Expensify is a cloud-based expense administration utility that tracks bills and permits staff to submit them for reimbursement. It focuses on expense monitoring and reporting, with options like particular person monitoring, expense insurance policies, and approvals. Expensify gives free plans for people and paid plans for companies beginning at $20 per consumer.
- Not an alternative choice to bookkeeping software program
- No a number of approval workflows on lower-tier pricing plans
- Restricted SmartScans included for people to remain within the free plan
When To Use Expensify
- Firms utilizing widespread accounting software program: Expensify integrates with prime accounting software program manufacturers, comparable to QuickBooks, Xero, Oracle, and Sage.
- Firms with a excessive quantity of expense transactions: Being a preaccounting app, Expensify prepares bills for the books. It additionally accelerates reimbursements with its direct deposit function and reduces the work quantity of the accounts payable (A/P) clerk in producing reimbursement vouchers for handbook reimbursements.
- Firms that need free company playing cards: Expensify gives a bundle for Gather and Management plans, which embody the Expensify card. If your organization remains to be within the technique of getting company playing cards for workers, Expensify is value contemplating because you get free playing cards.
- Automated expense reimbursement: Expensify enables you to reimburse bills through direct deposit by an automatic clearing home (ACH). All it’s worthwhile to do is about up your checking account inside Expensify, and you’ll ship reimbursements mechanically to the workers you owe.
When To Use an Various
- Firms in search of bookkeeping software program: Expensify is just a pre-accounting app. It focuses on expense monitoring and reimbursement and doesn’t present primary accounting options. For full accounting, we advocate QuickBooks On-line, our finest small enterprise accounting software program.
- Freelancers and solopreneurs who want easy expense monitoring: Expensify’s finest trait is its collaboration function for recording bills. If you happen to’re a solopreneur or freelancer, you don’t want Expensify’s collaboration options since you’re each the submitter and approver of expense. Alternatively, you possibly can attempt FreshBooks as a result of it has easy expense monitoring for freelancers.
- Companies in search of an inexpensive standalone expense tracker: Zoho Expense gives a extra inexpensive month-to-month plan than Expensify. Apart from that, Zoho Expense gives company card reconciliation and might combine with widespread accounting software program like QuickBooks and Xero.
Expensify Deciding Elements
Expensify Alternate options
Expensify gives two teams of pricing plans for people and teams. Underneath every pricing group, two tiers of pricing choices are provided relying on the customers’ wants.
Expensify’s core function is expense administration—nothing extra, nothing much less. It focuses on expense recording, monitoring, reporting, and reimbursement. If you happen to keep books and accounts for what you are promoting, you possibly can combine Expensify together with your accounting software program.
After logging in, the software program will immediate you to arrange your account. Expensify’s concierge will information you throughout your first use of the app. It’ll present ideas and procedures to get you acquainted with its options. Regardless, you possibly can at all times contact buyer assist by clicking the blue message bubble on the bottom-right nook of the display.
Setting Up Expense Insurance policies
Earlier than you start using the app, it’s finest to arrange your expense insurance policies. Expensify enables you to set normal charges and portions.
The Expense Insurance policies display will instruct Expensify on how you can deal with your transactions. You’ll be able to set money bills as reimbursable or nonreimbursable by default. You’ll be able to allow tax monitoring for mileage, specify the unit of measure, and set mileage charges. Expensify has its default price, however you possibly can add extra charges as you see match. Apart from mileage, you can even set your billable hourly price.
If your organization permits per diem for workers, Expensify can automate it primarily based in your per diem charges. You’ll be able to import your charges from a spreadsheet, and Expensify will apply them to your future transactions. It additionally enables you to set the per diem on a default class for simpler pooling of per diem bills.
