Expense Management

Expense management: unlimited receipt tracking and management for all

What is expense management, exactly?

Your employees need to be reimbursed for their business expenses, and you need to make sure those expenses are all valid and properly accounted for.

That's where expense management comes in: with the right systems in place, employees can promptly report and get reimbursed for expenses, and you can accurately monitor and record them.

But the problem with traditional expense management systems is that they're anything but efficient. No employee wants to manually enter the price of every Uber ride they took during a business trip, and no admin wants to spend hours poring over haphazardly compiled reports.

Luckily, Expensify's expense management software turns those challenges into a thing of the past. With time-saving features, AI-powered technology, and a streamlined, easy-to-use interface, Expensify is designed for busy people who have other priorities to take care of.

What are the benefits of using expense management software?

So why should you bother using expense management software like Expensify? It all comes down to a few core benefits:

  • Fewer mistakes: People make mistakes, but fine-tuned software is far less likely to. SmartScan, for example, eliminates the potential for human error when inputting information from receipts.

  • Faster processing: Streamlined tools for creating, submitting, reviewing, and approving reports means those reports are taken care of in a snap.

  • Increased productivity: The less time employees spend manually creating and examining expense reports, the more time they can spend doing, well, anything else.

  • Reduced waste: Expense reporting mistakes cost money, both in unnecessary reimbursements and employee time. But when you leave the tedious calculations to expense management software, you can save that money for more important things.

And when it comes time to file taxes and validate employees' expenses, expense management software also makes it easier for companies to stay compliant and prevent fraud.

Save up to 75% of your team’s time with Expensify

Every company has expenses to manage, and everyone from the CFO to your top sales rep hates expense tracking — until now, that is. With Expensify, employees and admins can track, organize, submit, approve, reconcile, and reimburse expenses in 75% less time than it takes to manage expenses the old-fashioned way.

From unlimited receipt scanning and mileage tracking to next-day reimbursement and direct accounting integrations, automate your expense management and preaccounting workflow with Expensify's easy-to-use expense management software.

Highlights

Expensify is a simple but powerful expense management app that's designed to benefit small businesses just getting started, Fortune 500 companies with complex financial systems, and everything in between. Key features include:

Expense management

One-click receipt scanning

Snap a photo of your receipt with the Expensify receipt scanner and SmartScan will automatically capture all the details and put it in an expense report. Better yet, get the Expensify Visa® Commercial Card and say goodbye to tedious receipt management forever.

Expense management

Credit card import

Import your personal and business card transactions for automatic receipt merging and coding, no hassle required. (Use the Expensify Card and you can save 50% on your Expensify bill!)

Expense management

Customizable workflows

Create approval workflows to fit your company’s structure and customize expense policy rules to automatically flag certain expenses for review.

Expense management

Corporate card reconciliation

Whether you use the Expensify Card or your preferred corporate card, confirm statement amounts, review unsubmitted expenses, and manage corporate spending, all in Expensify’s expense management app.

Expense management

Accounting, HR, and travel integrations

Automatically sync your accounting system with Expensify to save time, all while making audits and tax season a breeze. Check out all of Expensify's integrations.

Expense management

Multi-level GL coding

Import general ledger (GL) codes from your accounting package to tag expenses with multiple levels of detail, saving you countless hours of manual reconciliation.

Expense management

Advanced tax tracking

Sync tax rates from your accounting package or set custom tax names, rates, codes, and defaults for every expense policy.

Expense management

Audit and compliance

Automatically detect duplicate receipts, ensure accurate exchange rates, and confirm the validity of each transaction with Expensify's AI-powered receipt auditing.

Expense management

Delegated access

Allow colleagues to create, submit, or approve reports on your behalf, and easily give auditors review-only access to employee expense data.

Expense management

PCI-compliant security

We protect your banking data with world-class security standards and comply with Privacy Shield and GDPR requirements.

Analyze spend trends

Manage employee and company-wide spending trends in real time.

Custom business expense reporting

Build any type of custom report you need to tell your company's financial story.

What are the best practices for implementing effective expense tracking?

By adhering to a few best practices, you can ensure that your expense management strategy is as efficient and effective as possible.

  • Establish a clear expense policy: Both employees and administrators should have a clear understanding of what qualifies as a business expense, how often expense reports should be created, who those reports should be sent to, and when they should be approved.

  • Adopt easy reporting tools: Don't expect people to create Excel spreadsheets detailing all their expenses. Instead, choose expense management software that makes everyone's lives easier.

  • Prioritize promptness: Keep employees and admins happy by ensuring that all expense reports can feasibly be processed in a timely manner. You can do so by setting deadlines by which employees must submit their reports, and giving admins a clear timeframe in which they must review and approve them.

  • Embrace accountability: Make sure everyone knows who's responsible for ensuring all reports adhere to the expense policy.

  • Audit often: Cut down on fraud by conducting regular receipt audits and keeping an eye out for overstated or mischaracterized expenses.

Expensify - A Practical Guide to Preaccounting

Improve your back office by simplifying your preaccounting.

Want to learn more best practices? Get your free copy of A Practical Guide to Preaccounting to learn how!

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So what are you waiting for?

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