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Expensify vs QuickBooks

Expensify vs QuickBooks: Which is the Better Expense Management Software?

In this post, we’ll go beyond the surface level to explore the key differences between Expensify and QuickBooks when it comes to features and functionality.

Whether you need to seamlessly manage employee expenses or want an all-in-one accounting platform, we’ll uncover which financial sidekick best suits your needs.

You’ll gain insider insight to make the most informed choice when choosing a money management system for your business.

Let’s dive in and shed some light on the age-old debate: Expensify vs QuickBooks or if an alternative expense report software is the best solution.

Expensify vs QuickBooks Key Takeaways

  • Expensify is tailored towards managing expenses, while QuickBooks is an all-around accounting platform that automates accounting processes.
  • QuickBooks is suitable for small to medium-sized businesses, while Expensify is ideal for businesses that need to track employee expenses, reimbursements, and expense reports.
  • QuickBooks offers a credit card feed feature, while Expensify offers a receipt scanning feature.

Expensify - The Expense Management Software

Expense Management

Expensify is an expense management software that simplifies the process of tracking and managing expenses. With Expensify, you can create expense reports in a short time, integrate bank and credit cards to pull in receipts from credit card statements, and automatically categorise or assign accounts for entries. The software also allows you to capture receipts quickly and automatically parse them to create reports. You can easily reimburse employees by integrating the payment into payroll or directly sending it to their bank accounts. Expensify also allows for easy entry of expenses in other currencies and conversion and the integration of corporate and personal credit cards.

Travel Management

In addition to expense management features, Expensify also offers features for managing travel expenses. You can easily book hotels, flights, and rental cars from the software, create and manage travel itineraries, integrate calendars to provide notifications, and integrate with travel systems like Uber, airline ticketing, and hotels.

Client Invoicing

Expensify also offers features for creating and delivering invoices, accepting electronic payments from clients, and generating reports. You can also integrate Expensify with accounting platforms.

Other Features

Expensify offers a range of other features to make expense management easier. For example, you can easily capture receipts, parse receipts, and convert/assign them to a report. The software also allows you to store travel plans with the mobile application and track mileage using GPS. You can easily integrate Expensify with other CRM, Payroll, Finance, and HRMS tools. Expensify also allows you to create rules that enforce compliance with corporate time and expense policies and grant access to select data, features, and objects based on the users, user roles, and groups.

Expensify is a great tool for managing expenses, saving time, and reducing errors with expense report creation. With real-time expense tracking, easy receipt capture, and reimbursement management features, it helps you stay on top of your finances. Integrating Expensify with accounting software like QuickBooks and Xero makes it even easier to manage your finances.

What Is QuickBooks Suitable For?

QuickBooks is a powerful accounting software that can help you with all your accounting needs, from bookkeeping to tax preparation. 

It can help you track expenses, sales, and inventory, create invoices, and manage cash flow. QuickBooks is suitable for businesses of all sizes, from small startups to large enterprises.

With Quickbook you can:

  • Track expenses, sales, inventory
  • Create invoices, manage cash flow
  • Maintain general ledger
  • Automate AR/AP tasks like invoices and payments
  • Real-time inventory tracking
  • Reconcile imported transactions
  • Generate financial statements and custom reports
  • Create budgets and forecasts
  • Dashboards with real-time insights/KPIs
  • Ideal for managing finances, bank accounts, taxes
  • Accessible via QuickBooks Online from anywhere

In summary, QuickBooks is a powerful, comprehensive accounting software suitable for businesses of all sizes to efficiently manage their finances.

Is Expensify the Same as QuickBooks?

Expensify and QuickBooks are both financial management tools, but they have different focus areas. 

Expensify is designed to automate the expense management process, including receipt scanning, expense tracking, and reimbursement management. 

On the other hand, QuickBooks is a comprehensive accounting software that helps with bookkeeping, invoicing, payment processing, and financial reporting. 

While both tools may have some overlapping features, they are designed for different purposes and have different strengths and weaknesses.

Expensify vs QuickBooks: Billable & Non-billable Expenses

With Expensify, you can easily track billable expenses, which can be passed on to clients. You can mark expenses as billable and generate invoices to be sent directly to clients. QuickBooks allows you to track both billable and non-billable expenses and assign them to specific customers or projects. You can also generate invoices to claim reimbursement from clients.

