Expensify represents a comprehensive solution to all of your small-business expense tracking and reporting needs. It has a number of features and integrations designed to make financial management easy and efficient.
The company has been in business since 2008 and also runs Expensify Ventures, which provides venture funding.
Lauded as one of the fastest growing ERP software worldwide, Expensify is quickly becoming one of the most popular and user-friendly expense tracking softwares for small business. It has a lot going for it. In addition to handling over 160 major currencies, Expensify integrates easily with any bank or credit card account.
Additional features include a GPS-enabled mileage tracker that keeps travel expenses (bus, cab, air, etc.) accurate and organized, and the implementation of SmartScan technology, which not only allows users to upload photos of their receipts, but also extracts important information — merchant name, transaction date, transaction amount — and uploads it to your account in a digital format.
Expensify offers competitive pricing packages for a range of business sizes. Although the basic package is free, to access more you can pay for better plans, each being relatively cheap. These are the plans for individuals, sole proprietors, and small business owners:
The Track plan is free for the first five SmartScans a month. For more than five SmartScans, you will be charged $4.99 per month. This gives you access to all the individual features:
The Submit plan has the same features as the track plan, but this plan is for those who want to send their expense reports to managers and accountants for reimbursement. The Submit plan is also free for the first five SmartScans, but it charges $4.99 per month for more.
If you want to have more than one user working through Expensify, the company offers two plans to help you manage your cash flow. You can try all plans on Expensify free, so it might be worth looking into these pricier options for your group.
The Collect plan gives you all of the same features as an individual plan with added tools for managing accounting and bookkeeping. The Collect plan costs $10 per user per month if used pay-per-use. On a subscription, this price drops to $5 per user per month. It offers more options for expense management:
The Control Plan is the most comprehensive plan from Expensify, and in addition to including everything from the Collect Plan, it includes a few more convenient features:
On a pay-per-use basis, the Control plan is $18 per person per month. For a subscription, it’s $9 per person per month.
All Expensify plans include integration with Uber and Lyft to track mileage, but these aren’t the only companies that can integrate with Expensify. Expensify has a wide range of companies, from travel to expense reporting software, that can connect to its service.
Expensify boasts 256-SSL bank-level security and regular security scans by McAfee SECURE.
Expensify’s mobile app allows for easy receipt scanning on the go and has an easy-to-use inbox showing you tasks that need your attention, such as report approval and expense violations. The app offers push notifications and an offline mode for remote sessions.
While Expensify is a great EMS, companies that will also need accounting software for billing clients, budgeting, and tracking inventory might prefer a comprehensive software that offers all these features in one place. Expensify makes it easy to consolidate features with its integration into other accounting softwares, but depending which plans you pick for your accounting software, it might be more cost effective to go with a comprehensive service.
Anne Sainsbury Payson, UT
2 years ago