Expensify Upgrades Invoicing Feature To Help Manage AR

Expensify Upgrades Invoicing Feature To Help Manage AR

To help customers handle their accounts receivable (AR) while conserving time and financial resources, pre-accounting technology company Expensify unveiled a bolstered invoicing feature. The upgrade comes on the heels of the company announcing support for bill payments, according to a Monday (Jan. 25) press release.

Expensify’s SmartScan technology gets information from supplier bills for approval and payment with the same infrastructure developed for expenditures. Moreover, users can make and transmit invoices and get payments through the company, which updates NetSuite, Xero and QuickBooks Online without intervention, the release stated.

“Pre-accounting is the super boring, tedious work that nobody wants to do, but absolutely needs to be done before the truly valuable accounting work can begin,” Expensify Founder and CEO David Barrett said in the release. “Unlike accounting, pre-accounting is less defined in terms of who is responsible, so it often falls victim to a tragedy of the commons. Now, Expensify lifts the burden for everyone with total automation.”

Barret said in the release that Expensify is the first to develop a product that knows that each invoice a user sends is a bill than another entity gets.

“Expensify is truly a one-stop shop for everything a business needs to run its back office,” Barrett said in the release.

Expensify, which has over 10 million users worldwide, said it’s the most popular receipt tracking and expense management app around the globe, according to the release.

The news comes as Medius, an expense management technology company, and Pagero, a global eDocument service firm, teamed up earlier this month to help companies contend with digital invoices. The tie-up lets their common customer base receive and manage digital invoices in various formats across the world.

Medius CEO Per Åkerberg said the firm has witnessed many clients struggling with various offerings and firms to contend with local eInvoice formats and regulations. According to the executive at the time, the firm is offering “a one-stop-shop for global eInvoicing.”