Tracking expenses typically ranks high on the list of things you wish you didn’t have to do to run your business...right up there with filing taxes. We completely agree that keeping up with paper receipts, coding, tracking and issuing payments to employees is not an easy task. So that’s why we recommend switching to an online solution such as Expensify.
Expensify is a cloud-based platform that allows you to streamline all your expense reporting needs. Everything will be completely digital, including reimbursements. If you’re looking to take your business 100% paperless, then this is an excellent expense reporting option to consider.
So what makes Expensify so great? There are many applications out there that allow you to take pictures of your receipts and upload them to your credit card. However, Expensify’s technology takes things a step further by automatically filling out and submitting the expense report for you once you snap a photo of your receipt. In addition to uploading receipts, users can also capture additional data such as mileage, parking fees, meals and other reimbursable expenses.
Your team can also access Expensify offline when necessary, and upload the captured information later on.
Other Benefits of Expensify
- Integrates with multiple applications including Dropbox, Evernote and Quickbooks
- Provides a full audit trail for all transactions
- Offers affordable, multi-tier price levels
- Compatible with over 160 currencies and converts to USD automatically.
How to Integrate Expensify with QuickBooks
Currently, Expensify is only compatible with QuickBooks Online. However, the two platforms work well together. Expensify not only simplifies the way that employees manage and submit expense receipts, but it also streamlines the processing of these expenses by offering easy import/export of data such as expense account details, projects, clients and funds from QuickBooks. As a result, users can simply enter receipt details using the correct account information and export directly to QuickBooks.
Compliance controls also allow managers to set guidelines such as an automated approval workflow, as well as specific rules for each expense type. This works well if employees have a set spending limit for expense categories because the system will reject anything that exceeds the threshold. Items that are rejected will not be available for export to QuickBooks.
Once you create an Expensify account, all Quickbook Online expense accounts will be automatically imported into Expensify as categories. These accounts can be enabled/disabled for each individual employee. Specific rules can also be established for expense categories. You can consider changing the names of the imported categories in Expensify to make it easier for employees to determine which account best fits their expense. Too many unfamiliar category names could be confusing and result in coding errors which you will want to avoid.
In Expensify, non-reimbursable expenses (e.g. company card transactions) export to QuickBooks Online as either a Credit Card or Debit Card Transaction.
If you want the payee field for Credit Card expenses in QuickBooks Online to display the merchant name, you must ensure that that Vendor is already set up in QuickBooks Online. Expensify will search for an exact match when the data is being exported. If the system can’t find it, it will create a Credit Card Misc. Vendor.
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