If you are a freelancer, a startup business owner or a sole proprietor, you know how challenging it can be to keep up with all the paperwork and record keeping. And, if you are like most people, those piles of receipts just keep mounting up in a desk drawer or, even worse, being lost or damaged beyond readability. This is where Expensify comes into play, making your record keeping as simple as taking a picture.
However, Expensify isn’t just a one-user system. It can be set up to accommodate multiple users, allowing a manager to keep track of business expenses by employees and even reviewing or approving specific types of expenses. In addition, you won’t have to spend hours creating spreadsheets or getting employees to remember to enter data in a timely way, it will all be done automatically for you through the app.
How it Works
Expensify works with a smartphone or tablet, but it can also be linked to your business credit card. If you are linking the card with the Expensify system, you will need to provide your current banking username and password. To give you the added security in providing this information the company is compliant with the requirements of all American based credit card providers.
If you aren’t using a credit card for business expenses, you can still use the system. You will just need to enter your expenses by one of three ways, SMS messages, email or with the company website.
By taking a picture of expense receipts over $75, the system will automatically categorize the expense. Those receipts under $75 can be stored as eReceipts, which means you won’t have to scan them provided they are from imported expenses. For email receipts recording the transaction is as simple as forwarding the email to your dedicated Expensify email account.
For employees, the Expensify system automatically notifies the required manager or supervisor of the expense, allowing for much faster processing of reimbursement.
While there are some standard categories of expenses, you can also develop your own custom categories, something that will be important for both small and mid-sized businesses. It is also easy to tag items or to add comments that can clarify a purchase or help you to simply remember specific facts about the expense.
Expensify also provides an offline mode for easy recording even when you may not have a great signal, and it can also add time stamps, track mileage and it provides unlimited storage and uploads for your convenience.