What TrustRadius Research Says
Any business that tracks spending will need some kind of system in place to help. Excel or Google sheet could work but that’s still tedious and time-consuming. One way to streamline the process is an expense management system.
Expensify is an expense management system that helps with expense reporting for an individual, small company, or larger enterprise. They can integrate with other software and offer their Expensify card to track your receipts as you travel. They have a number of features to explore.
All About Expensify
Expensify is meant to help any employee with expenses they need to track. It could be directly for the company like supplies. It could also be in-direct and part of the job like meetings at brunch or hotels. Expensify is great for individuals and freelancers that want to track all company related costs for taxes or a personal budget.
Expensify price plans have limits based on the SmartScans, not on the number of persons. The free plans have up to 25 scans a month, and you can apply for Expensify cards as well. Paid plans come with unlimited scans. The Free plans start you off with Expensify cards, invoicing, and paying bills.
One of the reasons Expensify is good for individuals and freelancers is their free plan. A family could use an Expensify account to track special or shared expenses. Freelance consultants can track all expenses they make for travel and business costs to late use when making tax deductions. Small companies can get free Expensify Visas, all on the Free plan subscription.
The Collect and Control plans let you sync integrations and use custom reporting. This will be ideal for small to medium companies that need to streamline processes like accounting, budgeting, and payroll. As mentioned above they have quite a few integrations you can sync.
How Does Expensify Billing Actually Work?
Something important that not all Expensify users realize when signing up is it’s a monthly fee, but with an annual commitment. You set your amount of users when you make the subscription. If your active users are more than the actual amount you originally set, you will be charged pay-per-use rates which are higher.
These are the upfront Expensify plans you will see on their pricing page.
|Businesses||Individuals & Self Employed|
|Free Plan||Track Plan free up to 25 SmartScans/Month|
|Collect Plan $5 per User/Month||Submit Plan free up to 25 SmartScans/Month|
|Control Plan $9 per User/Month|
The table below is for corresponding pay-per-use rates. They are another choice if you don’t want to commit for a year. These rates are also additional costs if you add users to your plan. One thing that can be confusing is the rates and plans change depending on whether you get the Expensify credit card.
For more information about billing visit their community page. Make sure if you do choose Expensify you plan out how many active users you will have each month.
Expensify Pay-Per-Use Rates (no annual commitment)
Expensify Card + User Prices
Users Without Card: $36 per Active User/Month
Users With Card: $18 per Active User/Month
Collect Plan With Card: $10 per Active User/Month
Collect Plan Without Card: $20 per Active User/Month
Control With Card: $18 per Active User/Month
Control Without Card: N/A
Pay-Per-Use General Reported Prices
Collect: $10 per Active User/Month
Control: $18 per Active User/Month
These prices are great for smaller-scale businesses, but you want to know what else is out there. Some alternatives might be cheaper, or better for bigger companies.
Expensify has some great features that can help with work and save time. You can communicate on Expensify with coworkers and family members when you open a group chat. This way you can ask ahead about purchase receipts or let someone know how to do something like set up like submit an application for an Expensify Visa.
Expensify offers a credit card. Instead of tracking transactions over several credit cards, you can sync it with the Expensify system as you go. You or your company can make deposits on the balance. This will make it easier to get small receipts like office supplies or gas costs. Speaking of travel costs, the Expensify system comes with GPS tracking so you can log in mileage.
If you don’t use their Expensify Visa card, you can still track purchases with a SmartScan. SmartScans are pictures of your receipts that retrieve data. You can avoid entering time-consuming data by doing a quick receipt scan and continuing on to your next task.
With Expensify you will also be able to be reimbursed through the system. You can set up ACH reimbursement after creating a direct deposit account to receive funds. Then the employer and employee need to both make ACH reimbursement with Expensify, and then expenses can be paid out right away.
When you use Expensify for this, make sure to be careful when the payment is set. If it's above the next-day reimbursement time frame then it will take 3-5 business days to process. Expensify also offers auto-syncs so expense reports and reimbursements can become an automated process. That way certain purchases can be pre-approved and you can save time.
Expensify also has Corporate Card Reconciliation. Card Reconciliation is the process of checking that expenses match the company ledger. If any issues occur they encourage you to contact their concierge. For any questions about support, you can contact their concierge at firstname.lastname@example.org.
Two major Expensify alternatives are Zoho Expense and Certify. Their competitors have limits on the number of users each month.
Zoho’s Free plan has a max of 3 users and a max of 20 receipt scans. Their monthly fee is more at $8 for Premium and $12 for Enterprise. Those who choose to be billed yearly pay less for each month. Premium and Enterprise have minimums on the number of users you need to sign up, but unlimited users for maximum. They encourage larger company sizes.
Certify does not have a free plan but they do have a free trial. Their plans include Certify Now! ($8 per user/mo), Professional (Calculated monthly fee), and Enterprise (Calculated annual fee). Their Certify Now! plan limits 25 active users, Professional allows up to 200, and Enterprise is 200 plus. They are great for mid-size and large but not very small organizations.
There are more alternatives for Expensify on our category page.
Expensify can integrate with different software to combine related tasks. Integrations with Expensify can travel software or apps, ERP software, and accounting software. ERP or Enterprise Resource Planning software can be used for project management, accounting, supply chain management, and more.
One of the big integrations they offer is with Quickbooks. Quickbooks desktop, Quickbooks online, both can be conveniently synced. This way your company can access revenue data, spending, and employee expenses all in the same place. Other accounting software they integrate with includes Xero, and FinalForce.
Popular ERP software offered include Microsoft Dynamics, Sage Intacct, Oracle Netsuite or Netsuite if you prefer the other model.
Expensify doesn’t only integrate with business software, they can also sync directly with travel services like Uber and Lyft. Instead of worrying about receipts or using the right card, you can directly sync with a preferred method of mobile transportation. You may want to see more of the integrations offered, if so feel free to check out their integrations page.
The Expensify software has an interactive interface available for iOS, Android, and in a mobile app form as well. Using the app takes one click or two for most functions, and the Expensify community answers any questions on how to do something or where to go.
The Expensify homepage is a sign-in page targeted at those who are already using the tool if you want to navigate to their other pages, type Expensify and the subject in Google. This can be “Expensify ACH reimbursement” or “Expensify integration.” You can also click on individual pages on their Google search result.
If you want to get a feel for Expensify, check out the YouTube video below. This tutorial is a demo of Expensify’s mobile app.
You may find Expensify and the alternatives listed here were not enough. We have more expense management software available here.