Expensify has been recognized by CIOReview Magazine as the recipient of “Top 20 NetSuite Solution Companies - 2016,” based on our proprietary methodology, reflecting its position in the industry. This profile has been developed by the CIOReview research and editorial team based on insights from an interview with David Barrett, Founder.

Expensify
Expense Reporting Made Easy

David Barrett, Founder

Reporting expenses has never been an easy or intuitive process. Companies often go through the pain of doing expense reports on antiquated and less-than-intuitive platforms. Apart from maximizing accuracy and timeliness of expense reporting, Expensify simplifies the process and enhances the overall experience. Expensify provides companies, including those running on NetSuite, with industry-leading web and mobile applications for employees to capture receipts, submit expenses, and manage travel.

Being a Built for NetSuite certified SDN (SuiteApp Developers Network) partner, Expensify ensures right technology selection, which best fits an organization, and direct integration of selected systems. The SDN is a community of applications that are designed to fit well in a NetSuite-centric environment. “Our Built for NetSuite certified integration also delivers the backend functionality to support all types of business rules, approval workflows, and recording requirements,” says David Barrett, Founder and CEO, Expensify.

Embracing the benefits of a mobile friendly cloud computing application, the company launched the Expensify mobile app with Optical Character Recognition (OCR) technology. Expensify is also an all-in-one solution for managing reimbursable, out-of-pocket expenses and company-liability corporate cards. The company has personal and corporate banking feeds to automatically pull in transaction data from multiple financial institutions and allows administrators to have a real-time view of an organization’s expenses, eliminating the need for transferring files through legacy processes like Excel. Expensify’s domain control feature allows admins to track and report on incurred expenses, enabling effortless creation of reconciliation reports. Expense tagging feature automates the classification process, reducing the need for manual correction and encouraging transparency and communication.

Over the years, though Expensify platform simplified expense management, it hadn’t changed the process.This is where SmartScan technology comes in. With this solution, users can become completely paperless by taking a photo of the receipt. This enables users to scan receipts immediately after making a purchase, and let Expensify do the rest.

Our Built For NetSuite certified integration also delivers the backend functionality to support all types of business rules, approval workflows, and recording requirements

The technology gets even better when credit cards are set up for automatic importing. Imported expenses are auto matched to scanned receipts assuring expenses are always in order and never duplicated. With auto-harvesting turned on and no violations to report, users are reimbursed the very next day.

In an instance, Expensify assisted Philz Coffee, a renowned coffee brand based in San Francisco with their reporting expense solution. Due to the cafe's substantial growth, the client wanted to switch from the archaic pen-and-paper method for filing expense reports to a more streamlined approach. They adopted Expensify platform as their go-to expense management solution. The easy connection with NetSuite in the platform helped the cafe in exporting reports as journal entries for corporate card transactions and seamlessly creating expense reports for reimbursable expenses in a short span of time. Additionally, the automated tagging feature within the solution made it easy to break through layers of expense coding. Previously, the team had been assigning tags manually because their old system did not allow them to choose more than one label at a time. Now, the Philz team is able to appoint multiple tags for the classification and location of corporate expenses incurred from retail store supplies with ease.

Forging ahead, Expensify is moving towards a more efficient way to capture receipts. Expensify Tab, a new way for diners to pay via the mobile app, is one step closer to never touching your phone during the expensing process. “As Expensify expands, timesaving additions that every customer can take advantage of will be made to the app. We are going global and will continue to do so,” concludes Barrett.

Expensify

Expensify Receives CPA Practice Advisor Readers Choice Award for Expense and Travel Management

Monday, June 05, 2023

Expensify’s continued innovation as a leader in accounting technology was recognized for the seventh consecutive year. This award highlights the industry’s positive reactions towards updates to the Expensify Card, new product design around firm and client collaboration, and continued improvements in automating expense and travel.

PORTLAND, Ore: Expensify, Inc. (Nasdaq: EXFY), a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards, bills and invoices, today announced its latest achievement of winning the esteemed CPA Practice Advisor Readers Choice Award as the Preferred Expense and Travel Management Tool. This prestigious accolade marks the 7th consecutive year that Expensify has been recognized for its outstanding contributions to the industry.

The CPA Practice Advisor Awards hold great significance within the accounting and financial software landscape, serving as a trusted guide for professionals seeking the best tools to streamline operations and enhance client services. With their extensive expertise and meticulous evaluation process, CPA Practice Advisor plays a pivotal role in identifying the most innovative and effective solutions in the market.

David Barrett, CEO and Founder of Expensify, expressed his appreciation for receiving this recognition. "Winning the CPA Practice Advisor Award is a testament to our commitment to delivering exceptional financial software solutions to our accounting partners,” he says. “Being voted as the best by readers reinforces our ongoing efforts in revolutionizing expense management and empowering accounting professionals to work smarter and more efficiently. It brings us great joy that Expensify is used by millions of accountants worldwide to make their expense, spend management, and travel workflows more efficient daily for firms of all sizes and their clients."

