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Cool Tool Review: Expensify

April 29, 2010 by Guest Author

Todd Hoskins Reviews Tools for Small Business

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Todd Hoskins chooses and uses tools and products that could belong in a small business toolkit. He’ll be checking out how useful they are to folks who would be their customers in a form that’s consistent and relevant.

Cool Tool Review: Expensify
A Review by Todd Hoskins

I have a shoebox of receipts, and a file folder for business expenses. How often do I spend time rummaging through the box for lost receipts? I’m embarrassed to admit.

Pain and expense reporting go hand in hand. The scanning, the spreadsheets, the documentation, the mileage log . . . you get the idea. Expensify completely changes this experience from painful to painless (and paperless to boot).

Imagine this . . . you get an email receipt from a hotel or airline and you forward it to an address that automatically uploads a copy awaiting your categorization (think TripIt). Or, you take a client to dinner and while emptying your pocket the next morning you simply take a photo with your phone and send it on its way (think NeatReceipts). You can also log a cash expense via SMS (think taxicabs). Finally, directly import your business credit card account and your reporting is being updated as you incur expenses (think Mint). These are just a few of the many features and services offered by Expensify. The days of the shoebox are numbered.

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They have done their research. As someone who has submitted, approved, and paid expenses in the past, I can’t find any holes. Better yet, it’s free if you are having expenses submitted by two or less people. More than two, it’s $5/month per person.

The beancounters and procedural police are taken care of as well. Expensify also provides additional support for the entire expense reporting workflow on their site – after submitting a report, the boss can approve the expenses online and the finance person can provide reimbursement electronically via direct deposit. Additionally, Expensify offers tight integrations with QuickBooks™, FreshBooks, Google Apps, and Salesforce.

Summing Up – Is it worth it?

Enterprise Value: 5/5 – currency conversion + customized policy mgmt

Entrepreneur Value: 5/5 – saves money and time

Personal Value: 0/5 – do your mileage log elsewhere, use Mint

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Filed Under: Successful Blog, Tools Tagged With: bc, LinkedIn, Todd Hoskins

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