Expensify is a prominent expense management software that helps individuals and

businesses track and manage their expenditures. One of its primary strength is its user-
friendly interface, facilitating e ortless receipt capture, expense monitoring, and the
creation of detailed reports.

We can access/login Expensify via web extension as well as Smartphones.

Log In via the Expensify Web App:

 Open a web browser and go to [Link].

 Create an Expensify account using email id and mobile number.

(Screenshots attached below will take you through the login steps)

Expensify’s Features:

 Receipt Scanning

 Expense Reporting

 Mileage Tracking

 Linking Credit/Debit/Bank account

 Multi-Currency Support

 Approval Workflow

 Accounting Software Integration

 Policy Compliance

 Reimbursement Processing

 Expense Report Creation

We have successfully logged in to the Expensify tool.

Let’s dive into Expensify’s features

Expense Reporting
Navigate to Expenses -> New Expenses

Expensify allows users to upload Bills/Invoices in below mentioned ways:

 Manually Create

 Scan Receipt

 Create Multiple (these three are related to bills)

Expensify allows users to record travelling expenses as well in below ways:

 Manually Create

 Create from Map

Let’s take a look at how we record expenses using below options.

click the “Attach Receipt” + button to upload an image or PDF of the bill.
Expensify allows users to upload photos of receipts, which the app scans and
automatically extracts key information such as amount, merchant, date, and category
using OCR (Optical Character Recognition) technology.
Note: If the documents are of less quality, OCR won’t pick up the information.

Please ensure that clear images/pdfs are uploaded to enable OCR.

Enter Bill Information:

 Merchant: Enter the name of the vendor or company or the payee.

 Total: Enter the total amount of the bill.

 Date: Set the date as per the Bill/Invoice.

 Reimbursable: Please tick the box if the expenses are reimbursed to employees
from Expensify app. If the expenses are reimbursed o line, untick the box.

 Category: Choose the appropriate account head for the bill (e.g., rent, utilities,
o ice supplies, etc.)

 Attendees: Optional, we can add other Expensify users in this field (Say
Expensify users who incurred the expenses).

 Description: Optional, add any additional notes or details about the bill, like
invoice number or reason for the expense.

 Multi-Currency Support: The app can handle expenses in multiple currencies.

Click SAVE once the details are filled.
-> Scan Receipt -> Select bills from your desktop file -> Open

Select Fill out the details. If the image/pdf is clear, Expensify will populate the fields. If
not, select Fill out the details myself option, complete the bill’s particulars, save it.
Select Create Multiple option.

By selecting Create Multiple option, you can add multiple expense details on one go. It’s
a great way to save the ticking time. Save it once you have filled the details.

Navigate to Expenses tab, you will find expense lines filled in Create Multiple option.
Open them, fill the relevant details and save the bills (Refer below snip).
Expense reporting for Travel expenses:

Expensify o ers mileage tracking via GPS, making it easy for users to track and report
business-related travel mileage. It also calculates the reimbursement based on local
rates.

Fill the relevant details according to your travel. Save it. Create from map option can be
used when you wish to pin the locations from the map.
Linking Credit/Debit/Bank account:

Expensify takes debit/credit/bank (payment card) details of above-mentioned

currencies only.

Approval Workflow:

Expense reports can be routed through approval workflows, allowing managers to

approve or reject expenses with ease, ensuring compliance and reducing fraud.

If the expenses are approved o line (i.e.: Approvals routed via emails), then we can’t
optimise the usage of approval workflow.

Reimbursement Processing:

Expensify can handle direct deposit reimbursements, automatically processing

payments to employees, once their expenses are approved.

Once an expense report is submitted, it typically goes through an approval process.

Expensify supports customizable approval workflows, which can be set by the company
to ensure that expenses are reviewed and approved by the correct person (e.g., a
manager or finance o icer).

The approver can approve, reject, or ask for more details about an expense.

Please note that we can’t add our employees’ bank account for reimbursements since
Expensify doesn’t have option to add Indian bank accounts (Refer snip below).
Expense Report Creation:

Employees can create a new expense report by grouping together various expenses
(e.g., travel expenses, meal receipts, etc.). They can submit expenses as they go or
compile them into a report for a specific period.

We can rename the report as it may seem appropriate using the pencil icon (Refer snip)

We can send those expense reports in pdf format to other Expensify users.
Accounting Software Integration:

Expensify integrates with popular accounting platforms like QuickBooks, Xero, and
NetSuite, streamlining financial reporting.

Policy Compliance:

It allows businesses to set up customized expense policies, which can ensure that
expenses are in line with company guidelines. Navigate to Settings -> Account ->
Expense Rules (See below snip).

We can set rules after collaborating with managers to set the expense limit. This will
ease the approval matrix as the Expense rules will automatically reject/approve as
instructed.
Payroll Integration:

Expensify doesn’t calculate/has options to record the payroll details. We will have to
look out for di erent tool to automate the payroll.

Now that we have explored Expensify features, it is time to assess if Expensify fits our
business requirements.

Expensify is only an EXPENSE MANAGEMENT TOOL, it is not an accounting software

which gives detailed insights about financial position (Balance sheet), financial results
(Profit & Loss), financial analysis (other reports say AR/AP/Cash flow) & reconciliations.

We require a comprehensive accounting software which could tailor to all our business
needs. We will shortlist software’s which supports Indian cards, payroll, whole
accounting process at one place.