Expensify

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Expensify
IndustryExpense Management Software
Headquarters,
U.S.A.
Key people
David Barrett (CEO)
SubsidiariesExpensify Ventures
Websitewww.expensify.com

Expensify is a software company that develops an expense management system for personal and business use. Its product, available on the web or as a mobile application, allows users to upload receipts, request reimbursement for expenses, generate receipts from online sales and automatically create expense reports, in addition to allowing finance teams to approve and export reports. The company and its application have been discussed in numerous publications including Inc.,[1] Business Insider,[2] The Wall Street Journal,[3] Forbes,[4] and Fox Business[5] among others.[6] Expensify also operates a venture funding arm known as Expensify Ventures.[7]

History[edit]

Expensify was founded in 2008 by current CEO David Barrett.[8] Barrett, a native of Saginaw, Michigan, and a graduate of the University of Michigan, began programming at the age of six.[8] He was involved in numerous tech companies prior to Expensify, including RedSwoosh, for which he developed the file transfer technology. RedSwoosh was later purchased by Akamai Technologies.[9] Barrett has said he founded Expensify because of his "hatred" of expense reports--the company's slogan is "Expense reports that don't suck!"

The company has completed several rounds of venture capital funding, raising $1 million in 2009[10], $5.7 million in 2010[10], $3.5 million in 2014[11] and $17 million in 2015[7].

Expensify has offices in San Francisco; Portland, Oregon; London, U.K.; Melbourne, Australia; and Ironwood, Michigan, an office opened in a nod to Barrett's Michigan roots.[12] The company, which expanded its operation in Michigan in 2014 and is considered one of the largest employers in the Upper Peninsula, partnered with Gogebic Community College to offer scholarships to students in the area.[8] In July 2015, CEO David Barrett addressed United States Congress on behalf of the app industry, speaking to a House, Health, and Technology subcommittee.[13]

In November 2017, the company faced allegations that it had exposed some customers' personal information to contractors manually entering receipts through Amazon's Mechanical Turk service.[14] Expensify acknowledged that a bug allowed fewer than 200 receipts to be visible to certain company contractors using Mechanical Turk to test a new feature under development. The company halted the test.[15]

Products[edit]

Expensify has developed an expense reporting mobile and web application available in the Apple and Android marketplaces.[9][16] The app tracks and files expenses such as fuel, travel, and meals; once users photograph receipts, artificial intelligence identifies the merchant, date and amount of the transaction, then automatically categorizes and saves the expense. [16][17] It also allows users to create receipts from online purchases that can be submitted for reimbursement.[18]

In describing the company's product in September 2017, David Barrett said the software automates so-called "preaccounting" tasks that he described as "super boring, tedious work that nobody wants to do, but that absolutely needs to be done before the truly valuable accounting work can begin."[19]

Expensify allows users to download expense reports based on user transactions[20]. It also integrates with other applications such as QuickBooks, Xero, Workday, Sage Intacct, FinancialForce and NetSuite. [21]Users can also automatically import expenses incurred with partner companies, including TripActions, Grab, Egencia, Locomote, NexTravel, Uber, Lyft and more.[21]

Expensify Ventures[edit]

Expensify launched a venture capital arm, Expensify Ventures, as part of a $17 million round of funding the company received in early 2015.[7] Its first investment was in Piper, which developed technology to automatically upload receipts from point-of-sale systems.[7] Expensify licensed Piper's technology as part of its investment.[7]

Awards and recognition[edit]

References[edit]

  1. ^ a b James, Geoffrey (20 August 2014). "Top 10 Free Mobile Sales Apps". Inc. Magazine. Retrieved 17 August 2015.
  2. ^ Bort, Julie (24 August 2014). "10 Apps You Probably Never Heard Of That Employees Are Sneaking Into Work". `. Business Insider. Retrieved 17 August 2015.
  3. ^ Sherr, Ian (15 September 2013). "Expense Reporting Takes a Digital Leap". The Wall Street Journal. Retrieved 17 August 2015.
  4. ^ Kaufman, Micha (5 April 2013). "5 Steps to Build a Business on a Budget". Forbes. Retrieved 17 August 2015.
  5. ^ "Government Looking to Regulate Bitcoins?". Fox Business. Retrieved 17 August 2015.
  6. ^ "News articles". Expensify official website. Retrieved 17 August 2015.
  7. ^ a b c d e Chernova, Yuliya (27 July 2015). "Expensify Launches Venture Arm With Part of $17M New Round". The Wall Street Journal. Retrieved 17 August 2015.
  8. ^ a b c Jarvi, Ryan (20 August 2014). "Financial tech company looks to increase local presence". Your Daily Globe. Retrieved 17 August 2015.
  9. ^ a b Saitto, Serena (11 December 2014). "Expense-Reporting Startup Finds Big Growth by Focusing on Small Companies". Bloomberg Business. Retrieved 17 August 2015.
  10. ^ a b "Expensify". Crunchbase. Retrieved 21 January 2019.
  11. ^ Lawler, Ryan (30 September 2014). "With $3.5 Million In New Funding, Expensify Targets Concur Customers". Tech Crunch. Retrieved 17 August 2015.
  12. ^ "Where We Work". Expensify. Retrieved 21 January 2019.
  13. ^ Rubbelke, Nathan (23 July 2015). "Let's not screw it up app industry tells Congress". Washington Examiner. Retrieved 17 August 2015.
  14. ^ "Who is reading your Expensify receipts? | The Big Tech Question". The Big Tech Question. 2017-11-23. Retrieved 2017-11-28.
  15. ^ Ong, Thuy (28 Nov 2017). "Expensify says receipts found on Amazon Turk were from testing a new feature". The Verge. Retrieved 21 Jan 2019.
  16. ^ a b Duke, Bradley (26 May 2015). "Best apps for business: Expensify". Startups. Retrieved 17 August 2015.
  17. ^ Sophy, Joshua (23 February 2015). "Expensify SmartScan Makes Paper Receipts History". Small Biz Trends. Retrieved 17 August 2015.
  18. ^ Ravenscraft, Eric (10 November 2014). "Expensify Makes Receipts From Your Online Purchases". LifeHacker. Retrieved 17 August 2015.
  19. ^ Barrett, David (9 June 2017). "CEO Fridays: #Preaccounting: The job we all hate, but must do". Expensify. Retrieved 21 January 2019.
  20. ^ Matthews, Kayla (22 December 2014). "5 resources Gen Y uses to win at business". The Business Journals. Retrieved 17 August 2015.
  21. ^ a b "All Integrations". Expensify. Retrieved 23 January 2019.
  22. ^ "2018 mobile business app awards announced - Tabby Awards honors 18 iPad, iPhone and Android apps" (Press release). PRWeb. 22 January 2019. Retrieved 23 January 2019.
  23. ^ O'Bannon, Isaac (20 February 2018). "2018 Readers' Choice Awards". CPA Practice Advisor. Retrieved 23 January 2019.
  24. ^ "The Cloud 100". Forbes. Retrieved 23 January 2019.
  25. ^ "The World's Top 10 Most Innovative Companies of 2015 in Money". Fast Company. Retrieved 17 August 2015.
  26. ^ "The 56 best tablet apps: The Tabby Awards announces 2015 Winners and Users' Choice". Venture Beat. 29 June 2015. Retrieved 17 August 2015.

External links[edit]