Expensify: Easy Expense and Paperless Receipts Tracking

I can’t tell you how much pleasure I get out throwing away receipts because of Expensify. No more purse full of random receipts waiting for me to get organized & scanned, only to get tossed into a shoe box later. I recommend this expense tracking app to everyone I come in contact with. If you’re a business owner, time saving apps like Expensify are heaven sent.

Expensify Has Few But Powerful Features

Expensify Expense TrackingThe core features Expensify first launched with in early 2009 made this app complete in itself already. The newer features and interface improvements they’ve made are nice, but I hope they don’t do anything to detract from its beautiful simplicity.

Streamline Your Expense Reporting Process

First let’s take the pain out of manually inputting each expense. Expensify automatically imports all of your credit card transactions, in a fashion similar to Mint. You can also log cash expenses online, or via various mobile apps, or SMS. Calculate and add mileage travel as expenses too.

For any transaction under $75, Expensify automatically creates IRS approved eReceipts. Awesome! For bigger amounts, simply email in a copy of the receipt. You can forward confirmation emails, a picture taken with your phone, or a scanned image.  Now take all of the expenses with attached receipts and create reports. Create reports to send to clients, or for your own organization for quarterly and yearly taxes. Expensify allows you to keep accurate records and ensure that you are getting your maximum deductions on applicable expenses.

Integration with Accounting, Invoicing & More

Of course, no GWA featured web app would be without 3rd party apps or integrations. That’s one of the principles that separates the wheat from the chaff; niche web apps that do one thing well, also understand the importance of integration and making the data available to be used in other ways and with other applications.

Expensify has seamless Freshbooks and Quickbooks integration, making it easy to transfer over your expense reports for general book keeping, or for invoicing directly to your clients. And Expensify also integrates with a majority of accounting packages, including applications such as Sage Peachtree and NetSuite.

Expensify Stands Apart from Other Systems

You might be wondering why I picked Expensify over some other tools that do expense tracking and reporting too. A manual expense tracking is prone to be less accurate and far more time consuming, so you can see how a cloud-based and mobile expense tracking tool can add a lot of value to your business, and improve your productivity.

The question is: which tool is the best one to use, and why go for a small start up like Expensify? Concur Breeze is made by a much larger company, with a seemingly robust platform. Well, aside from the founder’s comparison of Expensify to Concur as being like David v. Goliath, I’m standing by my prediction that smaller and nimbler companies will likely innovate quicker and make better web apps over all. So my bet is on the smaller of the two. Then there are other small niche competitors like Expense Cloud and Xpenser, and the reason I chose Expensify over those two is because of the IRS approved electronic receipts. This particular feature saves me so much additional time, that it is a must have feature.

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2 Responses to “Expensify: Easy Expense and Paperless Receipts Tracking”

  1. Lisa Zee April 8, 2011 at 8:17 am #

    Oh how random. I just reblogged your piece on us on our tumblr, then I saw you posted a comment on one of our blogs. We must be friends then!! :)

    • Pashmina April 8, 2011 at 11:10 am #

      Yes I’ve been following your CEO’s posts. :)

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