Expensify's track record of receiving the CPA Practice Advisor Award solidifies its position as a leading provider of spend management solutions, trusted by accounting professionals worldwide. The award comes after Expensify has put significant effort into updating their ExpensifyApproved! program for CPAs and bookkeepers. Recent updates include assigning partner managers to all accounting firms, adding phone support and account managers to all firm clients, developing New Expensify — a tool that helps streamline financial transactions and encourage collaboration between accounting firms and their clients — and hosting 100 of the world's top firm leaders at ExpensiCon 3.

Expensify Announces Q2 2024 Results

Monday, September 02, 2024

Interchange derived from the Expensify Card grew to $4.0 million, an increase of 48% as compared to the same period last year.

PORTLAND - Expensify, Inc. (Nasdaq: EXFY), a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills, today released a letter to shareholders from Founder and CEO David Barrett alongside results for its quarter ended June 30, 2024.

A Message From Our Founder

I'm extremely pleased with how well Q2 has extended Q1's achievements and improved upon them further:

• Our core business has been stabilize, with increasing cash flow. Revenue and paid users are within 1% of last quarter – with quarterly interchange, operating cash flow, and free cash flow up 14%, 168% and 10% (48%, 2,247% and 399% y/y), respectively.

• The new Expensify Card program is live. Most active Expensify Card customers have already adopted the new program, and 34% of spend has already migrated to the new cards we've mailed out – which earns us 20% more interchange, and contributes directly to revenue. We are well on the way to our target of 100% adoption by EOY.

• New Expensify is live. We have returned to the conference circuit after a multi-year absence, with all messaging and demos focused exclusively on New Expensify. Development is no longer solely core development and now includes pipeline optimizations, and New Expensify is expected to add new revenue in Q3. We continue to make brisk progress on the combined business/consumer superapp experience in anticipation of our extremely visible product placement within Apple TV's biggest budget movie ever, scheduled to be in theaters June 2025.

• Hybrid app is live. This is an incredibly difficult and important technical milestone that allows us to upgrade existing apps deployed on millions of devices worldwide in order to switch interchangeably between New Expensify and Expensify Classic. This is a critical tool for seamlessly migrating existing customers on a selective basis to the new experience, while allowing existing customers with classic functionality that has not yet been updated to remain on their existing experience. The hybrid app is being rolled out globally.

• Expensify Travel is live. We have launched our travel product to new and existing customers, and is expected to generate an entirely new revenue stream of travel bookings in Q3.

This quarter did a fantastic job laying a clear foundation for future growth, and the excitement inside our (virtual) halls is palpable. Hit me up at our booth at Xerocon or SuiteWorld to see the New Expensify pitch in person!

-david

Founder and CEO of Expensify

Second Quarter 2024 Highlights

Financial:

• Revenue was $33.3 million, a decrease of 14% compared to the same period last year.

• Generated $9.3 million cash from operating activities.

• Free cash flow was $5.7 million.

• Net loss was $2.8 million, compared to $11.3 million for the same period last year.

• Non-GAAP net income was $5.6 million.

• Adjusted EBITDA was $10.2 million.

• Interchange derived from the Expensify Card grew to $4.0 million, an increase of 48% compared to the same period last year.

• See Financial Outlook section for Free Cash Flow guidance for fiscal year ending December 31, 2024.

Business:

• Paid members - Paid members were 684,000, a decrease of 8% from the same period last year.

• New Expensify Card program - The majority of active Expensify Card customers began transitioning to the new program, with 34% of spend migrated by end of Q2.

• New Expensify - The company began supporting businesses on New Expensify that is expected to generate revenue beginning in Q3 2024.

• New Integrations - Expensify launched integrations with QuickBooks Online and Xero on New Expensify, a major milestone to support customers on the new platform.

• Sales and marketing - The company announced a partnership with Apple for lead product placement in Apple's largest feature film investment ever, F1, set to release in June 2025.

• Corporate travel - The company returned to the travel conference circuit to demo Expensify Travel — its corporate travel management platform built for the midsized and small-cap enterprise market — at GBTA, the world's foremost corporate travel event.

Financial Outlook

Expensify's outlook statements are based on current estimates, expectations and assumptions and are not a guarantee of future performance. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below. There can be no assurance that the Company will achieve the results expressed by this guidance.

Free Cash Flow

Expensify estimates Free Cash Flow of $15.0 million to $16.0 million for the fiscal year ending December 31, 2024.

The Company does not provide a reconciliation for free cash flow estimates on a forward-looking basis because it is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of net cash provided by operating activities and certain reconciling items on a forward-looking basis, which could be significant to the Company's results.

Stock Based Compensation

An estimate of expected stock-based compensation for the next four fiscal quarters is as follows, which is driven primarily by the pre-IPO grant of RSUs issued to all employees (which vest quarterly over eight years with approximately five years remaining).

Top 20 NetSuite Solution Companies - 2016

Company
Expensify

Management
David Barrett, Founder

Description
A real-time NetSuite-based platform that makes expense reporting easier

Expensify Expense Reporting Made Easy