With this deal, Expensify and its ExpensifyApproved! Partner Program join the Botkeeper marketplace partner system, according to a Thursday (Sept. 15) press release.
“Expensify partnered with Botkeeper to free up the time of accountants and their clients,” said Expensify Head of Partnerships, Sales and Product David Cardoza. “From the point of purchase to reconciliation, accountants and their clients no longer spend valuable time filing away receipts.”
With solutions from Botkeeper and Expensify, accounting professionals can deploy automation to more easily provide clients with both back-office accounting support and advisory, receipt and expense management services, according to the release.
“The Expensify team are disruptors in pre-accounting automation through expense management,” Botkeeper Vice President of Growth and Strategic Relationships Deneen Dias said. “They were the first to market in capturing receipts and managing expenses by automatically importing and reconciling credit cards. They continue to be the leader in spend management.”
This announcement comes about seven months after CIBC Innovation Banking announced it had provided Expensify with a $100 million credit facility to help the company grow and add more products.
“Expenses are a universal pain point for businesses of every size, and Expensify’s tools are addressing and alleviating those headaches for millions of users,” CBIC Innovation Banking Managing Director Paul McKinlay said at the time.
One example of those headaches has to do with corporate travel. For example, smaller companies might find that 10% of an employee’s time is spent filling out or reviewing expense reports.
“Automating the item-level receipt process is the future of expense management,” Banyan CEO Jehan Luth told PYMNTS’ Karen Webster in a recent interview.
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