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Expensify Brings Transparency to Employee Spending Trends With Expense Reports Analytics
May 11, 2010 (05:05 PM EDT)
SAN FRANCISCO, May 11 /PRNewswire/ -- At today's FinovateSpring conference, Expensify announced the addition of a complete, free analytics package to better track, analyze and understand employee spending trends. Expensify analytics gives managers and bookkeepers a clearer picture of company expenditures. This acts as an addition to Expensify's suite of expense reporting web and mobile applications aimed at bringing hassle-free expense reporting to employees while minimizing fraud and human error. With a single click, Expensify analytics populates employee expense reports into clear charts and graphs, allowing decision-makers to better manage their resources, budget and team.
With an increasingly mobile work force, small business owners are having a much tougher time staying on top of employee spending and pin pointing excess or wasteful consumption. The task of analyzing company spending becomes a logistical nightmare when greater employee mobility is coupled with a growing segment of freelancers and contractors working across multiple projects and billing in different currencies. Without an effective means to analyze and rein in costs, total company expenditures can spiral quickly out of control.
"As my employees travelled to conferences and contractors from across the globe sent in their expenses, I had to resort to analyzing our expenditures by exporting everyone's expenses into a spreadsheet to create and manipulate graphs. That was quite a tedious and laborious process which made it difficult for me to keep tabs on who was spending what," said David Barrett, CEO of Expensify. "Now, our analytics package allows me, as well as other business owners, to view company expenses in a simple, easy to interpret format."
Existing expense tracking and analytics packages are either cumbersome, aimed at large corporations or require expensive, complicated software packages. Expensify's analytics package only requires that employees use automated, painless expense reporting from the Expensify app. Spending can be analyzed and grouped by employee, date, expense category or viewed as daily, monthly or yearly totals with aggregate totals grouped by expense category to provide a detailed view of who spent what and where. From the visuals, a manager can quickly pinpoint where excess spending occurs and enact cost cutting measures or use it as an opportunity to form new partnerships aimed at reducing recurring costs.
The new Expensify analytics tools is free and can now be accessed directly from within the Web app under the Expenses tab.
Expensify does "expense reports that don't suck." If you're sick of the painful expense reporting process, Expensify is the fastest and easiest way to manage your business expenses. Expensify imports expenses and receipts using the majority of U.S. smartphones, from many U.S. banks, and 94% of U.S. credit cards. Create your entire expense report online and submit through email and get reimbursed fast, directly to your checking account. With free credit card import, rich mobile apps, QuickBooks export and integrated direct deposit, Expensify is the clear choice for small business expense reporting. Founded in 2008 with an alpha product launch at TechCrunch50 that year, Expensify is headquartered in San Francisco and backed by Hillsven Capital, Baseline Ventures and Travis Kalanick. Expensify was named: a "2010 Hot Startup to Watch" by Robert Scoble; a "Global 250 Innovator and Disruptor" by AlwaysOn; and was the "DemoPit 2nd Place Winner" at TechCrunch50 in 2008. For more information and a press kit, check out expensify.com/press