Encoding & Reporting Bills
If you happen to click on Bills within the left menu bar, it’ll convey you to the Expense tab. This can present you all bills encoded within the system. Every expense is marked relying on its standing:
- Unreported (white): Expense hasn’t but been added to any report
- Open (mild blue): Expense has been recorded and added to a report
- Processing (darkish blue): Report has been submitted however not but authorized
- Accredited (mild inexperienced): Report has been authorized however not but reimbursed
- Closed (grey): Report has been authorized however not reimbursed
- Reimbursed (darkish inexperienced): Bills in an authorized report has been reimbursed
There are two methods to encode an expense: manually or through SmartScan. If it’s important to enter a number of bills, you possibly can add a number of entries in a single window, as proven within the picture beneath.
When encoding bills manually, you possibly can enter the service provider, relevant tax, quantity paid, expense class, attendees, and a short description of the expense. It’s also possible to add a PDF copy of the receipt or its picture.
As soon as all the pieces is laid out, you possibly can add bills to a brand new or current worker’s expense report. Simply click on the drop-down menu beside the Report tab, and it’ll present all of your studies. In case there are not any current studies, Expensify can auto-generate a report for you. When you click on Save, the expense’s standing will probably be Open.
Submitting Mileage Bills
Expensify can file mileage bills in two methods: coming into miles manually or through map. You need to use your odometer to trace your miles and enter them into Expensify. The app will compute your mileage price mechanically primarily based on the mileage coverage and relevant taxes. Alternatively, creating mileage bills through map lets you enter your place to begin and vacation spot, and Expensify will compute the variety of miles mechanically.
Getting into Mileage Bills
Getting into Mileage Expense Utilizing the Map
Submission of Bills Based mostly on Billable Hours
Bills incurred primarily based on billable hours are additionally accepted by the system. You’ll be able to merely add the variety of hours billed, and Expensify will do the remaining.
If you wish to see a short snapshot of your bills, the Expense display supplies important analytic instruments like charts and graphs to visualise your transactions. It’s also possible to filter particular bills primarily based on standing to evaluate your effectivity in approving bills.
All bills are pooled right into a report that’s then submitted to the approver. If you happen to click on Reviews, it’ll present you all studies. The approver will overview the report and approve or reject a number of the objects enumerated. Solely authorized objects will transfer ahead within the course of.
If the approver rejects a report, it goes again to the submitter and is marked as “Retracted.” All bills in a rejected report will turn into Open once more. Nevertheless, after making the required adjustments, the submitter can resubmit it for approval.
After approval, bills at the moment are prepared for reimbursements. The system enables you to reimburse through direct deposit or handbook reimbursement. For direct deposit, it’s important to arrange your checking account inside Expensify, and it’ll reimburse through an automatic clearing home (ACH). Handbook reimbursements allow you to switch money bodily whereas Expensify solely marks the report as Reimbursed.
Expensify Person Evaluations
Those that left Expensify opinions praised the platform for having a clear interface and talked about that its SmartScans diminished information entry time when recording bills. We agree that the consumer interface (UI) design and general consumer expertise of the system are excellent. Nevertheless, some customers stated that they discovered inefficiencies, comparable to the lack to add bank card statements. There are additionally situations the place some encountered duplicate entries for receipts.
General, Expensify gives a reliable expense monitoring resolution. The rating of Expensify in consumer overview websites are as follows:
- G2: 4.5 out of 5 primarily based on round 3,700 opinions
- GetApp: 4.4 out of 5 primarily based on round 950 opinions
Steadily Requested Questions (FAQs)
How a lot is Expensify?
Expensify is free for people. Enterprise plans begin at $5 per consumer, per thirty days, if billed yearly.
Is Expensify value shopping for?
Whereas Expensify may be costly in comparison with rivals, customers get free Expensify playing cards for the entire staff. Expensify is value it if what you are promoting needs to provide all staff an organization card.
General, Expensify is the perfect app for companies needing to course of and reimburse expense studies. Its options may also help accountants and accounting clerks pace up bookkeeping procedures and appropriately guide bills primarily based on Expensify studies. In different phrases, bills processed beneath Expensify will present extra correct data for bookkeeping than these tracked manually in a spreadsheet.
We extremely advocate it as a supplementary app to your accounting software program. Nevertheless, it’s not a standalone bookkeeping program.