Are you one on the road most of the time and come back with tons of paper receipts and need to submit an expense report? Are you one of those who after every few days is emptying out your wallet of those paper receipts and trying to make some space? You are not alone then. However, you all have a simple solution that takes care of this issue.
Expensify (Expensify), a free app and web solution helps businesses and individuals manage and track all their expenses. This is the most basic functionality of Expensify. Most of the basic services offered by expensify are free though some advanced features are paid features.
There is a lot that Expensify offers apart from this basic function. Expensify supports over more than 160 currencies, automatically converts currencies and also takes care of international taxes such as GST, VAT etc. You can add cash expenses through email and SMS. Link and import all your cards – personal, business, or commercial to your expensify account and the information is transferred to your general ledger.
Saving all those paper receipts and entering them manually is now history through Expensify. It provides a simple solution where your take picture of your receipts which are scanned to your Expensify account automatically. Its SmartScan feature inputs the information from the receipt and matches it with the expense. All information is in the system without entering it manually. And you don’t need to save all those paper receipts! Get more information here.
If you are one on the road most of the time then you have the mobile expense feature of Expensify at your disposal. You can create and edit expenses on the move be it sitting in your car or at the airport. You can enter your travel time and your mileage – either enter distance, take a picture of your odometer or make use of your phone’s GPS. And for your convenience, Expensify provides you with flight alerts as well as based on your itinerary you get an automatic expense report too.
Additional features provided by Expensify includes the ability to use it even in offline mode. This is an useful feature for air travelers when the phone is on airplane mode. Another option with receipts is that you can email your receipts from anywhere and Expensify will scan it and put it in your account. If you have to bill your clients for time, this feature too is available. Just log in the hours and bill the clients through Expensify’s time entry feature.
Dealing with myriad of receipts means there are chances when you may misplace or lose receipts. In such scenarios you don’t have to fret for receipts under $75. Expensify generates eReceipts for any transaction under $75 through their bank and credit card import. All eReceipts adhere to IRS regulations. All you have to do is sync your card with Expensify. This will not only help in generating under $75 eReceipts but also pull other expense transactions to your Expensify account.
While eReceipt is a great feature provided by Expensify it has its limitations. The transactions are not itemized so it becomes difficult to know whether an item is for food or for travel. There are employers who may have a cap on how much can be spent per person in a group or there are employers who would have policy certain policies about alcohol expense. This can be an issue for non-itemized items.
More on other features, Expensify also allows you to integrate with accounting software packages such as QuickBooks, Xero, Intacct, Dynamics, NetSuite, SalesForce and Financial Force. Through Expensify you can also integrate with other software solutions such as payroll, CRM or ERP solution. Depending upon the solution you are using, it allows for integration of information, helps in transfer of information, and in report generation.
Preparing expense reports can be tedious and time consuming. Not anymore with Expensify. It generates reports based on category of expenses such as food expense or travel expense. You can label your expenses in the report and also add comments. The report also shows all the receipts attach to it as well as depicts a chart that provides you with a detailed breakdown of expenses. The reports can be saved in PDF format or can be emailed to managers.
Whether you are non-profit organization or you are a consultant or a startup, Expensify helps simplify things by taking care of your expense reporting, reimbursements and it works as a major time saver.