Expensify Review | Simplified Expense Tracking

Keeping track of expenses can be difficult when you are trying to juggle running a business with all of the administrative tasks that come with it.

Receipts can get lost, claims forgotten, and amounts misremembered. Finding the time to dedicate to expenses is difficult, and it is easy to get overwhelmed by all of the paperwork.

Expensify is an easy way to help you stay on top of your expenses with automated systems where necessary to make the whole process smooth and easy to use.

What is Expensify?

Expensify is a revolutionary expense tracking software package built to streamline your business management.

It helps to speed up the process, automating all of the steps which are suitable, and it can integrate seamlessly into the work schedule of the user, using reliable optical character recognition and a flawless workflow system.

How Does It Work?

The primary benefit of Expensify is its ability to automate tedious tasks, speeding up the process.

The whole receipt and expense management process can become automatic, leaving your admins free to complete more pressing tasks.

Automated Features

One-Click Receipt Scanning

Receipts can easily be lost or misplaced, or become damaged and difficult to read.

Expensify’s system allows you to take a picture of the receipt, then it will automatically submit an expenses report without you having to enter any additional information or effort.

Employees directly send their receipts via the mobile app to an inbox, and a party with the correct authority can quickly accept or reject the expense without having to see the whole report.

Company Card Reconciliation

Company cards can be easily managed from a central location; all card transactions will automatically populate, with every transaction reconciling against the corresponding receipt without the need to spend hours poring over each piece of paper.

Automatic Approval Workflows

One of the critical issues with expenses is getting the authorization of the necessary parties to proceed. However, in general, these people are often the ones who are hardest to get hold of, making the entire process unnecessarily drawn-out and painful.

Expensify offers the option for administrators to customize the expense policy rules for their particular company.

Expensify can be configured to flag any expenses which need a managers review automatically. For example, those over a certain price or from a specific area.

Everything else, such as a $10 meal or $3 coffee, can be automatically approved, saving valuable time and effort.

Administrator Privileges

As well as automatically authorizing requests, admins can also set up other automatic allowances and restrictions, such as standard mileage rates, per diem charges, default hourly rates, currency, and category limitations.

For instance, the app can set limits on the amount which can be spent on hotels or client entertainment.

Automatic Accounting Sync

If a change is made within your accounting system, it can be challenging to make sure the update is transferred and recognized across all systems.

With Expensify, you can automatically synchronize any changes in real time.

This allows for constant clear visibility into the finances of your company, which could be hugely valuable come audit and tax time.

Identify violations

Since the system knows what to expect, and is fully briefed on what expenses to accept and reject, any policy violations will be immediately flagged and identified.

This tells the relevant parties whether an expense has been submitted late, violated a rule, or a fact needs to be checked.

Integration

A key feature of Expensify is its ability to integrate easily with a variety of other software programs which may already be used in your business. Compatible integrations include:

• Quickbooks
• Sage
• FinancialForce
• Oracle and NetSuite
• Microsoft Dynamics
• Zenefits
• Workday
• Gusto
• Greenhouse
• T Sheets

The software is also able to successfully integrate receipts from a range of businesses such as:

• Uber
• Trainline
• The Parking Spot
• Hotel Engine
• Hotel Tonight
• Lyft
• Parkwhizz
• Airplus
• TravelPerk
• TripCatcher
• ScanSnap
• Spot Hero

Plans

Expensify splits its plans into two main categories: individual and group. Each of the two plans offers different features and benefits.

Individual

• Unlimited receipt uploads
• Unlimited Smart Scans
• Next-day reimbursement
• Bank and credit card import
• Free mobile app
• Track and search expenses
• Share and submit expenses
• GPS mileage tracking
• Duplicate expense detection
• Expense rules
• Per diem
• Tax tracking
• Copilot: delegated access

Group

• Tax tracking
• Complete visibility for all admins
• Expense approval
• Vacation delegate
• Corporate card reconciliation
• Multi-layer approval
• Custom approval
• Implement expense rules and restrictions
• Custom export options
• Custom fields
• Accounting codes
• Single sign-on

Free Trial Period

As a bonus, Expensify allows you to try their services for free for seven days, and this trial period can be extended for up to 28 days if you add employees, or use some of the other available features.

