How Expensify Software Can Help Manage Your Business Expenses

How Expensify Software Can Help Manage Your Business Expenses

Keeping tabs on expenses can be mindboggling, even if you are a start-up or you have a small company. Only if you know how much money is going out will you be able to maintain a good cash flow. It is crucial to track your business expenses, but nobody wants to draw themselves into doing that.

Well, traditional ways are certainly boring to track your expenses. They are not just time-consuming but frustrating as well. If you have a small business, you might use those methods comfortably. This is because small companies do not have a myriad of expenses and related receipts.

This seems to be all but impossible for large companies. You do not need to worry about tracking your business expenses as now you can use the best software solution – Expensify. The USP of this software solution is that you can save up to 75% of your team’s time.

This software solution will help you track, organise, approve and reconcile expenses. You will get to know the right amount of money you are sending to each category. This is a way better solution than traditional tracking methods because you can scan unlimited receipts.

What are the highlights of Expensify software?

Here are the highlights that make this software very effective.

1.  Say goodbye to receipts

Now you do not need to maintain a record of receipts. The management of both physical and online receipts is quite tricky. But this all is extremely smooth with Expensify.

This software solution uses an in-built scanner that scans the receipt to capture all details in the report. You can also use an Expensify card; it is the best way to maintain a record of all expenses, as you do not need to keep receipts.

Say goodbye to them forever. The most significant benefit of using an Expensify card is that it can import all of your company’s expenses without needing you to move a finger. Whether it is a business trip expense or a hotel stay expense for your delegates, you just need to swipe your Expensify card, and you are all set to go. Here are the highlights of the Expensify card:

  • You are likely to get cashback of up to 4%. New cardholders will get cashback of up to 2% in the first three months, and then they will get it up to 1% with every swipe. Cashback will be up to 2% if you spend more than £250K monthly.
  • Unlike other cards, you do not have to pay fees. No penalties and no commitments are subject to these cards.
  • You can get approval for an Expensify card in a few minutes. It is easy to set up. For an immediate use, you can use a virtual card. The physical card takes a few days to get delivered.
  • You can use the Smart Limit feature to set a limit on the spending on the card. Once the limit is touched, you cannot use the card unless the previous balances are settled.
  • Unlike quick loans from a direct lender, you do not need a credit check to get approval for these cards.

2.  It ensures smooth bill payments

This automates your bill payments, so you do not need to worry about falling behind. Pay your vendors on time and never end up compromising your reputation.

Expensify has a SmartScan system that captures all details and records them. It means you do not need to handle the information related to all your bills manually. It also helps scrutinise payments.

Keep track of payments so you do not miss the due date. The software will let you know what is paid, what is due and what is late. As you can link it to your bank accounts, you can automate approvals and payments.

This helps save a lot of time. The most exciting part is that you can automate your bills without incurring any additional costs. Undoubtedly Expensify will help you stay on top of your expenses.

3.  This software is good for invoice management

Invoice management is the essential thing that you need to take care of to ensure that your working capital does not fall short of cash. You can save a lot of time and money using Expensify for invoice management. Here is how Expensify can help with invoice management.

  • Expensify ensures invoice automation. This software will automatically make the whole record of invoices, like when they are due when they are to be paid, and those that are overdue. You will be required to pay a fraction of the fee for every transaction.
  • Handling multiple invoices manually can be very tricky, but with the help of Expensify, you can manage mass invoices. It will make it easier for you to send invoices in bulk. This is how it will save a lot of time and effort.
  • It also provides more manageable for your customers to pay invoices on time. With multiple payment options, your customers can pay you using debit and credit cards, PayPal and ACH. It provides a convenient option to your customers across the world.
  • It can also help you export invoices to QuickBooks. This will save a lot of time transferring data from one place to another. Other accounting software solutions are also compatible with Expensify.
  • You will receive a notification when your invoices are paid. The software will show the payment status so you know which ones are paid and which are yet to be paid.
  • Expensify also lets you chat with your customers if they have any queries about their invoices.

4.  It will help you track your business trip expenses

Just chat with a concierge and book a flight, hotel and pick-up facility. Expensify travel management can provide you with free emergency services. Use the app to review your reservations.

You will be notified if any changes are made to the schedule. You will get a complete insight into the travel cost, and you will also know where your employees are going and when. This will keep you and your employees on the same page.

5.  It also helps with personal payments

Expensify is also a successful tool for managing personal payments. Whether you want to split bills or you want to request a payment, the app is ideal for you. It will take care of all your personal payments, from bill payments to travel expenses. You do not need to record anything manually, as this uses automation.

The bottom line

Expensify is the best software to track your business expenses. Most of the entrepreneurs struggle with cash flow problems, but they all could be sorted out with the help of this app.

It is subject to automation, so you do not need to waste time and effort manually recording transactions. As all details will be clearly recorded in one place, you can get a clear idea of your expenses. You can also use the Expensify app for your personal expenses.

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