TWT Blog

Cloud Solutions Series: Expensify for Expense Reports


In this blog series, we showcase small business IT cloud tools we think help our clients run their small businesses better. We don’t have any affiliation with the companies, nor are we concerned about increasing their sales. We just like these tools and think you will too.

Our pick for tracking expenses and creating easy-to-read expense reports: Expensify

We know how important it is to track business expenses. We also know how cumbersome creating traditional expense reports can be.

I’ve never enjoyed entering a stack of individual receipt tallies into an Excel file at the end of each day (or month, if I’m being honest). Sometimes I input them wrong or double up by accident. These mistakes can make things difficult come tax time.

There’s also that fear you’ll lose or accidentally destroy your receipts, a big problem if Canada Revenue Agency comes knocking and wants proof of your expenses. Expensify is a cloud tool that rectifies those two issues, while offering a series of other benefits.

In their own words, Expensify produces “expense reports that don’t suck.”

Scan your receipts with your iPhone

Instead of inputting receipts directly, you simply take a photo of the receipt on your mobile app, a feature that encourages you to keep up with expense reporting on the go. The app “reads” the receipt and logs the information. The app keeps the photo of your receipt for your records.

You can track other more complicated expenses like mileage, either from the web or the app. You can input your default mileage rate directly into your profile. Expensify also works across several different currencies, and will convert foreign receipts or credit card charges into Canadian dollars. Items are marked as billable or reimbursable.

Integrates with bank and credit card transactions, and other programs

Expensify integrates easily with your bank and credit card statements, allowing you to import credit cards charges directly from the bank or a CSV file. The program also works directly with a slew of other accounting packages like Excel, Evernote, Dropbox, SalesForce, Quickbooks and Zero.

Easy approvals

Expensify has a built-in workflow for approving expenses from employees. It’s easy for a manager to approve an expense sheet, make comments and ask questions, and then send it off to the CFO with a couple of clicks. Each expense report includes images of all the receipts, making it simple for you to double check any items that look out of place.

Need more ideas? Check out other posts in the Cloud Solutions Series:

Jukebox for Small Business Printing
Lynda for Online Tutorials for Managing Email Subscriptions
Asana for Small Business Collaboration

Topics: Cloud Solutions Series