You are also entitled to five SmartScans a month on the free account, before upgrading to access more.

Expensify even offers the option of an annual subscription or flexible billing, allowing you to be more in control of your account and the features used. This trial period allws you to pick the best package for your company’s needs.

Should You Use Expensify?

Pros

• Integration: Allows for integration with a variety of different applications, systems, and services to ensure smooth and seamless use
• Data: Expenses can be tracked on miles traveled or hours spent on a project, allowing for more accurate and useful data
• Free trial: The free trial gives you plenty of time to try out the software and decide whether it is the right fit for your company
• Environmentally sound: Allows your business to go paperless, offering a more eco-friendly solution and workplace
• Synchronization: Allows synchronization with cards, meaning that all transactions can be pulled into a report easily with no need to manually enter data
• Automation: Automation of almost every feature enables you to speed up the process of tracking, recording, and approving expenses

Cons

• Tax functionality: Lacks the ability to support taxes as a separate line item
• Mobile uploads: There have been some reports of issues with uploading receipts from phones, meaning that additional documentation may be required to verify expenses.
• Upfront planning required: Must be used precisely as trained and directed, or else it can result in financial irregularities later on which can be challenging to resolve if the event in question was several months ago.

In Conclusion

Expenses are an essential element of business, but unfortunately, they can end up taking up far more time than desired.

Chasing costs and receipts, approving and rejecting requests, and confusion over restriction and limits can all eat away into valuable time which could be focused elsewhere in the business.

They can also cause a headache when it comes to tax returns, as important documentation is missing, leading to delays and frustration in an already stressful process.

Expensify offers a solution to help automate and track expenses while fitting in effortlessly with existing software and procedures.

It takes care of some of the most tedious and time-consuming tasks, such as auto-approving smaller amounts, setting limits and restrictions on what can be claimed, and instantly flagging any violations or confusions that occur, allowing the relevant departments to deal with them more effectively.

If you’re looking for help streamlining your business Expensify is definitely a worthwhile investment.

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Guide to Combating Medical Debt

Overwhelming medical debt is the No. 1 reason Americans file for bankruptcy. In fact, according to a study out of the City University of New York, 66.5 percent of bankruptcy filings cite medical expenses as a contributing factor.

These expenses often stem from unexpected emergency room visits or surgeries, costly bills after life events (the labor of a child, for example), or treatments for fertility or chronic illness. Regardless of their source though, they pose a serious financial burden for the everyday American.

Not only can costly medical debt make it difficult to pay household expenses, like rent, utilities and grocery bills, but getting behind on those bills can mean a lower credit score, a constant barrage of calls from collections agencies or, in dire situations, even a filing for bankruptcy.

Are your sky-high medical bills forcing you to consider bankruptcy? This guide can help you find medical bill assistance programs, walk you through the bankruptcy process and help get your credit back in good standing.

Dealing with Medical Debt

Having a solid emergency fund or Health Savings Account is vital in the event an unexpected medical cost arises. Unfortunately, most people don’t have these funds at their disposal. According to the Federal Reserve, nearly half of all Americans don’t have the cash to cover a $400 emergency expense. And many of those people said they’d need to finance the bill in order to pay it off.

If you’re currently without an HSA or flush emergency savings fund, it’s important you take steps to prevent unexpected medical costs where possible. To do this, call doctors and hospitals ahead of time to confirm they’re within your insurance provider’s network. You should also ask about how the charges will be coded at the doctor’s office and connect with your insurer to be sure these are covered expenses.

When a medical bill does arrive, take this step-by-step approach to tackle it:

1. Make sure you understand the bill.

First, is it a bill or an Explanation of Benefits? An Explanation of Benefits (EOB) is simply a statement from your insurance company explaining what medical services were covered (and how much they contributed.) Since you’ll be responsible for any remaining balance past that, you will usually receive an EOB first, and then the actual bill later. That bill should come directly from the provider or hospital system they work for.

