Demo Lola + Expensify to See How Automating Travel Expenses Can be SimpleBy Kathleen Burns
See a Lola + Expensify demo to discover how you can easily automate your travel expense process and make life easier for your business travelers.
What two words are most likely to consistently make a business traveler roll their eyes? Expense reporting.
Did it work?
Expensing is a tedious process for everyone involved. It typically requires keeping track of receipts, manually entering the information, and lag time while you’re waiting for reimbursement. But, like in most areas of our lives, technology is shaking things up.
What is Expensify?
Expensify is a digital tool that automates expense management and receipt tracking. But how does it take such a time consuming process and turn it into a one-click wonder? Expensify is able to streamline the expense management process by introducing technology and automation into a formerly analog process. Their tool streamlines the entire pre-accounting process and integrates with accounting software like Xero and Quickbooks to fit seamlessly into your existing processes. Plus, capabilities, like receipt scanning, even improve on your current expensing processes by collecting all of the important information into one centralized tool. No more chasing down a paper trail.
Why should you consider using Expensify? If your company is looking for a resource to help improve the efficiency of your expense management process, Expensify will be a useful tool. Reporting, reimbursement, and receipt scanning can all be accomplished on Expensify’s platform, whether on desktop or on the mobile app.
Best Uses for Expensify
What can you do with Expensify? Well, practically...anything…
Just kidding, sort of.
Expensify has built a product that can touch, and streamline, every aspect of expense management including pre accounting, audit and compliance, reimbursement — even mileage tracking. Expensify integrates with several accounting & finance, HR, practice management, tax, and travel management tools to reconcile all expense-related content in one place. Receipt integrations with commonly used apps, like Uber and Lyft, also helps to increase the efficiency of expense tracking.
It’s tricky to pin down everything you can do with Expensify into one blog post because it includes a variety of features to support each step of expense management, so for now we’ll focus on some of Expensify’s greatest strengths.
- Receipt scanning
Nix the paper receipts. With Expensify, employees can snap a photo of their receipt, or upload a digital receipt, onto the app and Expensify is able to accurately transcribe the receipt data in a matter of minutes.
- Credit card import
You can import your personal and business card transactions into the app and receipts will be automatically merged and coded.
- Corporate card reconciliation
Real-time reconciliation lets your finance team view and manage all of corporate spend in one place, with no delay. Assuage their fears of employees going rogue with the company card with real time visibility.
- Receipt integrations
Expensify can connect to apps like Uber, Luft, and HotelTonight for automatic receipt import and transcription. Employees don’t have to revisit the trips they make or reservations they book later because the receipts are already integrated into the expensing platform.
- Next day reimbursement
No one likes waiting for their money. Expensify can help your organization stand out among employees and candidates by offering reimbursement for covered expenses as soon as the next day.
Pros and Cons with Expensify
Expensify’s growth has skyrocketed in recent years. Why? Because they are a one-stop shop for all things expense reporting.
Pros of Expensify
As the only receipt and expense management provider for both Xero and QuickBooks, Expensify is the obvious choice for companies already using those tools for accounting and bookkeeping.
- User-friendly interface
All it takes is a quick Expensify demo to realize the product is super simple to use. Historically, expense reporting had to be done in the office. Employees had to bring in paper receipts and the finance team had to update spreadsheets, or even actual books. With the Expensify app, expense reporting can be done at home, on an airplane, in a restaurant — essentially wherever and whenever.
- Transparency in record keeping
With Expensify, you can monitor summaries and calendars across multiple accounts, enabling your team with total visibility into the balance and status of each one.
- Simplify record-keeping
No more chasing down a paper trail. Instead, employees can snap photos of their receipts and easily upload them onto Expensify’s platform.
- Corporate card reconciliation
All expenses put on the corporate card will show up in the sam dashboard for easy statement confirmation, unsubmitted expenses review, and corporate spend management.
Cons of Expensify
The con of Expensify that stands out among reviews is that In order to get full access to features, you have to pay. But, as with all software products, what else is new.
Steps to Use Expensify
The first step to getting started with Expensify is deciding if it is the best option for you and your organization. We’ve outlined some of the top features here, but make sure to check out review sites and Expensify’s customer case studies to see if current customers are experiencing similar pain points as you. And if Expensify sufficiently solves them. Demo Expensify to see whether it’s a product that you (and your team) would be able to use and enjoy.
Once you decide that Expensify is a good fit, you’ll need to pick the pricing tier that best fits your needs. Expensify offers pricing for individuals and groups, and all of them include a free trial. The actual implementation of Expensify is fairly easy. There are resources to walk you through creating a policy, connecting your accounting system, adding a withdrawal account, and more. For even more help, register for on of their free Admin Onboarding Webinars to quickly get your company started.
Once implemented, employees can easily integrate their personal and corporate cards, upload digital receipts, and submit digital expense reports. Give your employees a quick demo of Expensify, and you’re off and running.
Expensify provides a single, streamlined solution for all things expense reporting. Expensify also integrates with Lola.com to simplify the process of managing your corporate travel cost. See how it works below.
Lola + Expensify Demo
With the Lola + Expensify integration, tracking and controlling travel spend is easier than ever. Check out the demo gif below to get a glimpse of how simple it can be.
To learn more about this integration, schedule a Lola + Expensify demo today!