Simplifying Employee Expense Claims – A Guide to Expensify!

Expensify software automates (and simplifies) the whole employee expenses claims process for a business, enabling company employees (directors and the rest of the team) to simply and easily – Collect, Record and Forward – expense receipts and forward claims for approval!

It allows the Expense Policy rules and approvals to be setup within the software, BUT with the benefit of better receipt descriptions, retention of receipts etc – ALL via a mobile phone or laptop!

Who Are they?

Expensify are a US based global expense management software business, but with local offices in the UK and Australia.

How does it help my business then?

Expensify software replaces the time and frustrations for employees (and accountants) around retaining business receipts, recalling what the cost originally related to or who attended, and also

improves the quality of the claims being made by employees for reimbursement.

1. Employees can take a picture of their receipt using their mobile phone, immediately make notes of the key details on an expense, and at the end of the month forward the expense claim for appropriate approval(s).
2. Senior staff or company directors can set and apply expense policy rules in Expensify (no expenses older than 90 days/attach a receipt/include a description etc.) which will ‘flag’ any expenses that actually need a review
3. Accountants are able to review a standard Expense claim with a clear description and relevant receipts attached
4. Expensify also integrates (links) with Xero and Quickbooks – so automatically imports the expense claim information into the accountancy software

What are the Key benefits of using Expensify?

• Save time – remove much of the manual effort of preparing and submitting expense claims for reimbursement, freeing up senior staff and employees to focus on more important things!
• Accurate data – data is much more accurate with policy rules in place to ensure the right information is included by employees AND employees can add the information and receipt(s) immediately via their mobile phone!
• Approvals – less approval time required and simpler to review and reimburse to the employee(s)

What are the costs of the software?

Each subscription level is based on whether the software is being used by individuals or businesses (with additional employees) on a per employee per month basis.

It also varies depending on whether ‘policy rules’ are required to be included for the business e.g. subscriptions start at £8.00, but are typically at £25.00 (GBP/USD) per employee per month.

What additional ‘scoping’ or setup will be required ahead of use for my business?

Expensify ‘scoping’ work is required in order to

• setup the individual employees on the software
• configure those who will be approving Expense claims, as well as
• the ‘policy rules’ for the company’s Expense policy

The ‘one off’ costs will vary depending on the number of employees in the business, but Sakura will also provide simple ‘User guides’ to get employees started, along with ongoing support for ‘troubleshooting’ issues and to add or remove employees, as and when necessary.

Integration Opportunities

Expensify software is designed to integrate (link) with Xero and Quickbooks accountancy software.