Expensify’s expense management software eliminates the tedious task of manual data entry for business owners who want to track expenses without sacrificing valuable time. Its affordability and comprehensive features set Expensify apart as the best expense management option out there—and its free plan helps even the smallest of small businesses stay on track to financial success.
Expensify Review 2021
Expensify plans and pricing 2021
Track (for individuals)
Unlimited SmartScans (digital receipt scans) + mileage tracking and expense categorization
Submit (for individuals)
Track features + automatic reimbursement reports and receipt submission
Collect (for groups)
Submit features + accounting software export and automatic bank reconciliation
Control (for groups)
Collect features + corporate card reconciliation
Data effective 11/24/20. At publishing time, pricing is current but subject to change. Offers may not be available in all areas.
Need to scan only 25 receipts a month? You can use Track or Submit for free.
Expensify is best for midsize and large businesses
Expensify is perfect for bigger businesses—we’ll get into the why in a bit—but it’s a good fit for the smallest of small businesses too. Since you can use Expensify free for up to 25 SmartScans a month, it’s perfect for businesses with a handful of employees who don’t submit loads of expenses. And freelancers or solopreneurs who want easy expense reporting for an even easier tax season can benefit from Expensify too.
A SmartScan is what Expensify calls its optical character recognition (OCR) technology. When you scan a receipt, the Expensify app reads the amount paid, the transaction date, and the merchant and categorizes the expense accordingly. If you don’t have a paper receipt, you can forward emailed receipts to Expensify for easy categorization (which, for billing purposes, still counts as a SmartScan even though you're not scanning anything).
But Expensify’s expense management software was tailor-made for large businesses that juggle dozens (or more) of expenses a month. Its two plans for groups, Collect and Control, include these key features:
- Unlimited receipt scanning
- Automatic mileage tracking
- Automatic expense categorization
- Expense report generation
- Automatic report submission for employee reimbursement
- Accounting software integration (QuickBooks Desktop, QuickBooks Online, and Xero)
- HR software integration (TSheets, Gusto, and Zenefits)
Expensify’s group plans also include the Expensify Card, a free corporate card that automatically creates expense entries with each card swipe. The Control plan goes a step further and adds in corporate card reconciliation for any corporate card, not just Expensify’s.
The group plans also include a six-week free trial and two payment options: a monthly subscription, which costs $5 per monthly user for the Collect plan, or pay per use, which starts at $10 per monthly user for the same plan. If you have more than just a few users, we'd recommend the monthly subscription; on the other hand, if just you and one other person use the company card a few times a month, pay per use could work better.
Expensify pros and cons
You can’t scan receipts on the go without a heavy-duty app—and Expensify’s free mobile app is up to the task. The scanner automatically notes the merchant and date listed on the receipt and submits the amount for expense reimbursement. It also syncs with credit cards for better expense tracking and bank reconciliation.
Expensify’s app is included at no additional charge with both its paid plans and free alternative.
We also like Expensify’s integration with the most popular accounting and bookkeeping software—it syncs with everything from QuickBooks Online to Microsoft Dynamics. For faster travel expense reimbursement, Expensify will automatically import receipts from Uber and Lyft.
There aren’t too many flies in the Expensify ointment, but some are still worth noting. For one, its pay-per-use plans are a little pricey. And on the app stores, some customers note problems with the app crashing or failing to sync properly, especially Android users.
But Expensify’s customer service team reacts almost immediately to bad reviews, reaching out with solutions and contact info. It might be a hollow gesture—we can’t say for sure—but it’s several steps beyond what many software companies do for their customers.
How does Expensify work?
To use Expensify, sign up for a plan, then download the Expensify app to scan any and all receipts that come your way. Once you upload the receipts to your account, the cloud-based software categorizes the expenses, enables next-day employee reimbursement, and tracks taxes.
How much does Expensify cost?
If you need to scan only 25 receipts a month, Expensify is free. If you want unlimited scans, Expensify starts at $4.99 a month for individuals and $5 per user per month for corporate plans.
Can you use Expensify for free?
Yes! If you’re an individual, freelancer, or solopreneur who just wants to scan and catalogue up to 25 receipts a month, you can use Expensify’s Track or Submit plans for free.
What is Expensify for?
Expensify is a receipt-scanning and expense-organizing software program. You can use it to reimburse employees for any expenses they incur for the business, like office supplies or business lunches. Freelancers and self-employed business owners can also use Expensify for expense categorization and tax tracking.
Is Expensify compatible with QuickBooks?
Yes. Expensify’s group plans are compatible with both QuickBooks’ desktop and cloud-based software. Expensify also syncs with Xero, and if you sign up for the Collect plan (Expensify’s most expensive), you can also sync the app with NetSuite, Sage Intacct, Oracle, FinancialForce Accounting, and FinancialForce PSA.
Expensify is a solid, well-rounded expense management program that works nicely for startups, freelancers, and growing companies alike.
Need accounting software to match your expense management plan? Hop over to our piece on the year’s best accounting software for small businesses.
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