Expensify adds budgeting tool to help companies prepare for 2024

Per the announcement, the tool allows admins to set budgets monthly or annually for their companies as a whole or for individual teams, departments, or employees. It also notifies both individuals and their admins how much of their budget remains throughout a given period, with the aim to minimise surprises that may arise from overspending.

The newly introduced feature now provides users with a clear view of the percentage of their budget that has been utilised. This enhancement enables proactive decision-making, allowing users to anticipate future expenses accurately. Although the tool does not impose budgetary restrictions, it aims to help employees feel responsible for keeping their expenses reasonable. Administrators, in turn, can rely on this feature to instil confidence in employees' financial stewardship with company funds. 

Expensify continues to evolve its suite with the latest addition: bill pay, invoicing, and international features, such as global reimbursements. This expands the platform beyond its core offerings of expense reporting and the Expensify Card. 

Expensify is a payments superapp that helps individuals and businesses worldwide simplify how they manage money. More than 12 million people use Expensify, which includes corporate cards, expense tracking, next-day reimbursement, invoicing, bill pay, travel booking, and chat in one app.  Whether users own a small business, manage a team, or close the books for their clients, Expensify seeks to make it easy for users so that they have more time to focus on what matters. 

In September 2023, Expensify announced the release of enhanced insights and custom reporting functionality. The Insights feature within Expensify extends a comprehensive capability to all of its members, enabling them to oversee various aspects of company spending. These aspects span across various categories, such as employees, projects, departments, and subsidiaries. 

In addition to a visual reporting dashboard, Expensify introduced a Custom Reports feature, where trained admins can take a consultative approach and build the reports they need to understand, analyse, and summarise their company spending. According to the press release, Expensify stated that account managers will also be on standby to help members with everything from basic questions to best practices.