Expensify announces new customer plans, 2018 revenue growth
Expensify announced two new plans for customers of the expense management software, as well as its revenue growth and other updates on its partnerships and integrations in 2018.
With the track plan, users can keep their receipts in a central repository accessible by their accountants, which is helpful to freelancers and entrepreneurs who need to track their business expenses for Schedule C tax deductions. Its second new plan, submit, enables customers to send receipts and expense reports directly to their manager, even if the company does not use Expensify.
Expensify also updated its team and corporate plans, renaming them collect and control, respectively, to more accurately reflect their function.
“Track, submit, collect, and control are four key actions that focus on the role of the two most common types of Expensify users — individuals and administrators — and makes obvious the relationship between the two and how they interact with the product,” said Expensify CEO and founder David Barrett in a statement. “With our new nomenclature, we’re confident that our users are better equipped to make smart decisions about what plan and functionality suits their needs best as related to their expense management goals.”
The company also announced that its 2018 revenue marked 94 percent year-on-year growth. Additional highlights from this year included an expansion of the “Expensify/Approved!” partner program to 35 percent of the Top 100 U.S. accounting firms and 70 percent of the top 10 U.K. accounting firms. The company also launched the Expensify/Approved! banks program, investing in API technology to improve the credit card importing, and Expensify/Approved! University, a training and certification program for accountants and bookkeepers.
Also in 2018, Expensify rolled out new features and announced new integrations with corporate travel management startup TripActions, HR platform Gusto, and VAT recovery providers Global VaTax and Taxback International. The company also became the official expense management platform of Blackberry, IDEO, WWF, Away, Bill.com, Namely, the Portland Timbers, and The Greater Boston Food Bank, Monzo, Lubbock Fine, LJ Hooker, and Canva.
“There are three major highlights that made 2018 the perfect cap to our first decade in business,” Barrett said in a statement. “First, we’re profitable and cash flow positive – which may sound silly to some – but it’s extremely rare in an industry in which companies burn through piles of cash to acquire users. Second, we’re growing at an accelerating pace, which creates a predictable trajectory for us to confidently push the bounds of what we can offer our customers. And finally, the addition of our new plans for individuals allows us to further broaden our already diverse customer base.”