David Barrett, FounderReporting expenses has never been an easy or intuitive process. Companies often go through the pain of doing expense reports on antiquated and less-than-intuitive platforms. Apart from maximizing accuracy and timeliness of expense reporting, Expensify simplifies the process and enhances the overall experience. Expensify provides companies, including those running on NetSuite, with industry-leading web and mobile applications for employees to capture receipts, submit expenses, and manage travel.
Being a Built for NetSuite certified SDN (SuiteApp Developers Network) partner, Expensify ensures right technology selection, which best fits an organization, and direct integration of selected systems. The SDN is a community of applications that are designed to fit well in a NetSuite-centric environment. “Our Built for NetSuite certified integration also delivers the backend functionality to support all types of business rules, approval workflows, and recording requirements,” says David Barrett, Founder and CEO, Expensify.
Embracing the benefits of a mobile friendly cloud computing application, the company launched the Expensify mobile app with Optical Character Recognition (OCR) technology. Expensify is also an all-in-one solution for managing reimbursable, out-of-pocket expenses and company-liability corporate cards. The company has personal and corporate banking feeds to automatically pull in transaction data from multiple financial institutions and allows administrators to have a real-time view of an organization’s expenses, eliminating the need for transferring files through legacy processes like Excel. Expensify’s domain control feature allows admins to track and report on incurred expenses, enabling effortless creation of reconciliation reports. Expense tagging feature automates the classification process, reducing the need for manual correction and encouraging transparency and communication.
Over the years, though Expensify platform simplified expense management, it hadn’t changed the process.This is where SmartScan technology comes in. With this solution, users can become completely paperless by taking a photo of the receipt. This enables users to scan receipts immediately after making a purchase, and let Expensify do the rest.
Our Built For NetSuite certified integration also delivers the backend functionality to support all types of business rules, approval workflows, and recording requirements
The technology gets even better when credit cards are set up for automatic importing. Imported expenses are auto matched to scanned receipts assuring expenses are always in order and never duplicated. With auto-harvesting turned on and no violations to report, users are reimbursed the very next day.
In an instance, Expensify assisted Philz Coffee, a renowned coffee brand based in San Francisco with their reporting expense solution. Due to the cafe's substantial growth, the client wanted to switch from the archaic pen-and-paper method for filing expense reports to a more streamlined approach. They adopted Expensify platform as their go-to expense management solution. The easy connection with NetSuite in the platform helped the cafe in exporting reports as journal entries for corporate card transactions and seamlessly creating expense reports for reimbursable expenses in a short span of time. Additionally, the automated tagging feature within the solution made it easy to break through layers of expense coding. Previously, the team had been assigning tags manually because their old system did not allow them to choose more than one label at a time. Now, the Philz team is able to appoint multiple tags for the classification and location of corporate expenses incurred from retail store supplies with ease.
Forging ahead, Expensify is moving towards a more efficient way to capture receipts. Expensify Tab, a new way for diners to pay via the mobile app, is one step closer to never touching your phone during the expensing process. “As Expensify expands, timesaving additions that every customer can take advantage of will be made to the app. We are going global and will continue to do so,” concludes Barrett.