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Expensify Review… Does it really help track business expenses?

Expensify App Review

As part of our continued effort to discuss some of the “best” money saving apps available in 2017, we wanted to take a moment and review the Expensify App.

And while…

The Expensify app is specifically designed to help individuals separate and track “business” expenses from “personal” expenses, we still wanted to include it in our Top Money Saving Apps article because, we feel that there are way TOO MANY people not taking full advantage of all the potential tax saving benefits that they could, if they were keeping accurate records.

So, if you have…

A lot of various expenses, particularly expenses related to your business or work, then chances are, you’re going to find that the Expensify app can really help you manage all of these transactions.

So, what is the Expensify App?

The Expensify App is a digital tool that helps businesses and employees to manage expenses related to different projects and accounts. It can also be helpful to freelancers who are struggling to keep accurate records by better allowing them to track and maintain what their true business expenses are.

Founders of Expensify

Expensify has been around since 2008. That’s when University of Michigan graduate, David Barrett created the Expensify program because he personally hated filing expense reports.  Expensify was created to make the process simpler – and we definitely think he’s succeeded.

Since 2008…

Expensify has raised approximately $27 million over multiple rounds of funding, which clearly shows that many investors believe in both the product and in Mr. Barrett.

Who can Benefit by using the Expensify app?

Just about anyone who has a job that involves things like company dinners, travel, fuel or any other expenses, will benefit by using the Expensify app.

This is because, it can help you track all of these expenditures in one place and make getting reimbursed by your employer much easier.

For small business owner…

It can also help you track many of these same expenditures “on the fly” and help you maintain accurate business records that can prove enormously helpful during tax season.

Pros of Expensify

Versatility.

Expensify can work in conjunction with all major credit cards and bank accounts which means that if your Employer is also uses Expensify, you should be able to submit your expense reports directly and get reimbursed with an approval.

Organize expenses.

Expensify allows you to organize expenses on a project basis.  This way you can create more detailed reporting so that all of your expenses aren’t simply “lumped” under one category.

Scanning Receipts

Expensify also allows you to automatically “scan” your receipts – so you no longer need for manual input your expenses.  This feature is particularly useful for those who have a tendency to “lose” their receipts!

Currency Converter

This works great for international travelers who aren’t always spending money or incurring expenses in one currency.  Expensify, will track all of these expenses for you, convert the foreign currency into dollars and allow you to be reimbursed in dollars.

GPS Tracker

If you are a travelling sales person and you get reimbursed per mile, the GPS tracker on Expensify will clock every mile you move.  Now if you’ve ever had to manually track your own miles, we don’t need to explain how this is a HUGE benefit!

Potential Cons of Expensify.

It’s not really a con, but if you don’t have business expenses, this probably isn’t the app for you. Instead, you should check out our money saving app reviews or our budgeting app reviews. Expensify is mainly for keeping track of business expenses either as an employee or small business owner.

Scanning.

Like all technology, sometimes you’re going to have an issue.  In this case, sometimes the scanning system doesn’t work all that well and you have to manually input data. This is more common when you try to upload international receipts that aren’t in English.  But as we mentioned before, Expensify has some pretty DEEP pockets so as you can imagine, this is something that they are working on.

Cost.

Now here is where we’re going to need to “Nitpick” a bit, because there is a cost for using the Expensify app.

Is Expensify Expensive?

No.  But because we’re focusing on “Apps that Save You Money” technically, Expensify is going to “cost” you money to use.  That said however, we feel that the amount of time and money that you can saving easily covers the $5 to $9 dollars most folks will end up paying per month to use the Expensify app which is why we really don’t feel that this is a true “Con” or “knock” on the Expensify app.

Which brings us to the part of the review…

Where we like to explain:

“Why on Earth a life insurance brokerage is taking the time to write an article on a business expense tracking app?”

Which is a great question and one that we have no problem answering.

You see…

Here at TermLife2Go, we have one goal that we like to achieve for each and every one of our clients which is to help them improve the financial security of their loved ones.  And while we feel that purchasing a life insurance policy is a great way to do that (Interested in knowing what it would cost, just click here Term Life Insurance Quotes), we understand that not all folks are going to be able to qualify for, or be able to afford a traditional term or whole life insurance policy right now.

Which is why…

Rather than simply tell our clients that we’re sorry we can’t help them, we usually like to provide them with all the information that they’ll need to be able to hopefully purchase a life insurance policy in the future and then provide them with some information that could help them save some money today.

You see, in addition to this Expensify review article, we’ve also written a series of other articles which include:

In an effort to help those who aren’t able to purchase a life insurance policy today still help improve the financial security of their loved ones.

But remember…

We’re not financial experts.  We’re not money managers and we’re certainly not tax advisors.  So, before you make any decisions about what you should do with your money, be sure to consult your own financial advisor.  All we are is a bunch of life insurance agents who just happen to be really good at helping folks qualify for affordable life insurance policies.

Lastly…

In no way shape or form are we associated with Expensify.  Nor do we receive any kind of financial compensation from Expensify for reviewing their product.  So, if you think that the Expensify product might help you, great!  If you’re not sure, no worries, just be sure that if you are looking to save a few bucks here and there….

“DON’T GIVE UP!”

There are plenty of tools out there that can help you save money and improve your own financial security.  If Expensify is the right one for you, not a problem, just keep searching, we’re sure there’s a “right” one for you!

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