Easily Manage Expenses with Expensify
I travel a lot, so managing expenses has always been essential. Up until recently, my system included a physical envelope where I would place receipts for every trip. Once back at my office I would scan those receipts, create an expense report using a desktop application, print the report as a PDF document, and forward that along with an invoice to the client for payment.
That system worked well for a long time. However, earlier this year I transitioned to an online expense management program – Expensify. This expense management platform has significantly reduced the amount of time I spend managing my expenses.
It may help you, too.
There are multiple ways to add receipts and expense information to the platform and a particular report:
- Manually on the Expensify website. The site is mobile responsive, so it works quite well on a tablet device. You can also drag a scanned image of the receipt onto the website to have it automatically uploaded.
- Using the free mobile app (for iOS and Android platforms), you can take a picture of the receipt and manually add information about the merchant, amount, and the particular report it should be assigned to.
- SmartScan provides the ultimate hands-free experience. You simply take a picture of the receipt or upload the receipt to the website and the SmartScan process will read the receipt and automatically enter the merchant’s name, transaction date, and the transaction amount. Using this information, SmartScan will create a new expense item.
- Directly from bank and credit card accounts. Expensify offers guaranteed eReceipts for expenses imported directly from a bank or credit card account. These are full digital replacements of their paper equivalents for purchases under $75 and, as a plus, are accepted by the IRS.
- You can also manually add an expense including mileage and time billing expenses on the website and/or the mobile app and assign them to a specific report.
Once you have added all expenses for a particular trip or event, you can create a PDF file with just a click of a button. The report has an excellent format that includes all receipt images. I then attach this PDF to an email and forward it to the client for reimbursement.
If you use Evernote, you can link Expensify with your Evernote account. The completed receipt is automatically added to a separate Evernote notebook for long-term storage. You can also add receipts to your Evernote Expensify notebook, and those receipts will be automatically imported into the Evernote platform.
The Individual version of the platform is free. This version is a great way for you to test the platform to see how well it will work for you.
The Team version is $5 per month per active user (an active user is someone who submits at least one expense in that month). This version also includes an expense approval process.
I now keep track of all my expenses — business and personal — on the Expensify platform. For personal expenses, I simply create a report for each month and take a picture of the receipt and attach it. Once I close that month’s report, it is transferred to my Evernote notebook where I can search for the specific information on the receipt if I need to view it later.
What have you found to be effective when managing expenses and receipts? Let me know.