Expensify Debuts Card for CPAs and Accounting Firms

Expense management software company Expensify launched its Expensify CPA Card on Monday (Jan. 24), featuring quick client setups and a high monthly revolving credit limit with no credit check or personal guarantees, according to a company announcement.

The Expensify CPA Card uses continuous reconciliation between Expensify and integrated accounting systems, giving administrators a real-time picture of a company’s financial statements. Accounting firms will also get access to managers to help them with high-level strategy, client onboarding and training.

“Expensify is already used by nearly half of the top 100 CPA firms in the U.S. We used that expertise and experience to build the first card program that caters directly to the accounting profession and their clients,” founder and CEO David Barrett said in the announcement.

The Expensify CPA Card also features a dedicated firmwide account manager, free AICPA membership, free Expensify CPA Cards for the firm and its clients, free state-by-state CPA certification renewal and more.

Additionally, the Expensify CPA Card offers high credit limits, instant online approvals, two-way sync with Quickbooks, Xero, Sage Intacct and NetSuite, and merchant-specific virtual cards, among other advantages. Expensify also plans to add more perks in the future.

Related: Expensify, Going Public, Touts Payments Super-App as Goal

In November, Expensify went public and Barrett said in a letter that he thinks the company will succeed because of its goals to be a “financial social network.” Only about 0.1.% of the 100 million businesses around the world use modern expense management tools, he said.

Expensify wants to broaden the ways the product can serve customers’ various needs, including adding more diversity to how business purchases are made with personal cards, with a structure supporting individual ownership to help handle joint data ownership and safeguard personal data like credit card information.

There’s also end-to-end encryption with quantum safe tech and the platform will soon add a chat-centric design, Barrett said, creating what he called “some kind of WhatsApp/Venmo lovechild.”