PYMNTS MonitorEdge May 2024

Expensify Launches Expense Tracking Features for Self-Employed Professionals

Expensify

Expensify has added expense tracking features for self-employed professionals to the latest version of its app for expenses and corporate cards.

The New Expensify platform helps self-employed professionals track all types of business spend, categorize the expenses and share them with their accountant for tax purposes, the company said in a Wednesday (May 1) press release.

Business spend can be tracked as receipts, mileage or manual amounts, with the app incorporating receipt scanning and distance tracking capabilities, according to the release.

“With New Expensify, we’ve reimagined expense tracking to be simpler, snappier and more powerful than ever before,” Expensify CEO David Barrett said in the release. “Our goal is to empower members to take control of their finances with ease.”

The new capabilities of the updated app are designed to simplify managing expenses, which has been a time-consuming and daunting task for freelancers, independent contractors and small business owners, Barrett said.

During tax season, New Expensify helps self-employed professionals organize and code expenses for maximum deductions, allows them to invite their accountants to collaborate within the app and enables them to chat with teammates, customers, clients, vendors, suppliers and friends, per the release.

The Expensify app is used by more than 12 million people around the world to track expenses, reimburse employees, manage corporate cards, send invoices, pay bills and book travel, according to the release.

PYMNTS Intelligence has found that virtual cards and digital spend management solutions can help finance departments close the books faster while simultaneously protecting against fraud.

These solutions can provide real-time visibility into expenses and advanced security measures, according to “The Treasury Management Playbook: Businesses Give Commercial Cards a Fresh Look,” a PYMNTS Intelligence and Citi collaboration.

In another recent development, Expensify said in December 2023 that it was adding a budgeting tool to its app, allowing admins to set monthly or annual budgets for teams, departments, employees or the company as a whole.

Also in December, the company launched a new integration with Booking.com for Business that lets business travelers automatically upload travel receipts from that platform directly into Expensify at booking.

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