Expensify: Free Expense Report System Review

Expensify is a startup highly esteemed for receiving second position in TC50’s demo pit. This business expense tracking and reimbursement system has launched its beta version recently. The new version includes some enhanced features to ensure easier tracking of company’s expense. Expensify is basically designed to serve the small-business employees, independent contractors and sole proprietors with tools for expense reporting.  Let’s explore the key features of this expense reporting system.

Key Features of Expensify

Absolutely Free System

Expensify charges no fee. Initially the startup charged a 3 percent transaction fee to users in its private beta version.

Expensify expense card

It is an electronic payment MasterCard linked to the users original credit card( it may not be a MasterCard). The business expenses met with this card is directly charged from the related credit card account.

Expensify Dashboard

This automatically associates the receipt images with the expense card entries. With a few more clicks Expensive generates a complete expense report.

Managing e-receipts

Expensify allows the users to make purchases with the corporate or personal credit card. The service will automatically import the purchases directly from users’ banking website. This free expense report software can import from more 90% of the U.S credit cards. It also allow the users to apply for an American Express Blue Card. This is especially beneficial for startups as they receive a referral fee when a user enrolls.

After the billing information has been arranged, Expensify will generate the expense report software with e-receipts for the purchases made under $75. The receipts of an amount can be imported via email in jpeg, or pdf file.

Capture and upload receipt

With an iPhone app for Expensify introduced, the users can take a picture of the expense report and upload it on the site directly. Once all the receipts have been uploaded to the site.

Contents in e-receipt

The e-receipts incorporates most of the elements in tradition receipt and certain additional security features. The e-receipt includes merchant Name, purchase details, transactions details, cardholder information, bar code.

Drawbacks of the e receipt

The e-receipt has a shortcoming that is it offers a line by line itemization of a receipt.

Rivals

Expensify faces challenge from expense report sites such as Shoeboxed and Concur. Now that Expensify is completely free whereas the other two charges a monthly fee for users, the former seems to be scoring over others. Concur charges $1400 (negotiable) set up fee and Shoeboxed cost $10 or more. Moreover, Expensify offers receipt imports via email and iPhone app which is lacking in both the other software.