Expensify was recently named one of the Most Innovative Companies in 2015 by FastCompany, and with good reason. A pioneer in the expense management space, Expensify has become the model for what is now considered a modern expense management solution.
Combining user-centric design with powerful compliance features makes Expensify the best choice for both employees and the finance department. Expensify integrates with nearly every accounting package ranging from QuickBooks and Xero, to NetSuite and Oracle, giving administrators the ability to quickly approve, export, and reimburse employees.
Expensify's unique combination of simplicity and power allows us to serve the entire market from solo-prenuers to the global enterprise. Expensify is used and loved by over 400,000 companies worldwide across all industries, including clients in the Fortune 500. We'd love to work with you!
David Barrett started programming at the early age of 6 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 a peer-to-peer file transfer technology called Red Swoosh, 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.
Q. What is the nature of your business?
A. Simply put, we do expense reports that don’t suck!
Q. What makes your operation so unique?
A. While there are some imitators out there that might mimic one or two Expensify features, we see the big picture and are the only business that addresses all the pain points of expense reporting. By focusing on the end user and consistently rolling out new features, we have developed a product without peer. Expensify scans receipts, supports 98% of US banks/credit cards in addition to an ever increasing number of international banks. We have smartphone apps on all major platforms, reimburse the user directly within Expensify through ACH or PayPal as well as Bitcoin. We also integrate with nearly every accounting package ranging from QuickBooks and Xero to Oracle in addition to NetSuite, Evernote, Bill.com, Freshbooks, SalesForce and Financial Force as well as allowing CSV upload.
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 3 million users and more than 18,000 companies 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. How many people does your company employ?
A. Over 100 and growing quickly!
Q. Where is your company based?
A. San Francisco, CA
Q. Who is the spokesperson for your company?
A. David Barrett will most often speak publicly for Expensify. Contacting firstname.lastname@example.org is the quickest route to getting a question answered or a call/meeting scheduled.
Q. What does your company offer its customers/clients?
A. We take the time, headaches, and paper out of expense reports. We offer our clients freedom from keeping a pocket full of crumpled receipts and the peace of mind knowing they no longer need to spend hours tracking their expenses.
Q. What is the average demographic of your customer base?
A. Primarily business travelers and companies looking for a paperless, mobile, user friendly solution. Anyone that incurs business expenses and needs to fill out an expense report is a great match!
Q. What are your average retail price points?
A. Free for individual users, with 10 free SmartScans per month.
$5/active user per month on the Team Plan, ideal for startups, nonprofits, churches and student groups.
$9/active user per month on the Corporate Plan, ideal for sophisticated companies, both big and small.
For large, public companies, we offer custom Enterprise solutions to fit a company's needs.
Q. Who do you consider to be your competition?
A. Microsoft Excel - the majority of US business surprisingly still use Excel for their expense reporting needs. Users not using Excel are probably using Concur, the $4B 'Microsoft of expense reports' (it's even located in Seattle). Neither are particularly popular with end users, and we are here to spread the word that expense reports don't have to suck!