Expensify vs Mint

Getting finances right, for individuals and businesses alike, can be quite challenging sometimes. It involves a lot of computations and even the smallest mistakes in calculating your earnings and expenses can put you or your business in trouble. As a result, many different money management software suites have been introduced lately, some focused towards helping business organizations, some for individuals, and some for both.

In addition to helping you keep track of your cash flow, money management tools are also capable of providing you with tips or guidelines from time to time to help you save more and lose less of your profits. Such tools can update you about the current status of your business or personal finance and also the forecasts of the future, which will enable you to improve the level of control you have on your personal financial aspects or that of your business. Money management software suites also deliver all vital visual displays, such as tables, graphs, charts, etc., quickly and accurately. For those of you looking for tools to manage your personal finances, there are tools that offer budgeting features as well.

Impressed by the many benefits you can attain from a professional money management software? Here are two you may want to consider.

Overview

Expensify

Founded with the purpose “to make expense reports not suck”, Expensify is an expense management service that is designed to help you every step of the way. When it comes to security, Expensify offers bank level security to make sure that all your data remain safe, and every time you enter data, they are encrypted immediately. It also fulfills the Payment Card Industry Data Security Standard (PCI DSS).

The expenses and receipts features offered by Expensify are highly powerful because they are designed to cater business organizations. It enables you to import your credit card and bank transactions and also lets you organize your business expenses into different categories. While it allows you to create charts and compare your expenses, however, the software does not offer budgeting or goal setting features.

For more information on the software, visit DiscoverCloud’s Knowledge Base here. 

Mint

Offered by Intuit, Mint is a web-based financial management service designed specifically for personal use. This software uses 128 bit SSL encryption that is used by many banks. Also, all its processes are overseen and verified by VeriSign and TRUSTe. With Mint as your money management software, you can categorize your expenses very easily. You can either choose from the different categories offered or create one on your own and all your transactions will be filed in the respective category by Mint.

While Mint offers several goal and budget setting features, it doesn’t offer invoicing, simply because it is designed for personal use and not for businesses.

Benefits

Expensify

• Supports more than 160 global currencies.
• Auto-categorizes expenses based on your company’s accounting policies.
• Enables customization of invoices.
• Enables receipt forwarding.
• The software’s app can be accessed offline.

Mint

• Offers over 20 notification options.
• Bank level security.
• Compatible with all smartphone platforms.
• Facilitates the process of budgeting based on your spending history.

Head-to-Head Matchup

Conclusion

If you are a business owner or entrepreneur looking for a service that can simplify and streamline your expenses and invoices, Expensify should be the best choice for you. Howbeit, if you need something that can help you set financial goals, and come up with a reasonable budget, Mint is what you should opt for.