Expensify – Best Accounting Software

Expensify is a robust expense management tool, designed to simplify the complex task of managing expenses for businesses of all sizes and industries.

It automates the entire expense reporting process, from receipt capture to final approval, reducing time spent on receipt handling, minimizing data entry errors, and streamlining cost reimbursements.

The software comes up with plenty of features like receipt scanning, intelligent expense categorization, GPS mileage tracking, real-time expense analysis, and billable expense tracking.

It allows users to easily generate detailed expense reports and submit them for approval quickly on any device. Expensify also integrates with popular accounting software like QuickBooks, Xero, and NetSuite, providing a unified financial management solution to accurately monitor and record your expenses.

Who Uses Expensify?

Around 17 companies reportedly use Expensify in their tech stacks such as StackShare, Uplift, Inc., GoFormz, Reby, Alloy Apls, Wuurk, Sativa and much more as well as 80 developers on StackShare consider Expensify, the best expense management software. 

What Kind of Expense Expensify Track?

With Expensify, employees and admins can track, organize, submit, approve, reconcile, and reimburse expenses in 75% less time than it takes to manage expenses the old-fashioned way.

From unlimited receipt scanning and mileage tracking to next-day reimbursement and direct accounting integrations, automate your expense management and pre accounting workflow with easy-to-use interface. You can also use it to pay bills and generate invoices. 

What Does Expensify Integrate with?

Expensify integrates with all types of software, including accounting and finance, ERP, travel, tax, HR, etc. You can get direct integrations between Expensify and your favorite software like QuickBooks, Xero, Oracle Netsuite, Sage Intacct, ADP, and Gusto, and 45+ apps.

Here’s a list of software in which you can integrate Expensify with.

Accounting and Finance Integration

Expensify’s finance and accounting integrations help make tax season a breeze. You can simply connect your favorite platform directly to your Expensify account to simplify your finances.

You can integrate with various accounting software such as QuickBooks, NetSuite, Xero, Sage, Microsoft Dynamics, Oracle and many more. 

Banking Integration 

Expensify can integrate with your bank to simplify your financial reporting, track your transactions and streamline your day-to-day business operations. The banks like American express, Bank of America, and CapitalOne with which you can seamlessly integrate your expense management software. 

HR Software Integration 

HR manages employees, their pay, and their benefits. However, it doesn’t always get treated that way. This is where you need to connect your HR software like gusto, greenhouse, zenefits, ADP etc. directly to Expensify. 

Receipt Integration 

Paper receipts are usually annoying to keep track of, and not to mention wasteful — so we’re on a mission to make them obsolete. Direct integrations with the platforms businesses use the most so that every purchase is tracked automatically and digitally.

Here’s a ever-growing list of receipt integrations:

1. Uber
2. DELTA
3. Grab 
4. Roomex
5. Trainline
6. ScanSnap and more. 

Tax Integration 

Whether you’re running a small business, a large corporation, or a one-person operation, you know the pain that comes with tax season. Taxes come for us all, and if they aren’t done properly, it can mean major loss or penalty for your business.

You can integrate your usual tax platform with Expensify to skip your stress. This will also help you to sync your financial information and get you one step closer to closing the books for the year.

Practice Management Software Integration

By partnering with practice management software, you can help companies to streamline your financial operations. From Star to Thomson Reuters, Wolters Kluwer, 9SPOKES, IRIS and everything in between, you can integrate all these software with Expensify and improve efficiency for your business.

Travel Integrations

Business travel can be fun. But do you know what isn’t fun? Searching for receipts when you get home and realizing you lost them or worse missing out on getting reimbursed for your trip. With  Expensify’s travel integrations, you can make missed reimbursements successful.

Software like EGENCIA, TravelPerk, AirPlus, ctm, Tripcatcher, KAYAK Business and more can easily be integrated with Expensify expense management software. 

How Does Expensify Work?

Expensify works to automate the expense reporting process.

Here’s how it works:

Receipt Scanning

Say goodbye to manual receipt tracking as Expensify’s SmartScan technology allows you to snap photos of receipts using your smartphone.

The app then extracts relevant information, such as vendor, date, and amount, thereby automating the expense entry process and capturing the data from the receipt and stores it in the cloud. Expensify also saves the photo of the receipt, which is IRS-compliant in case of an audit.

Expense Report Creation

Expensify uses scanned receipts to create expense reports automatically and compile your expenses into professional-looking reports. The app extracts the relevant data from the receipt, such as the date, amount, and vendor name, or any custom criteria you need.

Approval Workflow

Once the expense report is created, it is sent to the approver for review. The approver can approve or reject the report and make changes if necessary. Expensify’s approval workflow ensures that all expenses are reviewed and approved before they are reimbursed. 

Reimbursement

Expensify sends the reimbursement directly to the employee’s bank account or credit card when the expense report is approved.

Seamless Integration

Expensify offers integrated accounting software like QuickBooks and Xero. The software allows you to sync your expenses with your accounting system, reducing the risk of errors and ensuring your financial records are always accurate and up-to-date.

Pros and Cons of Expensify 

Below we’ve discussed some pros and cons of Expensify, let’s take a look:

Pros of Expensify 

User-friendly Interface: Expensify is praised for its user-friendly interface, allowing users to effortlessly switch between multiple devices like phone and computer to monitor all expenses. 