Second, look at the line-item charges and be sure they’re accurate. If something looks off or says it was not covered by your insurance company, call them up and get the details.

2. Negotiate the debt.

The best time to try and negotiate your medical costs is before any care has been provided. If you don’t think you can afford the full cost of the services you need, ask early on about reduced costs or some sort of payment plan.

Providers may still negotiate with you after the bill is issued. Consider asking for a reduced fee in exchange for paying the bill off ASAP or setting up a repayment plan that spreads your costs across several months or years.

Other tactics that might work:

• Offer cash. Credit cards come with fees and cost the provider more to process.
• Ask for insurance rates. Medical providers offer reduced fees for different insurers. See if your doctor will let you pay the reduced rate of one of their insurance clients.
• Do your research. Use the Healthcare Bluebook to gauge the average cost of the care you received. If something doesn’t align with your bill, negotiate to pay only the Bluebook value.

3. Consolidate the debt.

If your medical debt has started to become overwhelming or you’ve fallen behind on your bills, it’s time to consider consolidation. This combines all your debts into one single account, allowing you to pay just one bill per month, ideally across many months or years.

You can do this by putting the debts on a high-balance credit card or taking out a loan. Keep in mind that even if your credit score has dropped due to your unpaid debts, there are bad credit loans that can help.

4. Consider an income-driven hardship plan.

Income-driven payment plans are available to Medicaid participants with low income. They function like standard re-payment plans in that they spread your medical debt across smaller monthly payments over time. In some cases, providers may even reduce your debt if you’re on one of these plans. Because of this, you’ll want to consider an income-driven hardship plan immediately — as soon as your medical bills arrive.

Getting Help

There are many programs and providers that will provide medical assistance for free or for reduced costs to those with financial hardship. The United Way can help connect you with some of these services in your area, or you can look to the National Association of Free & Charitable Clinics or NeedyMeds.org, which details medical assistance programs by state. Many of these programs also offer bill advocacy to help reduce and negotiate existing medical debts.

Expense	Organization
Eyecare	Sight for Students EyeCare America Vision USA New Eyes for the Needy Mission Cataract
Dental	Donated Dental Services (DDS)
Prescriptions	RX Assist Partnership for Prescription Assistance The Assistance Fund Good Days from CDF Patient Access Network Foundation
Hearing loss	Hearing Loss Association of America HIKE Fund
Medical equipment	GoodHealthwill Rehab Equipment Exchange
Prenatal care	US Department of Health and Human Services / 1-800-311-BABY Healthy Start Planned Parenthood

Other forms of assistance you might want to consider include:

Medical bill advocates.

A medical bill advocate is a person who works independently of any insurance agency or healthcare provider. They work on your behalf to analyze your medical bills and negotiate them directly with providers and hospital systems. They usually come at a fee (a percentage of the amount they save you, in most cases). Popular options for medical bill advocates include the National Association of Healthcare Advocacy Consultants and the Alliance of Claims Assistance Professionals.

Help from family and friends.

You can also ask loved ones for assistance. If you’re not comfortable asking directly, consider setting up a campaign on a crowdfunding platform like GoFundMe or PlumFund.

If you still can’t pay your medical bills

Despite all these sources of help, you might still be unable to pay your medical bills — and you wouldn’t be alone. Medical bills are one of the most commonly collected on debts in America. According to the Kaiser Family Foundation, 52 percent of debt collection actions in our country contain some form of medical bill.

Unfortunately, if you’re unable to pay your medical expenses, this likely means you’ll have collections agencies at your door as well. This isn’t just annoying, but it can have a serious impact on your credit score, too. Having a single debt in collections can ding your credit by 100 points or more.

