Expensify: Mananging Reimbursable Expenses

Managing expense reports and reimbursements can be time consuming and difficult for most small businesses. Whether managing expense reports via spreadsheets or loose receipts/notebooks, Expensify provides a solution that improves efficiency and eliminates the tediousness of expense reports.

With Expensify, there is no more manual entry. By using the Expensify App on your smartphone, you can snap a picture of your receipts to match them to the appropriate credit card transactions via a feed. Expensify “SmartScans” uses OCR (Optical Character Recognition) technology that will automatically pull the merchant, date, and amount from the receipt and create an expense based on the information.

Expensify also allows for streamlined employee reimbursement via ACH. Once an expense report is approved, you can send an ACH through Expensify or “mark it manually”. This allows for employees to easily get reimbursed for mileage, time, or goods they may have purchased for the company.

Expensify syncs directly with Xero, allowing for headache-free expense reports. Once expense reports are created and submitted/approved, they can easily be pushed to Xero by clicking “Export to Xero”. Payables will then be created inside of Xero, along with the source document attached to the transaction.

By using Expensify to manage expense reports and reimbursable expenses, not only does it offer greater transparency and ease of use, but it truly does make expense reports simple, not to mention that it syncs with Xero!