By using QuickBooks, you can create reports that show the profitability of individual projects/clients while considering billable and non-billable expenses. This feature helps you to analyse the profitability of your business and make informed decisions. Additionally, QuickBooks allows you to easily manage employee expenses and payments, which can be recorded and reimbursed through the platform.

Receipt Scanning: QuickBooks vs Expensify

Both Expensify and QuickBooks offer receipt scanning features, but they differ in their approach. Expensify has a dedicated mobile application that allows you to scan receipts and automatically upload them directly from your phone. The popular Expensify smart scanning feature can automatically extract and use data from the receipt to populate the expense report.

On the other hand, QuickBooks allows you to take photos of receipts and uses Optical Character Recognition (OCR) technology to read and extract data. QuickBooks also offers duplicate expense detection, AI recognition, filters, and human turk technology to ensure accurate data entry.

Both platforms offer tax tracking, expense rules, GL code mapping, categorization, and calendar view. QuickBooks also has a report centre that allows you to track and manage your expenses more efficiently.

QuickBooks Credit Card Feed vs. Expensify

Both QuickBooks and Expensify have the ability to integrate corporate credit card feeds into their software. QuickBooks Online allows you to directly connect your corporate credit card, which enables you to automatically import transactions, saving time and reducing errors associated with manual data entry.

Expensify also enables you to connect your corporate credit card feeds to the software. Additionally, it has a smart scan feature that can match receipts to credit card transactions, making it easy to create expense reports. Expensify also simplifies credit card reconciliation.

Overall, both QuickBooks and Expensify offer similar features related to credit card imports, but Expensify's smart scan feature sets it apart.

Does QuickBooks Integrate with Expensify?

Yes, QuickBooks can integrate with Expensify, allowing seamless syncing of expense data between the platforms. This can simplify expense management, especially for businesses with multiple departments or locations. Accountants and CPAs often prefer to work with familiar software. With automatic accounting sync, automatic approval, and multi-stage approval workflow, Expensify can streamline the financial management process. Additionally, auditor access and guided review can ensure compliance with custom business logic.

Pros & Cons QuickBooks vs Expensify

Quickbooks Pros 

  • Robust expense tracking by allowing you to categorise and monitor spending
  • Customizable financial reports to track specific metrics
  • Integration with other tools to streamline financial management

Quickbooks Cons 

  • Steep learning curve for people not familiar with accounting software
  • Expensive if you need advanced features and multiple user accounts
  • Some users find customer support is not responsive enough to meet their needs

Expensify Pros 

  • Intuitive and user-friendly user interface
  • One of the best receipt scanning technologies in the industry
  • Preference for a mobile-friendly approach with a mobile application

Expensify Cons

  • Limited automation to deal with high volume & complex transactions
  • Limited financial reporting
  • Limited accounting functionality Due to the focus on expense management

So in summary, QuickBooks is better for advanced accounting needs while Expensify excels at streamlined expense reporting. Consider your core financial priorities when choosing between them.

Expensify Pricing

  • Free plan - Track expenses and mileage for individuals. Free reimbursements and invoicing for businesses.
  • Collect plan - $20/month without card, $10/month with card. Advanced features like accounting integrations, limits, payroll, and approvals.
  • Control plan - $36/month without card, $18/month with card. Multiple approvers, custom policies and reporting.

Affordable pricing for range of features. 'Collect' and 'Control' offer advanced capabilities at reasonable costs.

QuickBooks Pricing

  • Starter - $30/month. 1 user + accountant. Track income/expenses, invoices, connect to bank, generate reports.
  • Essentials - $55/month. Up to 3 users. Additional features like managing bills, payments, employee time tracking.
  • Plus - $85/month. Up to 5 users. Automate invoices/bills, inventory tracking, project profitability, budgeting.

QuickBooks / Expensify, Which Is Suitable for You?

When it comes to expense management, both Expensify and QuickBooks offer great solutions. However, the choice between the two depends on your specific business needs.

Expensify is a popular choice for medium and large businesses that need a specific tool for expense management. It simplifies corporate credit card management, receipt scanning, employee reimbursement, and expense reporting. It is also mobile-friendly and good with receipt scanning.

On the other hand, QuickBooks is a complete accounting and finance management software that provides similar expense management solutions along with other accounting features. It is the most popular accounting software among accountants and professionals. If you are looking for a tool to track all your business expenses, QuickBooks is a good choice.

Some businesses use Expensify to handle their employee-related finances and QuickBooks for all other accounting needs. This approach allows for a more streamlined process and better management of customer data.

In summary, if you are a small business that needs a specific tool for expense management, Expensify is a good choice. If you are looking for a complete accounting and finance management software, QuickBooks is the way to go. However, you can choose which software to use based on your specific needs.

Overall, both Expensify and QuickBooks are great options for managing your business expenses. We hope this information helps you make an informed decision.

ExpenseOnDemand vs Quickbooks vs Expensify

4 Reasons Why ExpenseOnDemand is the Best Expense Management Software

If you are looking for the best expense management software, you might be wondering which one to choose from. There are many options available in the market, but ExpenseOnDemand, Quickbooks, and Expensify are some of the most popular ones. Here are three reasons why ExpenseOnDemand is the best expense management software:

  1. Ease of Use: ExpenseOnDemand is designed to be user-friendly and easy to use. It has a simple and intuitive interface that allows you to manage your expenses quickly and efficiently. With ExpenseOnDemand, you can easily track your expenses, create expense reports, and submit them for approval. The software also offers mobile apps for iOS and Android, which allows you to manage your expenses on-the-go.

  2. Customisation: ExpenseOnDemand allows you to customise the software to meet your specific needs. You can create custom expense categories, add custom fields to expense reports, and customise the approval workflow. This level of customization ensures that the software meets the unique needs of your business.

  3. Comprehensive Reporting: ExpenseOnDemand offers comprehensive reporting capabilities that allow you to analyse your expenses in detail. You can generate reports based on various criteria, including expense category, date range, and employee. The software also offers real-time analytics, which allows you to monitor your expenses in real-time.

  1. Pricing: ExpenseOnDemand's pricing is crafted for value and flexibility in three segments. Implementation is complimentary, ensuring a successful setup from day one. The second segment caters to both casual and power users, offering cost efficiency—power users pay for subscribed functions, while casual users pay for access. Lastly, competitive prices align with actual usage, emphasising cost-effectiveness and scalability to evolve with your business needs.

In conclusion, ExpenseOnDemand is the best expense management software for businesses that are looking for a user-friendly, customizable, and comprehensive solution. With its ease of use, customization options, competitive pricing and comprehensive reporting capabilities, ExpenseOnDemand is the perfect tool for managing your expenses.

Frequently Asked Questions

What are the primary differences in features between Expensify and QuickBooks?

Expensify is primarily an expense management tool that can handle receipt tracking, expense reporting, and reimbursement. QuickBooks, on the other hand, is a full-fledged accounting software that can handle all aspects of bookkeeping, including invoicing, payroll, and tax preparation. QuickBooks also offers more advanced financial reporting capabilities than Expensify.

How do the costs compare when using Expensify versus QuickBooks for small businesses?

Expensify offers a free plan for individuals, and paid plans start at $4.99 per user per month. QuickBooks offers a variety of plans, with the Simple Start plan starting at $25 per month and the Plus plan starting at $70 per month. While Expensify may be a more cost-effective option for small businesses that only need expense management, QuickBooks may be a better option for those who need more advanced accounting features.

Can Expensify be used for full-fledged bookkeeping or is it primarily for expense management?

Expensify is primarily an expense management tool, but it does offer some basic bookkeeping features such as integration with accounting software like QuickBooks and Xero. However, for full-fledged bookkeeping, it is recommended to use a tool like QuickBooks.

What are the advantages of using Expensify over QuickBooks for self-employed individuals?

Expensify is a more affordable option for self-employed individuals who only need expense management features. It also offers a user-friendly mobile app for easy expense tracking on the go. However, for more advanced bookkeeping features, QuickBooks may be a better option.

Which financial management tool is better suited for large enterprises?

QuickBooks is a better option for large enterprises that require more advanced accounting features such as payroll management, tax preparation, and financial reporting. Expensify is primarily an expense management tool and may not be able to handle the complex accounting needs of large enterprises.

How user-friendly is Expensify compared to QuickBooks for someone with minimal accounting experience?

Expensify is generally considered to be more user-friendly than QuickBooks, especially for someone with minimal accounting experience. Its mobile app and simple expense tracking features make it easy to use and understand. QuickBooks, on the other hand, has a steeper learning curve and may require more training and experience to use effectively.

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