Dealing with Collections Agencies

If you’re dealing with debt collectors, make sure you know your rights.  
You should also record every call you have with a collector and get other communications in writing if possible. If you ever feel your rights are violated, consider enlisting an attorney to represent you.

Filing for Bankruptcy

In the event you’re unable to negotiate or settle your medical bills, filing for bankruptcy may be your only financial option. And the sooner you file, the better. Bankruptcies stay on your record for seven years, and they can have a significant impact on your financial options during that time period. The quicker you’re able to file, the quicker you can get on the road to recovery, financially speaking. In medical debt cases, Chapter 7 bankruptcy is often the best route to take. This allows you to wipe medical bills and other unsecured debts clean, while still keeping the majority of your property and assets intact.

Recovering Your Credit

After you’ve filed for bankruptcy and eliminated your medical debt, you’ll need to work hard to get your credit back in good standing. That means paying your bills on time, every time, and avoiding big purchases or risky new debts.You also might consider:

• Securing a 0% interest credit card. This will help you build up credit without costing you lots in interest.
• Taking out a personal loan. Use a personal loan to cover everyday expenses and pay it back over time.
• Use a secured card. Visit your bank and inquire about a secured card. It requires an up-front cash deposit, but it can be a great way to boost your credit if you’re unable to secure a card or loan elsewhere. Some banks also offer credit-builder loans you can consider.
• Become an authorized user on a loved one’s account. Have a friend, spouse or family member with great credit? See if they’re willing to let you be an authorized user on their card or bank account.

Finally, just give it time. It takes a while to build credit, and even more when your credit has taken a major hit. Pay your bills on time, avoid expensive new debts and commit to long-term fiscal responsibility, and your credit will recover in no time.

 

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How I Shop for Things

One of the most common types of questions I get from readers is how exactly they should shop for something. How do you shop for clothing? How do you shop for food? How do you shop for tech devices?

In this article, I’m covering how I shop for anything less expensive than a new car.

This isn’t an exhaustive list, but it covers almost everything I buy with any sort of regularity, and I also include a general strategy at the end that covers almost everything else.

Here’s How I Shop for…

Food: When I buy food, I start with a meal plan for the week that basically lists everything I expect our family to eat for each meal during the week, as well as a few snack items. I usually base this list on what’s on sale in the grocery store flyer, with an eye toward our family calendar for the week. From that, I make a grocery list and follow it when I go to the store.

When I’m actually shopping for food items, I usually buy store brand versions if they’re available. If it’s a nonperishable item that can sit in the cupboard for a long time, I buy whichever version is the cheapest per serving, which is usually the large version. I don’t bother with coupons unless one is right in my face, meaning it’s actually sitting on the supermarket shelf or I happened to see one somewhere in the normal course of events.

I shop at a discount grocery store, which might not have all of the nice departments of other stores and might be a little crowded in the aisles at times, but the prices are great. Examples of these kinds of stores are Aldi and Fareway. For more esoteric food items, I’ll stop at another local grocer, Hy-Vee, and buy just a few items, as their prices are higher.

Household supplies: I usually add these to my grocery list as needed. When I’m buying them, I typically buy store brand versions in whichever package offers the most uses per dollar. If there’s a sale, I’ll usually stock up and buy several of that item. These are frequently purchased at a warehouse club, but not always.

Toiletries: My wife and daughter select most of their own toiletries together; I don’t really worry about their toiletries too much. For myself and my sons, I typically buy whatever toiletries have the lowest cost per use when we start to run low; if this coincides with a nice sale, I’ll stock up on that item. These are frequently purchased at a warehouse club, but not always.

Clothes: When I need most clothing items, I stop at secondhand stores near well-off neighborhoods and scour the racks, which usually covers my pants and shirts and suit needs.

For socks, I usually request really well made socks for gifts (Darn Tough). I don’t need many pairs.

For underwear, I usually buy jumbo packs from the local department store, whichever package offers the cheapest price per pair.

