Professional fees, property taxes, interest, unexpected repairs, food, transportation – tracking all these expenses and remembering to keep hundreds of receipts (and sometimes losing a few) is not an easy feat.
It requires effort and usually takes a huge chunk of your time. But you can’t turn a blind eye on expense tracking. It’s important and greatly contributes to the success of your business. However, manually tracking your expenses is definitely a pain in the you-know-what.
As usual, every problem has a solution...
Just like you, David Barrett found doing expense reports on archaic platforms to be tedious and frustrating. So, he and a friend came up with a solution to simplify the process of managing expenses.
Expensify was born.
As of now, over 2.5 million people and 300,000 companies use Expensify. The companies that use Expensify reads like a ‘Who’s Who’ of successful tech companies:
-
Uber
-
Mozilla
-
WordPress
-
University of Kentucky
-
Reddit
-
Yahoo!
-
GitHub
-
Mashable
-
California Association of Realtors
-
Evernote
-
Go Fund Me
-
Giphy
-
Imgur
-
Nando’s
-
Dean and Deluca
-
Snapchat
-
Soundcloud
-
CBS Interactive
What is Expensify?
Expensify is an online expense report software and mobile app that manages expenses, transactions and money matters with the use of real-time data and reporting processes.
The process is fully automated and the app imports expenses and receipts straight from credit cards or mobile phone scans, submits expense reports through email and reimburses online through QuickBooks and direct deposit.
The app enables you to keep track of all your rehab or maintenance expenses. Real estate investors can manage summaries of distinctive accounts equipped with calendars so it’s easy to keep track of which expenses happened when – something that will please your accountant.
Looking for properties or meeting prospects in other states or countries isn’t going to be much of a hassle because Expensify is your new travel buddy. The app not only manages your expenses during traveling but also tracks your miles, the time spent on a certain project, converts currencies for international travels and equips you with useful tools to create and track your budget for travels.
Expensify lets you access your information any time, anywhere because all this information can be uploaded to a web account. For a quick overview of the app, check out this video.
But Wait…There’s More!
Aside from the miles and time-tracking feature, Expensify also has OCR intelligent scanning – or what they call the SmartScan – that generates information from snapshots of your receipts and records them in an instant. This feature saves a bunch of time not inputting receipt data in manually.
Expensify has a web portal with the expense tracker. Your property managers, construction crews or other contractors/employees can submit expenses through the web and be paid from the central location.
The GPS technology in your mobile device tracks the miles you traveled during a business trip. It also comes with a currency converter and a rate-exchange calculator so you can manage your records in the currency your company originally deals with.
The app merges with your credit cards and financial institutions. It allows you to see purchases and deposits right from your phone.
Here are some of the many benefits you can enjoy when you sign up on Expensify:
-
Realtime Expense Reports
-
Unlimited Expense/Receipt Upload
-
Corporate Cards
-
Expense Rules
-
Flexible Travel Integrations
-
Auditor Access
-
Direct Deposit Reimbursement
-
One-Click Online Reimbursement
-
Credit Card Import
-
PCI-Compliant Security
-
Advanced Tax Tracking
-
Corporate Card Reconciliation
-
Automatic Accounting Sync
-
Custom Report Exports
-
Automatic Reporting and Submitting
-
Automatic Reimbursement
-
Duplicate Expense Detection
And, Expensify received a lot of love and praise from different reputable websites, as well as a number of awards.
What are Expensify’s Fees?
Expensify offers its users 3 plans to choose from: individual, team and corporate.
So, whether you fly solo or are truly a Real Estate Mogul, Expensify has the right plan for you. The company offers a free plan for basic expense tracking and 2 paid plans for a more comprehensive system. Check them out here.
With everything Expensify has going for it, maybe you should consider giving it a shot.
Have You Tried Expensify?
Let us know in the comments below if the app is worth the hype.
Track Your Expenses – Besides reducing your accounting fees and the obvious IRS issues, tracking your expenses well will help you identify where you can cut back.
Put Systems in Place – The more systems you have in place in your business, the less you have to work to juggle everything. Expensify is one example of a system for tracking expenses.
Check Out Online Videos – There is a video for everything on YouTube or other video sites on the web. They can answer a ton of questions for you.
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.