Simplify Reimbursement Process: The software significantly streamlines the process of reimbursing employees, saving users a lot of time and making it an essential tool for any business.

Accurate Reporting & Easy Coding: Expensify provides accurate reporting and makes coding for projects very easy, which is highly appreciated by users.

Real-time Automation: Expensify offers features that allow automatic import of receipts or emailing them directly to the software so you can download it later. 

Top-notch OCR and Receipt Management: The software’s OCR (Optical Character Recognition) is top-notch, making it incredibly easy for users to take a picture of a receipt and move on. It also simplifies the process of extracting receipts for client billing.

Cons of Expensify 

Limited language support: Expensify’s OCR struggles with languages except English, requiring manual intervention when inputting expenses in languages like Chinese, Japanese, or Thai.

No Automatic Report Submission feature: Although the software allows for easy import of receipts, it doesn’t have an automatic report submission feature for specific dates, which usually reduces the manual hassle and provides many benefits to its users. 

Platform Compatibility Restriction: While the software works seamlessly on both desktop and mobile, it may not be compatible with all platforms, which means its usability is limited for some users.

Inaccurate currency and fuel rates: The software does not regularly update the dollar and fuel rates for certain countries, such as Argentina, which can lead to financial losses for users who receive reimbursements on a monthly basis.

Lack of detailed descriptions: While the software is user-friendly and efficient, it may not provide enough detailed information for certain accounts departments which requires users to add descriptions manually. 

Alternatives of Expensify 

When looking for different alternatives of Expensify, many buyers compare competencies in categories such as evaluation and contracting, integration and deployment, service and support, and specific product capabilities.

Below is a list of some competitors from which you can choose the best software or service for your organization.

Zoho Expense

Zoho Expense is one of the most popular expense management software which includes travel bookings, very fast expense entry, clear and concise approval processes and great reporting for managers and senior managers to keep T&E costs under control.

Zoho Corporation is a privately held software company that is focused on delivering solutions to help businesses grow. The company’s portfolio is full of more than 55 products used by over 100 million people around the world and is designed to cater to varying business requirements such as sales, marketing, support, collaboration, finance, and recruitment. 

Paylocity

Paylocity makes it easy to view payroll reports on desktop and mobile offering features like providing recognition to employees. This company comes up with a suite of products, primarily focusing on human resources and payroll solutions.

Paylocity aims to facilitate the everyday tasks of its users so they can focus more on facilitating a conducive work environment. Not just a product provider, the company regards itself as a partner to its users, investing time to understand their needs and delivering solutions that serve their present as well as future business goals. 

Coupa Software

Coupa is such a great expense management system known for its easy to use and very intuitive interface, helping you to upload the picture of the receipt when you receive it. It is a cloud-based platform focusing on business spend management (BSM).

The primary objective of Coupa Software is to provide companies with the necessary tools and features needed to gain visibility and control over their business expenditures, enabling them to make secure spending decisions. 

ExpenseOnDemand

ExpenseOnDemand, established in 2003, primarily focuses on providing easy-to-use expense management solutions. It helps small and medium businesses (SMBs), in automating their employee expense management process and allowing them to focus more on their core operations.

The company offers its clients the flexibility to pay only for the functions they use from a pool of 100 different functions, with the objective of making its services cost-effective. It has AI-powered OCR technology and machine learning to efficiently digitize documents, aiming for a secure and accurate conversion of financial information.

SAP Concur

SAP Concur Expense is a good tool for managing your expenses. It has some features that make it easy to submit and track your expense reports. You can also customize expense types depending on the requirements.

Whether you’re a small business or an enterprise organization, an investment in Concur Expense, Concur Travel, and Concur Invoice lets you track and manage every employee-initiated expense, travel cost, and invoice payment on one connected system.

Concur Expense integrates with most ERP, CRM, HR, and accounting systems, helping you create a single platform that brings spend data together, speeds up processes, and provides an accurate, timely picture of your finances.

How Expensify’s Free Trial Works

For Employes

• Add Expense: You can upload your first receipt with the mobile app, drag-and-drop on the web, or forward it to receipts@expensify.com. 
• Create Report: Expensify allows you to automatically generate expense reports for reimbursement or reconciliation as well as categories, tags, and comments, then submit.
• Get Reimbursed: Once approved, you’ll get reimbursed directly to your bank account in as little as one business day.

For Business Owners

• Set Expense Rules: Business owners can set category limits and/or expense rules and allow their employees to submit expenses by scanning receipts or entering costs manually.
• Approve Reports: Review expense reports in one place, collect missing information directly, and approve expenses without any hassle.
• Reimburse: Reimburse employees directly via ACH in a few clicks.

For Finance/ Accounting 

• Receive Expenses: With Expensify, you can set category limits and/or expense rules and allow your employees to submit expenses by scanning receipts or entering costs manually.
• Approve Reports: Review expense reports in one place, collect missing information and approve expenses with a single click.
• Export to Accounting Software: Spend 75% less time on expenses by reconciling expense data and automatically exporting entries into QuickBooks, NetSuite, Xero, and many more.

Can Expensify Help with Compliance?

Expensify’s spend management software makes it easy to track and approve expense reports, create and send invoices, manage and reconcile corporate cards, book cost-effective business trips, and so much more.

It allows you to streamline the auditing process by detecting duplicate receipts, ensuring total compliance, measuring correct exchange rates, and automatically checking transactions against company policies.