, Simplify With Expensify

Regular readers cannot fail to note that I’m a huge advocate of technology. Whether you realise it or not, accounting in the future will be transformed by a range of automated software products.  Mobile apps, cloud computing and purpose-built software solutions will take the grind out of managing corporate finances. Bring it on, I say!

By letting technology deal with the bulk of the work, it frees up business advisors to give value-adding insights and useful direction to their clients that help them to grow their companies.

As part of an ongoing series, I’m going to look at some of the best of breed technologies that are set to revolutionise – and simplify – the way you can manage your business finances.  And this time it’s all about expenses. Specifically, the monthly paper chase known as business expenses.

So Many Receipts

This situation will be instantly recognisable to anyone who has worked in a corporate environment.  At the end of the month, you sort and scan a wedge of receipts hoping you haven’t lost some.  You scratch your head over the business miles you’ve travelled or the meals you’ve paid for as you try to remember your company’s expenses policy.  

You then enter the details into a cranky mainframe system, press submit and hope for the best. Chances are an accounts clerk then rejects them on some technicality, and you have to start again. It’s infuriating and time-consuming.  

So let me introduce you to Expensify.

The Expensify App

Expensify is a user-friendly mobile app that automates expense submission.  With a range of useful features, it can considerably reduce the admin’ related to compiling expenses and minimise delays in paying them.  

As you would expect from Enso, it’s fully compatible with Xero and fully customisable.  Here are some of the benefits that the Expensify app offers:

Implement your company’s expense policy. Add limits, payment schedules, mandatory information and expense categories. The Expensify app is very flexible. It will cope easily with virtually any expense regime.
Pay as you go. You only pay for the active users each month. If you have a quiet month, say over Christmas, or the holiday season then you won’t be paying for services you’re not using.
Submission schedules. The app ensures expenses are submitted promptly and added to your financial reports in good time. No more chasing for information or compelling your staff to grapple with the expense system.
Credit card reconciliation. Yes, Expensify will automatically reconcile entries from a company credit card and check them against submitted or scanned receipts. It will take all the boring and unproductive admin’ out of reviewing expense submissions.
Integration with well-known apps like Uber and Trainline.  How good is that?  You book, you ride, and the app makes the expense claim with minimal user intervention.

Management By Exception

Depending on how comfortable you are with technology, Expensify can fully automate your business expense processes. The only admin you’ll need to deal with are items that Expensify can’t reconcile or that fall outside of your policies.  

When you consider the bulk of expense claims will be largely compliant, then the use of the Expensify app will significantly reduce the time and admin involved in this essential but low-value activity. You can then use that freed up time to do more productive activities.

Let Technology Take The Strain

Expensify is just one of many similar technologies designed to simplify business expense management.  Indeed Xero has an extension that offers similar automation.

And the innovations don’t end there.  If you want to go one further, Pleo offers an associated charge card that has pre-setspending limits and integrates seamlessly into your accounting systems with little or no user intervention.  

Be in no doubt, finance technology is developing rapidly and could revolutionise the way you manage your businessexpenses process.  If you’re not currently considering this advancing tech’, then take my advice and have a look.

There’s never been a better time to embrace these innovations and use them to your advantage.  

If you want to explore how cutting-edge tech’ can transform your company’s financial management call my team today on 07792 686479 or email me at adam@meetenso.co.uk and let’s talk about how we can help you to leverage the power of financial technology.

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