Expenses are a pain in the a$$. As an employee you’re scared of losing receipts and not getting reimbursed. As a financial controller the process of approval, documentation and paying out is, frankly, miserable. But in a cloud-enabled world processes are being turned on their head. And that’s exactly what Expensify are doing to expense-management.
How Expensify saves you time
When you are trying to expense things, how long do you spend gathering your receipts? How often do you lose receipts? Or find that they’re ripped? Or illegible? Do you ever have to beg your finance team to reimburse you because it’s taken you too long to file them?
Who here has a ‘system’ that involves a shoe box?
Do you know what I mean when I talk about *that look* your bookkeeper or financial controller gives you when you ‘file’ your expenses?
Chances are you’d find it quicker and easier if you could just give someone a bank statement with your expenses circled and explained…
Well if that sounds good, you might want to check out Expensify which can automatically import all card transactions, let you tag the transactions that are expenses and categorise them based on your company’s expenses policy. (The software can even automatically tag and categorise your expenses by creating rules). This data creates a report that can be instantly viewed and approved and automatically pushed into your company’s accounting software.
No More Coffee-Stained Receipts
If automatic bank feeds aren’t your thing (or an integration isn’t possible) all is not lost. Got a paper receipt? Simply snap a picture using Expensify’s app and it will automatically input all the information for you. No more manual entry!
Get receipts emailed to you? Simply forward them to email@example.com and you’re all done.
It makes a massive difference to the old-school-spreadsheet-hard-copy-receipt system. Being able to record expenses on the fly makes things so much easier and it means you can just get on with more important things. And it means never again having to endure *that look* as you guiltily hand over a stack of grubby paper.
How Expensify simplifies admin & compliance
First off, the burden of coding and proper documentation is placed on the person wanting to get reimbursed (and we really don’t care because it’s so easy to do!). So what the administrator sees is a nice, neat, clear report that just needs to be approved (click of a button), reconciled (automatically pushed to your accounting platform) and paid (which can be done via ACH Direct Deposit, PayPal or payroll).
Secondly, because the Expensify system is way more real-time than an old school system, nobody has to hound anyone to submit their expense reports. And the administrator gets a much clearer view of spending throughout the month rather than getting hit by one big unpredictable outgoing at the end of the month (which let’s face it, is not how you want your cash flow to operate).
Finally, you can streamline your reporting and compliance with automated, rule-based approval workflow and rules based on expense type. You can even report on historical expenses with report history with digital signatures and a full audit trail. And they also offer unlimited receipt storage, so you can always access any receipt.
Looking for more Xero add-ons?
Check out our list of the best 5 Xero add-ons.
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