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Tech Edge: The Expensify App

With Tech Edge, we examine today’s top technology for salespeople. This time around, we’re checking out the Expensify app.

What Is It?
Expensify is a mobile application that aims to make expense reporting easy. With the app, users can snap pictures of receipts, track spending, and create and submit expense reports – all from their iPhones, iPads or Android devices.

Features
Expensify features SmartScan technology that automatically reads receipts. Simply take a picture of the receipt, select the report you want the expense to go on, and voila. If you lost the receipt before taking the picture, Expensify lets you import credit card transactions and creates an IRS-guaranteed eReceipt for purchases under $75. Expensify also allows you to enter specific travel expense info, like hourly rate, length of time worked and distance traveled. With the app, you can email reports or convert them to PDFs and save them. The app is integrated with Excel, Evernote, Dropbox, Salesforce, Quickbooks and similar programs.

Price Tag
There is no cost for individual users, with 10 free SmartScans per month. A full-featured corporate plan for companies costs $9 per active user per month. The corporate package’s features include advanced policy enforcement and card reconciliation.

Why You’ll Like It
Keeping track of receipts is a pain. Some you lose. Others end up in a tangled ball in your suitcase or glove compartment. Eventually, you’re forced to sift through the mess to formulate a coherent expense report. Expensify seeks to remove this chore from your life. The app can save you time, keep you better organized and eliminate the tedious task that is old-fashioned expense reporting. Plus, the individual user cost – zilch! – certainly makes it budget friendly. Consider, too, that more than 2.5 million people already use Expensify, which has received praise from Business Insider, The Wall Street Journal and Forbes.

Why You Won’t
Some Expensify users say they’d like more user customization options. Meanwhile, others have complained there are too few input fields. Certain adopters have also reported that an updated version didn’t allow them to add decimal places to mileage and claim rates. Finally, a few traveling professionals say SmartScan doesn’t always get all the details correct. Overall, however, the app has 4+ ratings on both iTunes and Google Play.  

Our Advice
Many salespeople would rather get a root canal than fill out an expense report. If that sounds like you, then it’s at least worth taking Expensify for a test drive. Even if you somehow love traditional expense reporting, remember the Expensify app costs nothing and it may just help you be more efficient. Give it a shot.