With all clothing, I toss them when they start to get significantly worn. Usually, I downgrade clothing that’s starting to be pretty worn to wearing them purely around the house and when doing yard work. When I’m done with them, they’re often not even suited for Goodwill. (My wife sometimes complains about how long I’ll hang onto really comfortable t-shirts, jeans, and other clothing.)

Insurance: Once a year, I shop around for most of our insurance policies, particularly auto insurance and homeowners insurance. If my current insurer has been fine, I won’t switch unless there’s a significant discount elsewhere. If I don’t like my current insurer, they go on something of a “black list” (meaning I won’t include them in comparisons any more) and I chase the lowest price.

Electronics: I research electronic purchases extensively and then shop around online and off, usually checking prices frequently. I usually bookmark the items I’m interested in at several retailers and check them daily until I either hit a sale price or it migrates toward more of a necessity, in which case I buy the lowest priced version. I generally don’t buy any electronics used.

Small appliances: I start by looking at secondhand shops near expensive residential neighborhoods. I usually find what I’m looking for there when it comes to a small appliance. If this doesn’t pan out, I use the same procedure I use with electronics, described earlier.

Large appliances: I try to watch our large appliances carefully so that any major issues and upcoming replacements are known to me well in advance of the purchase being a necessity. I’ll research these purchases in detail, usually trusting Consumer Reports above all, and I usually aim for their “Best Buy” models. Once I have a few models in mind, I start shopping around for prices and I watch all the local retailers each week for appliance sales. I’ll look at the flyers for every local store that sells appliances each week to see what’s on sale there and when one of those models pops up, I buy it.

Books: I visit the library. If I end up reading a book there and realizing that I will actually want to re-read it and refer to it in the future, I’ll put it on a list of books to look for at secondhand stores and book sales. I will often add books that fall into that group on my Amazon wish list, as I have relatives who use that when buying holiday gifts.

DVDs/Blurays: We borrow from the library or rent. We rarely buy these any more; I think the only “new” ones that have come into our house in the last year have been gifts.

Gas: I buy this from the local warehouse club almost every time. Once a month, Sarah or I will use another gas station in the area and use all of our points, accumulated through a customer rewards program at a local grocery store chain. That fill-up is usually lower than the warehouse club price.

Cellular service: In our area, there are really only two companies that offer consistently decent service, so I frequently price check the two of them. I’m very willing to jump companies whenever we don’t have an agreement signed with either one of them. A cell phone with a service provider that isn’t very good in your area isn’t worth anything, so I don’t compare them and won’t do so until I hear lots of reports of their service improving in our area.

Travel: Since we’re a family of five, unless it’s logistically impossible to do so, we drive to our destinations. Many of our family vacations are spent at national parks, so we’ll often just load up the vehicle with camping materials and camp at our destination. We very rarely fly.

When we need a hotel room, we stick with Hotels.com in order to maximize their rewards program, and we choose whatever the least expensive hotel in the area is that has at least a 4.2 rating on Hotels.com and on TripAdvisor (with more than a handful of ratings). I don’t sweat a few bad reviews, but a cavalcade of them is a problem.

Other hobbies: My main hobby is board gaming, so this is a good place to discuss that. I get most of my board games by trading away games that I no longer wish to play, as there is a very active board game trading community in my area. When buying games, I’ll either support a local retailer (especially on sales days) or I’ll shop online at Coolstuffinc to maximize their rewards program.

Everything else: Most of my other purchases follow a cycle of identifying a need, figuring out whether it really is a need, doing research, identifying a few good options, and then price watching those options until I find a sale or some other kind of promotion. I find that patience is the best virtue for almost everything you buy, as most things aren’t really needs.

The single most powerful tactic for buying anything is simply asking yourself if you really need this right now. If you can’t answer that with a strong yes, you’re almost always better off waiting and shopping around and keeping your eye out for a sale. This applies to virtually everything you might spend your hard earned money on.

Good luck!

