Expensify is a streamlined approach to creating and submitting expense reports. Their tagline, “expense reports that don’t suck!” is reflected in the intuitive, efficient application. Companies can use Expensify to reimburse employee expenses and employees can easily create digital expense reports.
David Barrett, with Witold Stankiewicz, launched Expensify in September 2008 at TechCrunch 50. The beta was launched in March 2009 and the company has continued to expand, with Expensify 1.0 released in December 2009. The site receives an average of 8,000 unique visitors per month.
The integration of QuickBooks and FreshBooks make this application very efficient to use. All aspects of a comprehensive expense report are easily incorporated into this digital solution. The cost is lower than other, less thorough tools available online. The interface is clearly intuitive. The design is uncluttered and functional.
After registration, via the welcome screen, users may create reports by choosing to import credit cards, install Expensify apps (for iPhone, Blackberry, or Android), or invite colleagues to try the application. Under the approve reports tab, users are prompted to forward completed reports to their finance departments, approve reports for manual offline processing, reject reports or return them for comments. Reimbursers may connect QuickBooks or FreshBooks to import accounts, create expense policies, or ask employees to use Expensify.
The main report screen is easy-to-use with areas to enter cash expenses, mileage, credit cards, or to search for expenses. Drop down menus for currency and category are provided as well as a space for comments. Receipts may be uploaded from a device or computer and attached to any item on the expense report.
There is a full help section with how-to video support and step-by-step instructions for all features.
An email address and password are necessary to sign up. One click signup with Google, Google apps, or Yahoo is also available.
Expensify is free for the first two unique people to submit expense reports in any company. Companies must then pay $5/month for each additional person who will be submitting reports. This fee covers approving reports, facilitating reimbursements, integrating with Salesforce.com and QuickBooks export, mobile application usage, and automatic currency conversion.
Small businesses would benefit from using Expensify to streamline the expense reporting process. With smartphone and credit card integration, the entire expense reporting process can be completed online, including reimbursement. Anyone who wishes to track spending in digital format, including students, might find the application advantageous.