Expense reports that don't suck!
Effortlessly manage your organization’s expenses. Organized business or startup, chances are you spend too much time chasing down clients or employees for receipts, puzzling over how to code their various purchases. Their mobile app lets employees use their phones to photograph and code receipts. Next, the SmartScan feature transforms those receipts to expenses. After your review, these transactions are exported to QuickBooks.
It integrates very easily with QB. QuickBooks Online integration features the ability to import Accounts, Items, Customers & Jobs, Classes and Locations. Configure export preferences based on the expense type (e.g., employee-incurred vs. company card). After export, expenses post against a user’s Employee or Vendor record in QuickBooks, while company card transactions are booked to their corresponding credit card liability account.
"For basic expense needs "
"For basic expense needs "
Pros of Expensify
It’s very simple to use, it easily captures a picture of the receipt and a simple interface on the iOS, Android and Windows platforms makes it very easy to post into QuickBooks. When you’re travelling, or when you purchase something claimable, you’ve trained yourself to take a picture of the receipt with Expensify. Just select the appropriate expense report when you take the picture, so it goes immediately into the right location for your expense claim. At the end of your trip, you just have to open the Expense Report and classify each expense (eg "meals"), add a vendor name and enter the value. Most of these can be done automatically for you on Expensify, but some actually enjoy doing it themselves so that they can remember to add TIPS that are not shown on the receipt.
We simply love the freedom to take a picture of our paper receipt and then throw it away. Keeping track of paper is too much of a pain.
The "SmartScan" feature automatically recognizes important details from receipts, minimizing the amount of manual data entry the user has to do. And it's amazingly accurate! I don't think I've ever had to correct a mistake in the OCR, even when it’s from a hand-written receipt. I think they must have someone read these receipts because the automatic recognition is too very accurate. Expensify also helps you track vehicle mileage so you can send that in to your company and it's easy to remember your mileage from month to month.
Even while using this app on a Windows phone, all the receipts you photograph end up in your phone's camera roll which makes them easy to access outside of Expensify if you need to. Expensify itself handles them well, especially using SmartScan will save you so much time. On QuickBooks, it sets up my accounts to match my accounting account, and most of the time SmartScan gets it right. The reports are great, both in PDF with pictures and the detail which is all the Tax Dept needs, and what I need for automatic processing and checking, an Excel file. The Excel file removes the manual checking off against your bank statement as you can run little comparison apps between your Expensify report and your bank statements.
We love the ease of creating individual profiles for a few employees or creating a larger company profile. We also love how easy it is to view expenses and reports and their status.
Their customer service is great too, while we completed a tough question, the rep on the other end came back, figured out what we were trying to ask, and answered all my questions. Expensify customer service is amazing.
The whole use of Expensify is great, from the receipt capture, to the smart scan, to the auto-match receipts to the credit card, etc. is great.
Cons of Expensify
Even though Expensify has a feature to track mileage, one major complaint we see and read about is its inability to integrate with other third party mileage tracking tools. It's possible that a company whose exclusive focus is on mileage tracking (like speedometer, miletracker etc) does this a little better than Expensify.
Another drawback of this app, especially while travelling overseas we would like it to show "original currency" totals on the summary page rather than converting each line item individually. This is because most of our accounting systems that process the claim will make the decision on currency conversion. We would rather like it show a total figure for "Meals and Entertainment – Indian Rupees" rather than have it converted to our home currency automatically.
One last Con that we see with is that Expensify doesn't have is a couple of extra fields, some important ones being the payment method, which credit card, or cash.