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Expensify is one of the leading companies in its field. They offer a robust set of features, which makes their product suitable for both large and small businesses alike, as well as offering competitive pricing all while maintaining ease-of-use.
Expensify is a cloud-based software that helps you track your expenses. It’s available in three different tiers: the basic, the pro, and the enterprise. The “expensify vs new expensify” is an article that compares Expensify to its newest competitor, New Expensify.
Expensify is a cloud-based expense management tool that records and reimburses workers’ costs. Individual monitoring, cost policies, and approvals are among the features of this program, which focuses on expense tracking and reporting. Individuals may use Expensify for free, while organizations can pay $20 per user for premium programs.
Expensify Is What We Recommend
Expensify is an excellent expense-recording tool since it also acts as a platform for your workers to submit expenditures for approval and payment. Before reporting expenditures to accounting, approvers may use Expensify to identify reimbursable, non-reimbursable, and rejected charges. Expensify may assist accounting departments minimize workloads and give a mechanism for various corporate divisions to keep track of spending.
Expensify is also adaptable and simple to use because of its ability to interact with accounting software. Expensify works with QuickBooks, which is one of our favorite mobile accounting tools. It can interact with ERP software like as Oracle NetSuite and Microsoft Dynamics, in addition to QuickBooks.
Expensify Is Particularly Beneficial For
- Companies that process a lot of expenditure transactions: Expensify prepares costs for the books as a pre-accounting tool. With its direct deposit function, it also speeds up Reimbursements and minimizes the workload of the A/P clerk when it comes to preparing reimbursement vouchers for manual Reimbursements.
- Users of QuickBooks who need an expenditure approval and reimbursement tool. QuickBooks is an accounting software that also has cost tracking capabilities. It does not, however, provide features for approval and compensation. Expensify is our top business cost tracker for QuickBooks users since it can help you reconcile your spending and filter out those that aren’t permitted by company policy. For additional details, check out our QuickBooks Online review.
- Expensify’s automatic cost reimbursement allows you to refund expenditures by direct transfer to an automated clearinghouse. All you have to do is set up your bank account inside Expensify, and you’ll be able to pay Reimbursements to the workers you owe automatically.
Expensify Isn’t Right For You
- Companies searching for accounting software include: Expensify is only a budgeting app. It is mostly used for spending monitoring and reimbursement, and it lacks fundamental accounting functionality. To choose the proper accounting software for your small company, go through our list of the top small business accounting software.
- Simple expenditure tracking for freelancers and solopreneurs: Expensify’s finest feature is its expense-recording collaborative tool. You don’t need Expensify’s collaboration capabilities if you’re a solopreneur or freelancer since you’re the one who submits and approves expenses. FreshBooks, on the other hand, is a good option for freelancers since it provides straightforward spending tracking. Our Freshbooks review may be found here.
- Businesses on a tight budget: Expensify’s pricing options may be too pricey for small businesses. For small businesses that need to handle costs before accounting, the monthly price might be prohibitive. Rydoo offers many of the same features as Expensify, but at a lower cost.
Expensify the benefits and drawbacks
Expensify Pricing is a service that helps people figure out how much
Individuals and organizations may choose from two price levels offered by Expensify. Two levels of price choices are available under each pricing category, depending on the demands of the users.
Feature Expensify
The fundamental feature of Expensify is cost management—nothing more, nothing less. It’s all about spending monitoring, reporting, and reimbursement. Expensify may be integrated with your accounting software if you keep track of your business’s finances.
Creating an Expensify account
The app will urge you to set up your account when you log in. During your first usage of Expensify, the concierge will assist you. It will provide you instructions and recommendations to help you learn how to use its capabilities. Regardless, you may contact customer service at any time by clicking the blue message bubble in the bottom-right corner of the screen.
Establishing Expense Policies
Screening for Policies
It’s a good idea to set up your cost policies before you start using the app. You may create standard rates and quantities using Expensify.
Establishing Expense Policies
Expensify will be instructed on how to approach your transactions on the Expense Policies page. By default, you may make cash costs reimbursable or non-reimbursable. You may activate mileage tax monitoring, choose the unit of measurement, and configure mileage rates. Expensify comes with a preset rate, but you may customize it as needed. You may also select your billable hourly rate in addition to mileage.
