Covered in this article:
Overview
Prerequisites
Report and submit expenses - our best practice guide
Admin actions on reports

Additional resources:
Set up a commercial card feed
Set up a direct bank connection
Cardholder 101
Export expenses
Reconcile expenses
Card troubleshooting

Overview

Expensify is the perfect tool to manage your company cards. Through our company card support:

  • You can import and assign cards from a central location as a Domain Admin
  • We will populate expenses directly to the cardholder’s Expensify account, where they will code and add receipts before the report is submitted for approval and export. SmartScanned receipts will automatically merge with imported card expenses.
  • You can use the brilliant Reconciliation Dashboard at the end of the statement period to match your statement and accounting system to Expensify.

Submit and report: You've set up your bank connection, assigned cards and expenses are flowing into the cardholders' accounts. What now? How do you ensure the expenses are submitted? Scheduled Submit (aka Concierge Automatic Reporting) automates the process by saving your employees time and ensuring expenses are submitted and exported to your accounting system on a regular basis (if you're using a direct connection). If you’re using an indirect accounting package, nothing changes, you won’t need to adjust how often you export report information.

Prerequisites

Report and submit expenses - our best practice guide

Expensify is all about making the company card expense management process as smooth and painless as possible for you and your employees. That's why we have a number of features that will take away the manual work, streamlining the process of getting expenses from your bank to your accounting system.

How it works:

  1. Cardholder spends money and immediately SmartScans their receipt, creating a cash expense in their Expensify account
  2. Two to three days later (this can vary) we receive the corresponding posted expense from your bank
  3. The SmartScanned receipt is automatically merged with the imported expense, and becomes a company card expense (designated with a card and lock icon)
  4. Expensify automatically creates a report to group expenses
  5. Expensify automatically adds a Category to expenses (where possible)
  6. Expensify checks expenses against your policy rules (e.g. maximum amount, receipt required, tag(s) required, comments required) and notifies the employee if any expenses need attention
  7. Once a week (recommended) all compliant expenses are submitted for approval. We'll remind your employees to submit any expenses that require their manual intervention
  8. Expenses are reviewed and approved
  9. Upon final approval, expenses are immediately exported to your accounting system if you're using a direct integration. If you're not using a direct integration, export Approved reports through your normal process
  10. At the end of the month, use the Reconciliation Dashboard to match the expenses processed through Expensify with your statement and accounting system. You can also identify outstanding expenses and push them through or prepare an accrual entry.

How to set this up:

  • Enable Scheduled Submit on your policy.  We recommend setting the frequency to weekly to ensure all expenses are grouped, submitted and exported regularly keeping your accounting system as up-to-date as possible. If you want your employees to submit their own reports, set the frequency to Manual
  • Set up Auto-categorisation on your policy to help employees accurately code expenses
  • Set a Default report title to view important report details at a glance
  • Enable Auto sync on your direct accounting connection so expenses are exported as soon as they are approved. Again if you’re using an indirect accounting package, nothing changes, you can skip this step.
  • Use the Reconciliation Dashboard to view all card expenses at any point in time and to reconcile expenses to your statement and accounting system at the end of the month.

And don't forget to have your employees:

  • Check out our Cardholder 101 guide to learn all the ins and outs of doing their expenses
  • SmartScan their receipts so Expensify reads the receipt and automatically matches it with the corresponding imported card expense
  • Check out our receipt integrations and enable any that are used, such as Uber and Lyft. This will send receipts directly to their Expensify account without them having to lift a finger.

Admin actions on reports

Expensify is all about helping employees do their own expenses easily and accurately. But sometimes we all need an extra hand which is why Policy Admins can perform a number of actions on behalf of a cardholder:

  • Undelete deleted company card expenses via Reconciliation Dashboard (must be a Domain Admin)
  • Add Unreported company card expenses to either an existing Open (unsubmitted) report or create a new report via Reconciliation Dashboard (must be a Domain Admin)
  • Add or modify expense coding including Category, Tag(s) and Attendees
  • Add a receipt to an expense that currently doesn't have one
  • Move card expenses between two Open (unsubmitted) reports
  • Merge duplicate expenses (providing both are not card transactions) 
  • Change the policy of a report.

Each Admin action will be noted in the Report History and Comments of the report.

Still looking for answers? Search our Community for more help!

For a live overview of reporting, reconciling and managing company cards, register for our free Company Cards Administration webinar

Did this answer your question?