Great Expense Statement Coordination Tool!
January 17, 2019

Great Expense Statement Coordination Tool!

Anonymous | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Review Source

Software Version

Corporate

Overall Satisfaction with Expensify

We leverage Expensify in consolidating, batching, coding, approving, and reimbursing credit card and reimbursable expense reports for individuals within our organization. The software is utilized by users across MANY departments within our organization. However, the accounting/finance department is tasked with orchestrating the process. Expensify has done a great job of moving our company away from "sloppy" MS Excel expense reports. Now, we have a convenient web-based tool which allows users to execute most necessary functions from their desktop or smart phone.
  • Expensify allows a company to establish simple approval rules and pipelines. The days of remembering who approves which user's expense reports are in the past.
  • Expensify allows users to easily code their expenses to the accounting department's general ledger. During implementation, the accounting team is tasked with creating a map between simple categories/description and general ledger account codes. E.g., Telephone -> 66150
  • The mobile app allows users to quickly take photos of their receipts/invoices/supporting documents on the go. Our CEO LOVES the ability to upload support to the app as he is signing the check at a restaurant.
  • The software downloads corporate credit card data daily. Furthermore, they mark "verified credit card transactions" with an icon that indicates as much.
  • The administration has the ability to request "copilot" access to user's accounts. This allows curators the ability to help users follow best practices.
  • Some users have complained that their receipts do not always upload from their mobile phone. Unfortunately, this means that the user (or the accounting department) needs to request copies of support/documentation from vendors.
  • If the tool is not implemented correctly, it can lead to some nightmarish situations down the road.
  • Expensify should work to add all desktop capabilities to their mobile application.
  • Our organization no longer spends countless hours per month orchestrating the consolidation of data (MS Excel, typically) into our general ledger.
  • Our accounting department is no longer tasked with making sure the correct individuals have approved submitted reports.
  • Our accountants have a much easier time coding the reports that have been submitted by users. For the most part, we rely on users to code their submissions to the correct accounts.
I am unaware of any competitors, but I am VERY happy with Expensify. At this point, we are not interested in shopping for any other alternatives. The only case that we have made for switching away from Expensify would be switching to an ERP (Sage Intacct) which is capable of handling expense statement coordination on its own. That said, it is unfair to compare Expensify to Sage Intacct. Furthermore, I am not sure that Sage Intacct's Expensify-like module is better than Expensify.
Expensify is well suited for companies that are sick and tired of coordinating the creation, submission, approval, and coding of hundreds/thousands of expense reports across their organization. In most cases, the software would pay for itself pretty quickly, especially if the company doesn't have that many users. The maintenance of expense reports can be an EXTREME drain on accounting resources.