Expensify pricing review – Is it the right choice for your business?

Managing expenses efficiently is critical for businesses of all sizes. Expensify, a popular expense management solution, offers an array of features designed to streamline this process. But is it the right choice for your business? This detailed review of Expensify pricing, features, and suitability for UK businesses will help you decide.

What is Expensify?

Expensify is an expense management software designed to simplify the process of capturing, approving, and reimbursing employee expenses. With features like automated receipt scanning, integration with accounting software, and robust reporting, Expensify aims to save businesses time and reduce errors in expense management.

Expensify pricing review

Expensify offers several pricing tiers to cater to the needs of freelancers, small businesses, and large enterprises. Below is a breakdown of its pricing:

Free plan

• Price: £0 per month
• Key features:
  • Up to 25 SmartScans per month
  • Basic expense tracking and reporting
  • Ideal for freelancers or sole traders with minimal expense management needs

Collect plan

• Price: £4.50 per user per month (when billed annually)
• Key features:
  • Unlimited receipt SmartScan
  • Corporate card reconciliation
  • Integration with accounting platforms like Xero and QuickBooks
  • Suitable for small businesses looking for a straightforward expense tracking solution

Control plan

• Price: £7.50 per user per month (when billed annually)
• Key features:
  • All Collect plan features
  • Advanced policy controls and approvals
  • Multi-level expense approval workflows
  • Ideal for medium to large businesses requiring stricter control over expenses

Additional costs

• Pay-per-use: Businesses can use Expensify without committing to a monthly plan by opting for pay-per-use pricing (£9 per user per month).
• Custom enterprise pricing: Tailored solutions are available for organisations with large teams or specific requirements.

Expensify features review

Expensify’s features cater to a range of business needs. Here’s a closer look at its core functionalities:

1. Automated receipt scanning

Expensify’s SmartScan technology captures and extracts data from receipts automatically, saving time on manual data entry. This feature is available in all pricing tiers but is unlimited in paid plans.

2. Real-time expense tracking

Employees can track expenses on the go using the mobile app, ensuring no expenditure goes unaccounted for.

3. Policy compliance

With the Control plan, businesses can set spending policies and approval workflows to ensure compliance with internal rules.

4. Accounting software integrations

Expensify seamlessly integrates with platforms like Xero, QuickBooks, Sage, and NetSuite, enabling smooth data transfer for bookkeeping and reporting.

5. Corporate card reconciliation

The Collect and Control plans allow businesses to reconcile expenses directly from corporate cards, improving efficiency and accuracy.

6. Robust reporting tools

Detailed reports with customisable options make it easy to analyse spending patterns and identify cost-saving opportunities.

Review verdict – Is Expensify the right choice for your business?

Whether Expensify is the right choice depends on your business size, complexity, and expense management needs. Here are some pros and cons to consider:

Pros

• Time-saving automation: Features like SmartScan and integration with accounting tools eliminate manual processes.
• Scalability: The variety of plans makes Expensify suitable for freelancers, small businesses, and large organisations.
• Ease of use: The intuitive interface and mobile app simplify expense tracking for employees and administrators.

Cons

• Limited free tier: The free plan’s cap on SmartScans may not meet the needs of growing businesses.
• Cost for small teams: While affordable for medium to large businesses, the per-user pricing can add up for smaller teams with tight budgets.
• Learning curve: Some users may require training to make the most of advanced features, particularly in the Control plan.

Final thoughts

To conclude our pricing review, Expensify offers a powerful expense management solution with pricing options that cater to different business needs.

For UK businesses, its integration with popular accounting tools and advanced policy controls make it a strong contender.

However, smaller businesses or those with minimal expense tracking needs might find the pay-per-use model or competitors like Pleo or Soldo more appealing.

To determine if Expensify is the right choice for your business, consider your expense management challenges, budget, and growth plans. A trial of the paid plans could also help you gauge its fit before committing long-term.

FAQ – Expensify pricing review