Read more by Trent Hamm:

• 10 Questions to Ask Yourself About Any Purchase
• A Thorough Guide to Making Price Comparisons While Shopping
• The ‘Buy It for Life’ Compendium, Vol. 2

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Ask the Credit Expert: Questions About Credit Limits, SageStream, and Old Accounts

Once a month, industry expert John Ulzheimer answers your credit questions, curiosities, and conundrums. 

Q: Instead of opening a new account, which would lower the average age of my credit accounts, should I increase my credit limit on a secured card? Currently it is at $800. I could deposit another $200-$300 to raise my limit.

A: Without knowing anything about the age of your accounts, $200 to $300 isn’t a very meaningful credit limit increase in the grand scheme of things. If your goal is to use a credit limit increase to lower your credit utilization ratio, $200 to $300 probably won’t have a huge impact. On the other hand, opening a new credit card account could potentially add thousands of dollars to your aggregate credit limit amount, which is much more meaningful.

Remember, although your credit scores will be affected by both the average age of your accounts and your utilization ratio, there’s a considerable difference in the value of those two metrics. Utilization is much more influential over your scores than the age of your credit history.

The “age of credit” category is worth only 15% of your credit score points. The “debt” category, on the other hand, which is largely influenced by your credit utilization ratio, is worth double that amount: 30% of your score points.

• Related: How Credit Scoring Actually Works

Q: What is SageStream? I just got denied for a used auto loan because my score with Sage Stream was under 500. Never heard of them! Aarrgghh! Any info?

A: Although Equifax, TransUnion, and Experian (a.k.a. the “Big 3”) are the best-known credit reporting agencies in the United States, they’re not the only companies that collect and sell your credit data. SageStream is another credit reporting agency — though, like you, most people have probably never heard of them before.

According to SageStream, its services are used by a variety of companies, such as credit card issuers, mobile phone providers, and – as you’ve already learned – auto lenders.

The credit scores generated by SageStream are used by lenders to predict risk, just like the FICO and VantageScore credit scores with which you’re probably more familiar. SageStream scores range from 001-999, while FICO and VantageScore credit scores, by comparison, typically range from 300-850.

SageStream is also bound by the rules set forth in the Fair Credit Reporting Act, just like the Big 3. This means that you have the same rights to see and correct the data SageStream has collected, just as you have with Equifax, TransUnion, and Experian. You can request a copy of your report and score from SageStream via mail, fax, or phone.

• Read more: Best Auto Loans for Bad Credit

Q: A past credit card account was sent to collections because I had stopped making payments when I was in college. Years have passed and I recently began making payments to the credit card company in an attempt to pay down my outstanding balance. This account was recently dropped from my TransUnion and [Equifax] credit reports. It no longer is part of my credit history to see. Should I continue to pay it off or forget it all together?

A: You mention that the unpaid debt has been removed from your TransUnion and Equifax credit reports. Remember, there are three major credit reporting agencies, not two. If you haven’t checked your Experian credit report lately, you should.

I’m not the morality police, and what you decide to do is ultimately up to you. But, if I were in your shoes, I would pay back every dollar I owed. It’s the right thing to do. And if you stop making payments, there could be other consequences, like a lawsuit attempting to collect the remaining debt. Paying it back in full, however, has no negative consequences.

Got a credit question for John Ulzheimer? Email us at creditFAQ@thesimpledollar.com.

More by John Ulzheimer:

• Credit FAQ: How Late Can I Make a Payment Without It Showing Up on My Credit Report?
• Three Ways to Raise Your Credit Score Fast
• UltraFICO vs. Experian Boost: Two New Ways to Build Your Credit

John Ulzheimer is an expert on credit reporting, credit scoring, and identity theft. The author of four books on the subject, Ulzheimer has been featured thousands of times over the past decade in media outlets including the Wall Street Journal, NBC Nightly News, The Los Angeles Times, CNBC, and countless others. With professional experience at both Equifax and FICO, Ulzheimer is the only credit expert who actually comes from the credit industry. He has been an expert witness in over 230 credit related lawsuits and has been qualified to testify in both federal and state courts on the topic of consumer credit.

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