It may take a lot of time and effort to complete expense reports. And it’s even more frustrating when you use the wrong product to manage these reports. So are you sick and tired of using products that claim to make managing expenses simple but deliver anything but? If so, consider using Expensify. Expensify offers four unique plans with a range of features, allowing you to pick the one that best meets your company’s needs and scale up as needed in the future.
With the highly regarded expense management service Expensify, you can have access to the Expensify Card, receipt imaging, and a fully functional mobile app. Expensify can make it easier for you to monitor your expenses with plans that are affordable for even the smallest business.
This article will offer insight into the Expensify app to provide you with all the information about its features, including pricing, benefits, and availability, so you can decide if it is the best solution for your expense reporting requirements.
Expensify’s Key Features
These are some of the significant features that Expensify offers users:
Grab data from anywhere
Expensify makes an effort to make creating an account and logging in as simple as possible. For instance, a concierge bot leads you through the setup process when registering for the free trial. Expensify generally offers a way to incorporate data if you have a piece of paper with a number on it. Utilizing the OCR SmartScan, Expensify’s mobile app (available for iOS and Android) enables you to add expenses. Alternatively, you may use certain credit card accounts, receipts emailed to a specific email address, and website uploads (personal and corporate).
Using a Google Chrome plugin, you can also import receipt photographs into Evernote or Dropbox, or you can capture receipt images directly from a web browser. The website features a page where you may enter many expenses at once, fill out a form that resembles a spreadsheet, and then upload or attach the relevant receipts. However, a mobile app is an initial option for data capture. Furthermore, at the point of sale (POS), you snap a picture of the receipt, add it to a report, and then delegate the labor-intensive tasks to the software. Accuracy, however, is more crucial than an entertaining user interface (UI). Expensify excels at deciphering the text on scanned receipts.
Automation
When it comes to tracking expenses, automation is a crucial component. Accounting services like Support Strategies use Expensify’s automated expense management functionalities. The administrator creates company regulations and appoints some people as approvers, just as with other apps. Basic mileage rates, default hourly rates, per diem costs, category restrictions, and currency are just a few options that can be modified.
Technically, Expensify groups receipts into reports. The idea of a report is irrelevant to employees; all they want to do is submit their receipts. Therefore, Expensify can automatically produce reports daily, weekly, or monthly. A receipt sent to the email address or through the mobile app by the employee is immediately included in the open report. Expensify reviews open reports nightly (or according to a schedule you choose) if its auto-harvesting feature is used. It approves those that comply with the organizational rules while delaying action on those that have violations until the following report.
How Much Does Expensify Cost?
The pricing on Expensify needs to be clarified. The plan you select, the frequency of your payments, and the number of additional users will all affect how much you pay. You might have to pay a monthly fee for each user you add if you want to use Expensify for free. The seven-day free trial can be extended to 28 days by using additional features or by adding your staff. Also, a free Expensify account entitles you to five SmartScans per month.
You can choose between these four plans:
- Collect: This option is appropriate for companies that want accounting integration and costs roughly $5 per user per month. Unlimited SmartScans, free Expensify credit cards for each user, custom coding, tax monitoring, cost approval, and smart limits are all included in the Collect plan.
- Control: This solution, which costs roughly $9 per user per month, is suitable for companies that need access control, multiple approvers, and expense policies.
- Track: This free plan works well for individuals and independent contractors who wish to keep track of their spending and send money.
- Submit: If you’re a self-employed person who wants to send invoices and collect payments, you should take into account using this plan because it is free.
Each of these plans is distinct in terms of features and authorized users. Additionally, each plan offers a 50% savings if you pay for the entire year at once instead of making monthly installments. Users that use a linked Expensify card to make at least half of their company’s purchases receive 50% off the price of each plan, giving them access to the best pricing options. The Expensify card is cost-free and has no additional fees.
Expensify non-profit pricing and other discounts
There may be non-profit pricing on Expensify in the future, but there isn’t one available now. Expensify does, however, provide considerable reductions. For instance, if you pay your subscription costs annually instead of monthly, you can save up to 50%. And If you use the Expensify credit card to cover at least half of your company expenses, you can save an additional 50%.
Expensify Fees and Extra Costs
You and your staff can use Expensify cards for free, without additional costs. That includes having no yearly fees, interest fees, late payment fees, international transaction fees, or fees for worldwide ACH transfers.
Expensify only charges customers a monthly or annual subscription cost, depending on the plan you select and the number of people you add. Expensify offers two free plans that are available to independent contractors and freelancers.
Safety
Two-factor authentication is one of the security elements of Expensify, which requires generated login codes from users. Following Privacy Shield and General Data Protection Regulation (GDPR) requirements, top-notch security measures are also used to protect users’ banking information.
Perks of Expensify
With the aid of the app Expensify, you can quickly and swiftly handle your business expenses while on the road. The company even asserts that using the software will cut users’ expense report completion times by 83%.
Additionally, the app has tools that make keeping track of costs simple. Users may connect to applications like Uber, Lyft, and HotelTonight for automated receipt import and transcription, give and receive money using Venmo, and share their spending using the ExpensePoint function on the app.
Expensify will automatically create and file expense reports for as soon as the following-day reimbursement. But if you have to speak with your manager to evaluate your expenses, it will also let you share or print expense reports from the app.
Pros
- Effective workflow improvement keeps Expensify rational
- offers improvements like GPS mileage recording and automated reimbursements
Cons
- There is a significant learning curve for the user interface.
The Bottom Line
The Expensify app is worth considering if you’ve ever had to create an expense report for your business because it provides users with straightforward expense monitoring and faster reimbursement. The software can help save time you could otherwise spend working on your business by scanning receipts and keeping track of all your transactions. Additionally, the software offers a dashboard that makes it simple to monitor your business expenses and review them once more if necessary.
Expensify is a fantastic solution, but users who are concerned about costs might find the pricing structure confusing. Therefore, signing up for the free trial is advisable before paying for the product if you’re interested in using the platform.
