The headache of sorting through receipts, having your boss hound you for every penny you spent on the road and dealing with frustrating tax laws is something all of us can relate to.
These days, there is an app for anything. Expensify is the app that can solve these problems for your business!
In this article, we will discuss how to use Expensify to make life easier for employees at every level in a business. Read on to find out more!
What is Expensify?
Expensify is a piece of software that allows you to document and manage your company’s expenses. This handy piece of software allows you to do real-time reporting and tracking of your companies spending to help track where your money is really going.
Above and beyond the convenience factor of not having to have boxes of receipts and financial paperwork, Expensify helps you forecast the future. It lets you determine which teams of people are spending money and where.
This allows you to properly determine if you should go on your next business trip, or hire a new employee because you know exactly how much each expense will cost the business.
How to Use Expensify
Expensify will be used by an entire company to help everything run more efficiently. It is important to understand how everyone will be using Expensify, whether you are an accountant, an every-day employee, or an executive.
For Employees
Expensify for employees is extremely simple to use. For any food purchases, it is as simple as snapping a picture of receipts and the autodetection software will take over.
Once an employee takes a picture of their receipt, they are good to go! They can just close out the app and forget it.
One great feature of this app is that the employee can have it automatically submit to the correct account so that the expenses are processed as quickly as possible.
The autodetection software takes some time to look over the receipt and upload the information. Once this is uploaded, all expenses are accounted for.
This app allows employees to track traveling expenses as well. For transportation like plane trips or Uber, the employee just needs to submit their receipt.
However, when it comes to driving a car, Expensify has a GPS feature that the employee can toggle on. This will automatically track the distance they’re going without having to write down every start and stop odometer reading.
Anyone who has had to track their mileage is aware of the multi-step process it takes to actually be reimbursed. Expensify will also let users submit the mileage automatically so they will be reimbursed as soon as possible!
For Accountants
Long gone are the days where we kept our receipts in shoe boxes. Expensify sorts all of this data without having to type every entry in.
Expensify will integrate with QuickBooks and other accounting software to automate expense reports. This feature alone will save the company time so that everyone can focus on more important things.
Additionally, Expensify has a feature where users are able to sync tax rates. This allows users to customize tax rates, codes, names, and default tax rates for various policies.
Expensify has an automatic concierge double-check feature that will audit through all of the submitted receipts and check that the business is maintaining compliance.
Expensify virtually eliminates any need for manual entry on the accountant’s part. It integrates with the business credit card, QuickBooks, and many other systems.
Those other systems include Uber, Netsuite, Trainline, Tsheets and more!
As you can see, Expensify simplifies and organizes the responsibilities for accountants.
For Executives
Expensify is going to give the executive as granular of a view as they could imagine when it comes to finances. Since it can integrate with so many systems, it allows the executive to run every penny through Expensify.
These integrations allow a key decision-maker to look at the big picture and break up expenses into different categories. Since it is so easy to sort all of these expenses, executives can get the perfect idea of where employees can be hired, which sales agents spend the most, where to reduce costs and any money flow issues.
Expensify will open up a lot of possibilities as well as save a business team a lot of time. It will also ensure that the business is following all the rules of their state, government, or industry to make sure audits go smoothly.
This software will keep any business running and moving up no matter how an executive decides to use it.
Cost of Expensify
What all of these benefits lead to is the age-old question of “how much is this going to set us back?” The answer will vary depending on the size of the business that wants to use Expensify.
The breakdown is that Expensify offers three pricing plans. The plans are for Team, Corporate and Enterprise levels. The pricing for Team and Corporate plans is between $5 and $9, and the Enterprise plan will require your business to get a quote to check on the pricing!
With the Team package users are able to enjoy being able to sync with QuickBooks or Xero. This package also offers a convenient online reimbursement and basic expense approval option!
The Corporate package offers a few more perks. This package offers advanced policy enforcement and will allow you to integrate with Sage Intacct, NetSuite, Dynamics and more! This package will also offer corporate card reconciliation.
As is to be expected, the Enterprise package has the fanciest features! With this package, you will be able to create custom business logic. It will also allow for full Enterprise Resource Planning integrations. With this package, it will also be possible to integrate with software like Oracle, Salesforce, SAP and more. Perhaps the best feature of this package is the addition of a dedicated success coach!
Consider Making Expensify Your Next Expense
Expensify is a product that is sure to save all employees, from executives to everyday staff, time! Expensify has taken the headache out of tracking down receipts, monitoring mileage and keeping up with compliance so that you don’t have to.
Now you know how to use Expensify! It is an easy-to-use app that syncs up with a ton of different programs that your company likely already uses. If you’re looking for a money management solution, choosing Expensify is a no brainer.
If you have any questions about software, you can always contact us and we will be sure to help you!