My Favorite Tool for Managing Expenses
As told to J.J. McCorvey
Entrepreneur Cary Millsap explains how he uses Expensify to create and approve expense reports.
Expense reports are no fun. When I started my company, which primarily trains businesses to run Oracle-based software, my employees would tape or staple receipts to the back of Excel expense forms before submitting them to me. About a year ago, one of my employees stumbled across a Web-based service called Expensify, and my five-person staff has used it ever since.
Since I travel a lot, my favorite part of Expensify is the ability to log expenses on the go, either online or using the service's iPhone app. First, I enter the details for the credit card I plan to use for my business expenses. Every time I make a purchase under $75 using that card, Expensify creates an electronic receipt. I can take pictures of paper receipts for pricier purchases using my iPhone, and forward hotel and airline confirmations via e-mail. Then, I create a report for the trip, add the electronic receipts, and hit Submit.
I also view and approve reports submitted by employees on Expensify. I export each report to QuickBooks, create an invoice, and send a check to the employee from my online bank account. Creating the reports is free, but it costs $5 a month per employee to approve reports for more than two people. The service is well worth the expense.
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