CPA.com has added Expensify, an expense management software, to its roster of automated solutions for CPA firms.
Expensify integrates with all major accounting software applications, including Intacct, which is another member of CPA.com’s partner program for firm solutions.
The app is designed to help users manage client expenses and reconcile corporate credit cards in a single console using real-time, continuously updated information. Features include:
- SmartScan OCR technology which scans receipts, automatically extracts transaction data and assigns each expense to a reporting category;
- Data automatically syncing with all major accounting programs;
- Corporate card reconciliation, which automatically imports the credit card feed and merges each transaction with the corresponding receipt while flagging duplicate expenses;
- Next-day direct deposit; and
- Analysis of which expenses actually need a manager’s review, and automatic approval of the rest.
“Expensify clients report that using Expensify can reduce time spent on receipt submissions, approvals and reimbursements by 83 percent, which is exactly the kind of pre-accounting automation that can drive real efficiency for firms and their clients,” said Erik Asgeirsson, president and CEO of CPA.com, who announced the new strategic alliance at the 2016 Digital CPA Conference. “As client accounting services mature, the importance of digitizing all inputs and outputs and getting maximum insight from data will continue to grow.”
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