Employees of any business generate expenses (and a lot of them). Tracking, sorting, and organizing your expenses takes a lot of time — time better spent on more productive tasks. That’s where a digital expense tracking tool like Expensify comes in handy. Expensify ensures reimbursements and receipts are fast, reliable, and easy to track.
Expensify simplifies expenses by giving you one platform to handle everything. The platform can handle every task ranging from receipt scanning to financial reimbursement. Expensify’s automated receipt process saves you from the tedious process of manually entering receipt details. Simple one-click expense reports make expense accounting an absolute breeze.
All in all, Expensify is a fully-featured platform that takes a lot of the hassle out of traditional expense management. It’s a fantastic buy that saves businesses time, money, and energy — more on that below.
How is Expensify Used?
Expensify can track receipts and submit them automatically for reimbursement, all with the click of a single button. Simply use the Expensify app to take a photo of a receipt and relax as Expensify does the rest. The platform reads and codes the receipt, adds it to an expense report, then gives you the chance to submit it (and even accept a reimbursement).
Admins can configure Expensify to automate the reimbursement approval process. There’s plenty of flexibility with Expensify: some types of receipts (dinner charges, for example) can be reimbursed automatically from a pre-approved per diem. Other expenses—like an out of policy trip to Anaheim (where Disneyland conveniently sits)—can be flagged for manual review and approval.
Expensify also has an auditing tool powered by AI. The tool can detect double submissions, ensure accurate exchange rates, and confirm transaction accuracy. That way, you can ensure that you’re doing your expenses right and that you won’t encounter any unpleasant surprises down the line.
Who Uses Expensify?
Expensify is perfect for any individual (or business) tired of dealing with tedious, manual expense reports (hint: most of them!). It’s uniquely well-suited to track business travel expenses for team members and/or clients.
Of course, Expensify is ideal for people working outside the typical corporate ladder. Self-employed workers can use Expensify to simplify their receipt tracking. This helps minimize stress when tax season rolls around. HR professionals can use Expensify during the recruitment process to reimburse candidates. This is both convenient and impressive for candidates they are hoping to attract.
People who drive for work can use the solution to track their mileage via GPS. Those who travel for business can easily separate their work expenses and personal ones. Finally, admins can rely on the tool to make reimbursements a much quicker and less work-intensive process.
What To Love About Expensify
Expensify has a ton of features that deserve to be touted in any Expensify review. Expensify is designed to save its users a ton of time and energy. It also helps increase the chances of fast and full reimbursement. Some of the other great features of Expensify include the mobile app, many external integrations, configurable policy rules, and next-day reimbursement.
Expensify has a powerful mobile app that you can use anywhere, on-the-go. It allows you to capture, label, and file receipts. This makes it an especially convenient tool for managing your expenses if you travel or spend a lot of time working out of the office.
External Integration Functionality
You can use Expensify for simple expense tracking. However, it also integrates with other software and platforms to help make more aspects of your business convenient. Send payments with Bill.com, import receipts from Uber or Lyft, reimburse job candidates with Greenhouse, or automatically code your expenses with Microsoft Dynamics (and much more).
The more of your business you automate, the more time and energy you can save. And, of course, Expensify integrates seamlessly with Upside! All you need to do is connect your Expensify account with your Upside profile and business travel receipts will be processed automatically.
Configurable Policy Rules
Make sure that your company’s policy is complied with at every level of the app. You set your own rules, then Expensify will enforce them for you. This means it’s a program you can make work for your company specifically, and not a one-size-fits-all solution.
With Expensify, you can make employees and interview candidates happy by providing next-day reimbursements for submitted expenses.
What’s Not to Love?
We are big fans of Expensify and the ease it provides for expense tracking. Of course, no product is perfect.
You have to pay for nearly every version of Expensify, except for one that offers a very limited number of SmartScans. The free version of Expensify only offers users 5 free SmartScans per month. If you want to have the option to scan many receipts, you’ll have to pay for the more powerful version. This could be hard for those who have a very tight budget.
See What Others Say
Expensify is a popular platform for expense management. Many of its users have written online reviews of their experience using the tool. Real, firsthand accounts can help you make an informed decision about adopting the platform. Here are some of the most helpful reviews about Expensify:
PCMag: Senior level editors of PC Mag Barbara Krasnoff and Esther Schindler recently reviewed Expensify for PC Mag. They rated it “Excellent” (4.5 out of 5 stars), especially for organizations that need an expense management solution that integrates with a lot of third-party software options. They say some of the features make it really stand out, like GPS mileage capture and the exemplary ability to accurately read information on a receipt.
WorldSIM Travel Blog: In this review from WorldSIM Travel Blog, specifically geared towards people who do a lot of travel for business, reviewers praise Expensify for making life easier for professionals on-the-go. The only complaint they offered was that you have to sign in regularly, which can be a hassle when you want to snap pictures.
Vend, a global cloud-based point of sale and retail platform, opted to join the Expensify family way back in 2014. Though Vend started small, it rapidly scaled up and needed a fully-featured expense management system. Amy Cameron, a Vend executive, explained that Vend was “thrilled to discover Expensify” and that the software “keeps getting better and better.”
Try Out Expensify
Ready to get a handle on your business expenses after reading this Expensify review? Try Expensify for yourself.
Do you have any experience with Expensify? How has it helped you better manage expenses and reimbursements? We want to hear about your experience with the tool in the comments below.
Last but not least, enjoy the #Expensifythis music video featuring 2 Chainz and Adam Scott…