Establishing Per Diem Policies
Expensify can automate per diems depending on your per diem rates if your workplace permits them. Expensify will apply your rates to future transactions if you import them from a spreadsheet. Expensify also allows you to specify a default per diem category for faster per diem expenditure pooling.
Expense Coding and Reporting
Overview of Expenses
The Expense tab may be accessed by clicking Expenses on the left menu bar. This page will display all costs that have been entered into the system. Each cost is assigned a color based on its status:
- Unreported (White): Expense hasn’t been included into any report yet.
- Open (Light Blue): An expense has been recorded and a report has been created.
- Processing (dark blue): The report has been submitted, but it hasn’t been authorized yet.
- Authorized (Light Green): The report has been approved, but payment has not yet been received.
- Closed (Gray): The report has been authorized, but the funds have not yet been received.
- Expenses in an authorized report have been refunded (dark green).
Multiple Expenses Coding
An cost may be manually entered or automatically entered using SmartScan. If you have a large number of costs to input, you may do so in a single window, as illustrated in the figure above.
Manually Entering Expenses
You may manually input the merchant, relevant tax, amount paid, expenditure type, participants, and a short description of the item when encoding expenses. You may also attach a PDF or picture of the receipt.
Reports are available to see
You may now add costs to a new or current employee’s expense report after everything is set up. Simply choose all of your reports from the drop-down box beneath the Report tab. Expensify can create a report for you if there aren’t any already available. The expense’s status will change to Open after you click Save.
Mileage Expenses Submission
Entering Expenses for Mileage
Using the Map to Enter Mileage Expense
Expensify also has two options for recording mileage expenses: manually inputting miles or using a map. You may monitor your mileage using your odometer and enter them into Expensify. The software will automatically calculate your mileage cost depending on the mileage policy and related taxes. Alternatively, if you create mileage costs through map, you may input your starting point and destination and Expensify will automatically calculate the amount of miles.
Expenses submitted based on billable hours
Expenses Calculated by Billable Hours
Expensify accepts expenses incurred based on billable hours as well. Simply enter the number of billable hours, and Expensify will take care of the rest.
Visualization of Data
Expense Category Visualization
The Expense screen includes crucial analytic tools like charts and graphs to illustrate your transactions if you want to obtain a quick summary of your costs. You may also filter individual charges by status to see how efficient you are at approving them.
Approvals
Overview of Reports
All costs are compiled into a report, which is then sent to the approver for approval. All reports will be shown if you select Reports. The approver will go through the report and decide whether or not to approve or reject some of the things included. Only things that have been authorized will be moved ahead in the process.
Report Rejection
If a report is rejected by an approver, it is returned to the submitter and marked “Retracted.” A rejected report’s costs will revert to Open status. The submitter may, however, resubmit it for approval after making the required revisions.
Reimbursements
Reimbursement Methods
Expenses are now available for reimbursement after clearance. Expensify offers direct deposit and manual reimbursement options. You must set up your bank account inside Expensify for direct deposit, and it will refund you via an automated clearing house (ACH). Expensify simply marks the report as Reimbursed, whereas manual reimbursements allow you to physically transfer cash.
Report that has been approved and reimbursed
Alternatives Should Be Expensive
In conclusion
Expensify is an excellent tool for companies that need to handle and pay expenditure reports. Expensify’s capabilities may assist accountants and accounting clerks in expediting bookkeeping operations and properly recording costs based on Expensify reports. In other words, costs handled using Expensify will give more precise accounting information than expenses kept manually in a spreadsheet.
Expensify comes highly recommended as a complement to your accounting software. It is not, however, a stand-alone accounting application.
Expensify is a service that helps you to track your spending and find ways to save money. The company offers an online tool, as well as mobile apps for iOS and Android. Expensify has been around since 2012, but was recently bought by PwC. The company charges $10 per month for the basic plan, which includes unlimited transactions. For those who want more than this, they charge $20 per month for a premium plan with 25 transactions per month. Reference: expensify benefits.
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