Expensify is the best expense tracker we reviewed, ideal for managing business expenses. The app is handy to have while traveling since it tracks miles and time spent on a particular project. It also converts currencies for international travels and provides tools to create and track your business budget. All this information can be uploaded to a web account, so you have the information saved in more than one place. These are just a few of the reasons why we chose Expensify as the best expense tracking app.
Expensify includes all but one (business card management) of the expense, miles and time-tracking features we looked for when testing business expense apps. This includes OCR intelligent scanning that pulls information from photos of your receipts and automatically records them in the appropriate text fields.
Expensify does a great job of accurately extracting and recording information, though it isn't as extensive as other solutions that record how you paid for purchases just from a photo. OCR scanning can save you time that you would spend manually imputing information from your receipts.
Our reviewers evaluated each expense tracker for how easy they were to use. Expensify received a 95 percent Ease-of-Use score. It has a smooth interface that makes it easy to track expenses with only a few steps.
Expensify also has an online web portal to accompany its expense tracking app. If you're a small business owner with multiple employees using this expense tracker, a web portal makes it easy to track expenses and reimburse employees from a centralized hub.
This business expense tracker app allows you to use the GPS technology in your mobile device to automatically track the miles traveled during your business trip. These miles are recorded in a format that is acceptable for reporting to the IRS when you are ready to file your taxes so you can take advantage of deductions from your work-related travels. For international travels, Expensify has a currency converter and rate-exchange calculator so you can maintain accurate records in the currency your company deals with.
Expensify integrates with both your credit cards and your financial institution. Entering in the account numbers allows you to see in the app when transactions, both purchases and deposits, occur, eliminating the need to re-enter information in multiple places. This is also one of the few expense tracking apps that tracks electronic fund transfers, or EFTs.
Expensify has an online account that you can sync the mobile app with and save all your information in both places. Unlike other expense trackers, this information isn't shared automatically. Instead, you have to take a few steps to export the data to the web account. You can also export information to Excel, Dropbox or email.
In addition to providing powerful tracking tools, Expensify provides some helpful tools to help manage your accounting functions. You can tag expenses as needing to be reimbursed, and you can create CSV files to share with popular accounting software, such as FreshBooks and QuickBooks, and with payroll services, including ADP.
Expensify also directly integrates with QuickBooks and FreshBooks, so information about expenses and reimbursements can be directly added to those programs as they occur, rather than having to download a CSV file and import expense data at once.
You can use the time-tracking features to create and send invoices to your clients, outlining specific details of miles traveled and time spent on their project. This feature isn't very common among expense tracker apps.
Expensify integrates directly with many contact management, or CRM, programs, including Salesforce, our top-ranked CRM solution. It also integrates with NetSuite, a powerful business suite designed especially for eCommerce industries.
This program has some tools to help maintain your business budget. These are not as detailed as other solutions we reviewed, which include features for projecting sales and calculating debt payoff scenarios. However, the calendar and account summaries help you see what percent of your income goes to specific expenses to help you balance out your debt-to-income ratio.
Expensify doesn't have any formal training available, though the app and its accompanying website are both easy to figure out and navigate. Email and telephone support is available with staff that responded quickly and efficiently to our inquiries. We also found the FAQs section helpful for some of our questions about the services available and the use of the product.
Expensify is a great tool for tracking business expenses, miles traveled and time spent on a specific project that can be invoiced later. You can tag transactions to be reimbursed, and both credit card and bank accounts can be directly integrated with this mobile app, giving you the flexibility to track all financial activity from your mobile device.
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