Expensify - Good Solution for Small Companies
June 20, 2016
Expensify - Good Solution for Small Companies
Score 9 out of 10
Vetted Review
Verified User
Software Version
Corporate
Overall Satisfaction with Expensify
Expensify is being used across the entire organization. Currently, employees outside the finance and accounting team specifically use Expensify for expense reporting and reimbursement requests. The finance and accounting team uses it to process expense reports and reconcile corporate credit cards and maintain records of receipts for credit card transactions. It does an excellent job of record-keeping in an organized fashion (linking a transaction to a specific line item in a credit card statement or expense report, for example). By eliminating the need for paper expense reports and receipts, we have streamlined our processes and we have been able to reduce lost/misplaced expense information by 90%.
- Organization - Expensify places types of expense reports/credit card statements into buckets based on where they are in their individual process.
- File maintenance - by using digital receipts and scans, Expensify eliminates the need for paper files for expense reporting and credit card reconciliations.
- Reimbursement - the process by which you designate a report as reimbursed is extremely simple (you can click in Expensify to automatically reimburse someone or you can mark it as reimbursed through your accounting system very easily).
- Exporting credit card transactions can be difficult. When importing, all transactions are lumped under one vendor (American Express, in our case), so it can very difficult to link a line item on the general ledger to an individual transaction/receipt.
- Basic instruction for new users can be confusing. For employees who have not previously used expense reporting or accounting software, some of the terminology can cause a problem. Also, it's not clear that a user must actually submit their expense report to a particular email - some employees have submitted it to themselves or failed to submit it at all.
- Time spent by the AP processors on expense reports has been reduced from eight hours per week to two hours per week.
- Errors in expense reports that make it all the way to the disbursement stage have been reduced from five per months to zero.
Expensify and Concur are similar products, but we ultimately went with Expensify because of its more robust sync options (e.g., syncs to more systems easily) and was more cost-effective for the number of users we have set up (between 50-100). I haven't used Concur to any great extent but it seemed like a reasonable solution given a different economic situation for the company. I've also used expense reporting utilities connected to systems like Maconomy and NetSuite with no real issues.