Expensify Review 2020
Expensify’s receipt-scanning and expense-tracking software automates expense management for all types of businesses, from small to large. Is it right for you? Business.org’s review helps you decide.
|
April 30, 2020
5 min read
Folks, it’s 2020—time to say goodbye to manual data entry, especially entering receipts and categorizing expenses by hand. Expense management software like Expensify can tackle it all for you. Tax season? Streamlined. Employee reimbursement? A cinch.
That’s all well and good, but is Expensify right for you? Our Expensify review breaks down the software’s pros, cons, and pricing—and lack thereof, since Expensify’s expense tracking is free if you scan fewer than five receipts a month.
| Plan name | Starting price | Features | Learn more |
| Track (for individuals) | $4.99/mo. | Unlimited SmartScans (digital receipt scans) + mileage tracking and expense categorization | See Plan |
| Submit (for individuals) | $4.99/mo. | Track features + automatic reimbursement reports and receipt submission | See Plan |
| Collect (for groups) | $5/user/mo. | Submit features + accounting software export and automatic bank reconciliation | See Plan |
| Control (for groups) | $9/user/mo. | Collect features + corporate card reconciliation | See Plan |
Need to scan only five 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 five 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.
Expensify refers to its optical character recognition (OCR) technology as a SmartScan. So what’s so smart about a SmartScan? 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, by the way, still counts as a SmartScan, even though you’re not scanning anything).
All four of Expensify’s paid plans include unlimited SmartScans. If you choose a free option, you’re limited to five SmartScans a month.
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
- User-friendly app for on-the-go expense recording
- Excellent third-party app integration
- Free plan for fewer than five receipt scans per month
- Some customer complaints of app crashes and software kinks
Expensify pros
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.
On Google Play, the Android app scores 4.1 stars out of 5 from an average of 14,000 reviews.1 Expensify ranks even higher on Apple’s App Store, where nearly 90,000 customers give it 4.7 stars.2
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.
Expensify cons
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.
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 most software companies do for their customers.
FAQs
How does Expensify work?
Open 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 five 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 five 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.
The takeaway
On the whole, 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.
Disclaimer
At Business.org, our research is meant to offer general product and service recommendations. We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.
Sources
1. Google Play, “Expensify – Expense Reports”
2. App Store, “Expensify: Receipts & Expenses”
