Expensify

Expensify is a receipt and expense tracking app that can be used for small business accounting, although it is not a full accounting platform. Suitable for personal and business use, the software offers a range of features, including credit card imports, mileage tracking, receipt scanning, and custom coding options.

*Free with the Expensify card.

Standout Features:

1. Expensify card.

The platform offers a business credit card that allows users to receive cashback on payments, a discount on paid Expensify packages, e-receipt coverage, and a virtual card for concierge travel, which includes a free medical advisory, emergency transport, and other travel safety services.

When employees swipe the Expensify card, the transaction immediately appears in the app, meaning that your employees will not need to SmartScan any receipts for to keep track of expenses. The card will also automatically turn off after a certain amount of unapproved expenses and will turn back on after the accumulated expenses have been approved.

The Expensify corporate card is unique in that for every swipe, Expensify donates 10% of the transaction fee to Expensify.org, which is a charitable organization. The funds are then donated to various charitable causes.

2. Multilevel coding.

Users can import GL (general ledger) codes from their accounting package to tag expenses with varying levels of detail. Companies can also sync tax rates or set custom tax names, rates, codes, and defaults for every expense policy.

3. Self-employed options.

Expensify is great for self-employed individuals as it can be used to separate business and personal expenses. Expensify will automate your receipt tracking to help you during tax season and also keep track of your spending.

You can use the SmartScan feature to take pictures of your receipts and then categorize your expenses as personal or business for accurate Schedule C tax deductions. Users can also link their credit cards to Expensify so that the app can track expenses without the need for receipts. The Expensify app also features mileage tracking.

Expensify Packages:

Expensify offers four packages, including a basic free plan. The Collect and Control packages differ from the Track and Submit packages in that they are designed for groups, rather than individuals. However, all the packages do offer the same basic features.

Basic Free Plan:

The Basic free plan is great for users in search of one or two expense management and accounting tools, such as reimbursements, invoicing, and billing. It also includes the Expensify card, which allows employees to automatically add expenses to reports and receive cashback on payments.

Track Package:

The Track package is for individuals and sole proprietors who need to track mileage and receipts for tax returns or personal expense purposes. It offers individual-needs features, 25 free SmartScans per month, automatic mileage tracking, and auto-categorization of expenses. The package also features tax tracking and receipt integrations.

Submit Package:

The Submit package is ideal for individual employees and small business owners who need to send receipts to their managers or accountants. It offers all of the features found in the Track package, as well as auto-submission of reports for reimbursement and submission of receipts to anyone.

Collect Package:

The Collect package is designed for automated receipt collection or reimbursement to simplify accounting and bookkeeping. It offers all the features from the Track and Submit packages, including auto-export to integrated accounting software, as well as card management and custom coding.

Control Package:

The Control package is designed for companies that need to manage their expenses through expense reporting, card management, approvals, and reimbursements. The package offers all the features found in the first three packages, including the management of corporate cards and multilevel approval workflows.

Users will also enjoy features such as custom approvals, access control, expense rules, custom export options, custom fields, accounting codes, and single sign-on for employees.