses report without you having to enter any additional information or effort.
Employees directly send their receipts via the mobile app to an inbox, and a party with the correct authority can quickly accept or reject the expense without having to see the whole report.
Company cards can be easily managed from a central location; all card transactions will automatically populate, with every transaction reconciling against the corresponding receipt without the need to spend hours poring over each piece of paper.
One of the critical issues with expenses is getting the authorization of the necessary parties to proceed. However, in general, these people are often the ones who are hardest to get hold of, making the entire process unnecessarily drawn-out and painful.
Expensify can be configured to flag any expenses which need a managers review automatically. For example, those over a certain price or from a specific area.
Everything else, such as a $10 meal or $3 coffee, can be automatically approved, saving valuable time and effort.
As well as automatically authorizing requests, admins can also set up other automatic allowances and restrictions, such as standard mileage rates, per diem charges, default hourly rates, currency, and category limitations.
For instance, the app can set limits on the amount which can be spent on hotels or client entertainment.
If a change is made within your accounting system, it can be challenging to make sure the update is transferred and recognized across all systems.
This allows for constant clear visibility into the finances of your company, which could be hugely valuable come audit and tax time.
Since the system knows what to expect, and is fully briefed on what expenses to accept and reject, any policy violations will be immediately flagged and identified.
This tells the relevant parties whether an expense has been submitted late, violated a rule, or a fact needs to be checked.
A key feature of Expensify is its ability to integrate easily with a variety of other software programs which may already be used in your business. Compatible integrations include: