Expensify’s Head of Growth for the APAC region, Phong Le recently shared with Xero, what Expensify is, and how it integrates with Xero.
Expense Management is painful because there is a lot of following up for receipts, for information, trying to reconcile, and what Expensify can do is automate that process from end to end, at each point where a human has to intervene, we have automated.
Everything from receipt capture through to reporting, approvals, auto-reconciliation, exporting to Xero, fully automated and that is the dream that we sell.
The integration is seamless.
The connection only takes about five minutes. You set up using your login details, through our portals, and it connects and brings in all your tracking categories, the taxes you have set up and so forth.
For the bulk of users, 95% of our 5 million plus users out there, it’s a mobile app. You’ve got a receipt? Never hold onto that receipt again, take a picture of the receipt, it prompts you to code it – is it a meal, is it travel? And then it auto attaches itself to a report. 95% of our users are done. They throw the receipt away. Done!
From that point, it actually goes into a report, and it then submits for approval or for review, and once that is done, that can be daily, weekly, monthly, it exports into Xero – you don’t have to do anything.
Auto reconciliation is another powerful aspect of it as well. Once a business starts to grow from a sole trader to two or three employees, to a couple of people on the road, company credit cards come into play. Extremely messy and extremely time consuming so auto-reconciliation of company cards – that’s what Expensify do.
Imagine this. You are holding on to a receipt you hold onto for a week, or a month, you enter it in. You have forgotten all the details – WOW! What a pain.
Take a picture, we read it with accuracy, we auto reconcile it with your credit card and then we send it off for approval, then exporting – that’s it!
You hired, for example, the salesperson, or the technician, to be a salesperson or technician, not to be checking their receipts and putting them in excel.
You have also hired the accountant, to do accounting work. Not chase up receipts, and coding.
These are two things that are pre-accounting. They are pretty much outside of their role.
Expensify comes in and fills that gap, so they can focus on the things that are important to them and for the business.