Since 2008, Expensify has pioneered innovation in the receipt and expense management process by automating every step from receipt scanning through reimbursement. The easy-to-use mobile and web apps offer powerful compliance features and integrations with all major accounting softwares, which save time for the whole team. Switching to Expensify cuts the total time spent on expense management in half and provides a 598% ROI. From solo-preneurs to global enterprises across all industries, Expensify serves over five million people and 50,000 customers around the world.
David Barrett is the founder and CEO of Expensify. He started programming at the early age of six and has been aspiring to become an expense report magnate ever since. David attended the University of Michigan where he worked in the Virtual Reality Lab before moving to Texas to write 3D graphics engines for the video game industry. Next, he moved to California to join Travis Kalanick in building Red Swoosh, a peer-to-peer file transfer technology, which was acquired by Akamai in 2007.
In 2008, David left Akamai to start Expensify and has since been relieving the world’s frustrations, one expense report at a time. Under David’s leadership, Expensify has grown into a platform with over five million users from solo entrepreneurs to Fortune 500 companies, surpassed 100 billion dollars processed worldwide, and seen over 660 million expenses created and reimbursed.
With his extensive technical and entrepreneurial background, David has been featured as a keynote speaker at prominent industry events including SaaStr, Money 20/20, FinDEVr, Finovate, UBS Global Technology Conference, and O’Reilly AI Conference, as well as television appearances on CNBC, Fox, and more.
Q. What does Expensify do?
A. Simply put, we do expense reports that don’t suck!
Q. What makes your product so unique?
A. Business apps are only effective if people actually use them. Some expense management apps are so clunky, employees avoid submitting expense reports for months. Expensify prioritizes the employee experience, so people not only use our app, they genuinely love it. In fact, Expensify is the only expense management software that employees actually request by name!
With Expensify, expense reports are finished in just one click. Simply take a photo of a receipt and put your phone away. Expensify automatically reads and transcribes the receipt data then adds it to an expense report, which can automatically be submitted, approved, and even reimbursed the very next day. Lost a receipt? No worries, we’ve got you covered – just sync your credit card to your Expensify account to submit an expense from any card transaction. Expensify supports 98% of US banks and credit cards, as well as a growing roster of international banks.
However, Expensify does more than just digitize the expense management process – we automate and improve the entire workflow. Admins can configure Expensify to meet their organization’s needs, such as advanced policy compliance and multi-layer approval workflows. Expensify saves time, increases compliance, and offers realtime insight into company finances with our fully automated, two-way integrations with all major accounting softwares.
Behind our unique product is a company with passionate people and goals. Our principles guide our approach, decisions, and work culture. Visit our blog if you are interested in diving deeper into what makes Expensify tick!
Q. What's the Expensify "story"?
A.The Expensify saga starts in 2008 with David Barrett’s burning hatred for awful expense reports. Enraged by the lack of good solutions to this very obvious problem, David founded Expensify with the slogan: Expense Reports that Don’t Suck!
Expensify was the much needed cure for the traditional headache-inducing expense reporting process the world had grown accustomed to and Expensify was well received by the media. We enjoyed heaps of press from tech blogs and major news publications alike which ultimately resulted in $1M being raised in 2009.
Encouraged by this early success, we started to fill out the team and expand our features. We also established the best company perk ever: Offshoring. While originally only targeting very small businesses (10 employees or less) we quickly saw our client list include one hundred person companies. Next, two and three hundred person companies started signing up. Soon after that a five hundred person company. Before we knew it, we were working with some of the biggest and best companies in the world. As our clients got bigger and bigger, Expensify continued to add more and more time saving features, increasing the amount of automation in the expense reporting process and improving efficiency for businesses everywhere.
In 2010 we raised $5.7M, using that to further expand and strengthen the team. We had a game changer planned and we needed the best and brightest to bring it to life. Something that would blow the minds of our users by truly revolutionizing the expense management process. Enter Expensify SmartScan.
Before the launch of SmartScan, Expensify simply made expense management easier, but we hadn’t truly changed the process. SmartScan changed the expense management space forever. Now Expensify users could become truly paperless. Take a picture of the receipt, then throw it away. No more carrying around receipts in pockets and envelopes. We had created something that was the first of its kind. Competitors and banks who clung to the old traditional processes were all eventually forced to license out our service or build an imitation. Funnily enough, it wasn’t until 2014 (3 years later) that our largest competitor managed to muster a similar service.
Fast forward to the present: we now have over 5 million users and more than 50,000 customers that use Expensify. We reimburse millions of dollars every day, process billions every year, and we’re still pushing out new features making life easier for our users in over 169 different countries.
Q. What does your company offer its customers?
A. We enable people to spend less time working on expense reports and more time enjoying life. Our goal is to take the time, headaches, and paperwork out of expense reports and also make it easy for businesses to close the books on time.
We make it super easy for employees to submit expenses and get reimbursed ASAP. They no longer have to keep a pocket full of crumpled receipts and spend hours manually tracking their expenses. For finance admins, we make sure that all expense reports are compliant with company policies and submitted on time, which provides them with realtime insights into company finances. We also streamline the relationship between our accounting partners and their clients so they no longer have to chase down their clients for receipts every month. With Expensify, accountants can spend more time advising their clients and less time doing grunt work.
Q. What is the demographic of your average customer?
A. Anyone who has receipts can sign up! From solo-preneurs to Fortune 500 companies, we work with everyone across the board. Small to medium-sized businesses are a great fit, but we also support companies with thousands of employees. Take a look at some of our customers at use.expensify.com/customers!
Q. What type of accounting partners do you work with?
A. From Top 10 firms to independent bookkeepers, the ExpensifyApproved! Partner Program offers discounts, training, and white glove support to help firms manage clients’ receipts and expenses with Expensify. Check out approved.expensify.com for more info!
Q. How much does it cost?
A. Expensify offers multiple pricing options to suit every need:
Free for individuals, with up to ten SmartScans per month
Team plan (ideal for startups, nonprofits, and small teams):
- Annual subscription: $5 per active user per month
- Flex billing (no commitment): $10 per active user per month
Corporate plan (ideal for companies of any size):
Enterprise plan (ideal for large companies):
Not based in the US? Click here to view our pricing in GBP or AUD.
In keeping with our company culture, Expensify’s pricing is simple and transparent; there are no hidden costs for implementation, maintenance, or support. What you see is what you get!
Q. Where is your company based?
A. Everywhere! We work with the best people from all around the world, regardless of where they call home. We started in San Francisco then expanded to Ironwood, Michigan and Portland, Oregon. We’ve got a team in New York City and teams in London and Melbourne. If you find yourself in Denver, Berlin, or Amsterdam, you might run into a few of our teammates working remotely from cafes – say hi if you see someone in an Expensify t-shirt!
Q. Who do you consider to be your competition?
A. A majority of American companies still track travel expenses the old-fashioned way with an Excel spreadsheet. Businesses not using Excel are probably using Concur, the $8B 'Microsoft of expense reports'. Neither are particularly popular with the people who actually need to use them, and we are here to spread the word that expense reports don't have to suck!
Q. Who should I contact to invite Expensify to speak at an event?
A. Reach out to firstname.lastname@example.org; we're always happy to chat!