What is Expensify and how does it work?
Expensify is an expense management software that is widely used in the United States. It offers a web-based service that can be accessed using any computer browser or via mobile application. The software has features that are beneficial for individuals as well as businesses. It allows employees or users to upload receipts and request reimbursement for expenses incurred while on the job.
Expensify software records all expenses automatically, which helps in preparing reports based on projects, expense types, etc. With the help of the software, one can approve reimbursement directly without the need for a third-party money transfer application. The app tracks all expenses, such as food, travel, fuel, etc., and uses artificial intelligence to extract important information, such as the merchant’s name and date of expense, from uploaded receipts. Moreover, it allows users to download their respective expense reports.
Expensify software can be easily integrated with various applications like Xero, Workday, Intacct, and many others. The company has also partnered with several businesses, including Uber, TripActions, and Locomote, which enables users to automatically import expenses incurred while using these partner services.
Expensify software offers a wide range of features that help businesses manage expenses easily. It allows users to categorize expenses, set limits, and create custom expense reports. Additionally, it offers a feature called “SmartScan,” which is an AI-powered technology that extracts important information from receipts, such as date, merchant name, and expense amount, and populates them automatically into the user’s expense report. The software also offers an automatic mileage tracking feature that helps users track their business-related travel expenses.
Expensify Pricing
MONTHLY
YEARLY
Expensify Features
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- Card Spending TrackerAutomatically tracks the expense done using a linked debit or credit card.
- Multi-level ApprovalA sequential and thorough review process to approve expenses.
- Reconciliation SummaryA statement prepared to report total outstanding payments and receipts.
- Tax ClaimHelps with tax reclaim on expenses and maximizes the tax benefit of the organization.
- Bank Feed SyncCan sync with bank notification and fetch expenses to make entries in the record book.
- Receipt ScannerOCR (Optical Character Recognition) tool to scan and upload a paper receipt to make entries on the go.
- Receipt ManagementStore and manage receipts of the expenses incurred by the employees.
- Multiple Reporting CurrencyReports entries from different origin currencies in the native exchange rate.
- Spend ControlTo reduce spending and prevent unauthorized use by setting transactional control.
- Reimbursement ManagementHelps in managing employee expenses claims and regularize the approval process.
- Expense ApprovalManagers can review and approve expense reports. Expenses not in compliance are automatically flagged or rejected.
- Third-party IntegrationThird-party integration means addition of necessary external data to an existing project using different APIs (Application Program Interfaces). Due to the third-party APIs the developers are able to build a new solution in a shorter period of time, using already existing components instead of creating a code for new ones from scratch.
- Mileage TrackingFacilitates tracking mileage automatically and stop recording when a location is reached & it can produce IRS compliant reports
- Time & Expense TrackingTime and expense tracking is the process of recording and tracking hours worked and expenses as they relate to projects. Time and expense tracking may provide multiple timesheet and expense views, configurable work time, overtime, approval, and expense reporting policies to allow organizations to effectively collect and manage time and expenses based on their unique requirements. It enables companies to reduce errors, duplicate entries, and administrative overhead. It can also reduce the amount of time it takes to collect and report project data, manage timesheets and remote data entry.
Expensify Technical details
| Support | Online | Customer Type | Individuals Freelancers Large Enterprises Medium Business Small Business |
| API | Location / Phone Number | San Francisco, California | |
| Deployment | SaaS/Web/Cloud Mobile – Android Mobile – iOS |
Official Website | https://www.expensify.com |
| Category | Expense Management Software |
Expensify FAQs
Expensify is Expense Management Software. Expensify offers the following functionalities:
- Card Spending Tracker
- Multi-level Approval
- Reconciliation Summary
- Tax Claim
- Bank Feed Sync
- Receipt Scanner
- Receipt Management
- Multiple Reporting Currency
- Spend Control
- Reimbursement Management
- Expense Approval
- Third-party Integration
- Mileage Tracking
- Time & Expense Tracking
Here`s a list of the best alternatives for Expensify:
- Simplifi
- Quicken
- Concur Expense
- Quickbooks
- Divvy
Yes, Expensify provides API.
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