Expensify - A SUM Innovation AccTech Review

Time is money. Why waste your time with the hassle of tracking down receipts, coding each expense to the proper account, storing physical copies, and reimbursing your employees when you can automate it all?

Expensify does exactly that!

Although IRS audits are at a 14-year low, when an audit does occur it comes with increased scrutiny, both from Federal and state governments. Expensify helps businesses track and store digital copies of receipts in the case of an audit. The seamless integration with many accounting platforms also reduces documentation hassles, allows for timely data, and creates opportunities for you to focus on what matters most: Business.

At SUM Innovation we use Expensify to streamline our expense reporting and automate our accounting for employee reimbursements. Based on personal experience, using other not so great expense reporting products (I won't name any names...), Expensify is the ideal solution for small/mid-size businesses.

Features

  • Well documented expense tracking for employees and business owners
  • Integrations with many accounting systems (Xero, Quickbooks, Sage, Intacct, NetSuite, and more)
  • Setting up approvals within departments and throughout the company
  • Credit card integration for business credit cards
  • Completely customizable to chart of accounts (updates to any changes made)
  • Mobile apps (Android/iOS) with SmartScan technology to upload receipts
  • Automatic ACH deposits for employee reimbursements
  • $9/month per active user (more on that later)

Target Group

  • Small to Mid-Size Businesses - especially those spread out over many cities/countries
  • Companies focused on their business wanting to streamline monotonous tasks

Main Benefits

  • Receipt tracking for audits, less time spent by business doing BORING processes, and automated payments. 
  • $9/month per active user (if user signed up and doesn’t show activity for the month you’re not charged for the user)

Pros

  • Streamlined integration with SMB (small/mid-size business) accounting systems
  • Pays employees via ACH once report approved/processed
  • No need to get, secure, and track, employee’s banking information
  • Simple interface and simple receipt upload with Android/iOS phones
  • Simpler to use than large expense reporting companies
  • Pay by active user each month (only users with activity, not based on members signed up)
  • Great, and fast, customer support

Cons

  • Lag time of Expensify's SmartScan feature can result in no receipt upload
  • If user submits expense report and admin misses/forgets email the admin won’t get reminded
  • Images not saved in an easy to track format for users - An integration with an app like CamScanner could improve it
  • Time from approved expense report to ACH payments sometimes takes longer than expected
  • Although adding expenses to the app is pretty straightforward, I’ve found creating expense reports (combining multiple receipts/expenses) to be cumbersome
  • Setting up departments/approval processes within Expensify takes some learning

Overall, we believe Expensify provides the best SMB expense reporting solution, and at an extremely reasonable price. The integration is seamless with almost any accounting system. And the tracking of employee receipts gives you added assurance you’re protected in case of an audit. Although there are some listed “Cons,” they are minor when compared to other solutions.

At SUM Innovation, we will work with you to improve your processes and automate your systems. If Expensify looks like an expense reimbursement solution for your company then contact us for a free 30-minute consultation!