The new Expensify Card automatically generates an expense report, a receipt and shares transactions with your financial team. For small businesses, this new product means no more lost receipts and overspending on accounts.
SMBs can also eliminate end of month money or accounting surprises with this simple swipe card.
Small Business Trends contacted Anu Muralidharan, Director of Operations, Expensify, to learn more. SMBs with travelling salespeople and workers on the road take note. This card simplifies both the employee spend and bookkeeping processes.
Muralidharan explained what was behind this new product.
“All company spend makes its way into our system,” she writes. “We integrate with all major accounting systems, and we ensure companies’ compliance, such as receipt requirements, attendee tracking, report comments, etc.”
Industry players are taking notice. The new Expensify Card boasts some exclusive perks from the likes of Amazon Web Services, Stack Overflow, Gusto and SendGrid to name just a few.
Not surprisingly, the nuts and bolts of the card are digital. It’s powered by smart real-time notifications.
What the Expensify Card Does
“The card tells the employee exactly what they need to do for the expense to be ready for submission, immediately after they make a purchase,” Muralidharan writes. “On the flip side, it allows admins to set a limit on card spend. That only restricts spend if the employee has too many unapproved expenses in their account.”
That means there’s real time expense reconciliation. Expensify and integrated accounting systems work together so the money people at your small business have a constant financial picture.
Money and Time
The card speaks directly to two of those never-ending issues SMBs face—money and time.
“Small businesses generally tend to manage cash more tightly,” she says. “So, they’ll appreciate a card that gives them better control over spend. And it saves their employees time by making expense reporting easier.”
How It Works
Employees can sign up for the card quickly and easily. It just takes a few clicks. Custom limits can be set for each employee. There’s some leeway here that makes for another useful feature.
“The custom limit will restrict spend on a card only if a user’s total amount in unapproved expenses is higher than this limit. It’s designed to give the employee freedom to spend as long as they are within policy rules.”
Whenever these cards get swiped, Expensify sends a notice to the cardholder. It tells them if there’s anything else required before the expense gets submitted. An eReceipt is created and added to the expense report in most cases.
Finally, Muralidharan talked about another bonus.
“We’re just trying to streamline your access to your existing cash,” she says. “If you want to spend money you don’t have, we’re not for you.”
Expensify is a receipt tracking and expense management app. You can download the Expensify mobile app or sign up at use.expensify.com. Interested small businesses can also sign up at card.expensify.com.
This is great. If it can cut down the work in generating financial statements, then it will be a great help.