Product Overview of Expensya
Expensya is a comprehensive web and mobile expense management software designed to streamline and automate the process of managing business expenses for companies of all sizes, including freelancers, small and medium enterprises (SMEs), and large corporations.
Key Functionality
- Expense Reporting and Automation: Expensya allows employees to capture receipts digitally using their smartphones. The Smart Scan feature, powered by self-learning OCR technology, instantly extracts relevant details such as value, expense category, VAT, payment instrument, and date from the receipts, eliminating the need for manual data entry.
- Mobile Accessibility: The application is accessible via web browsers and mobile devices (iPhone, Android, Windows Phone), enabling employees to manage expenses on the go. This includes submitting and approving expense reports, as well as managing per diem and mileage entries.
- Multi-Currency and Travel Expense Management: Expensya automatically converts expenses incurred in foreign currencies to the company’s local currency, using the exchange rate of the day of the transaction. It also manages travel expenses, including mileage calculations based on factors like distance, country regulations, and vehicle type. The application uses Google’s Places API and Geocoding API to track journeys accurately.
- Customizable Policies and Approval Workflows: Administrators can set up and customize expense policies, reimbursement limits, and approval workflows. This includes configuring multiple levels of expense validations and setting alerts to ensure compliance with the company’s expense policy.
- Integration with Accounting and Other Software: Expensya integrates seamlessly with various accounting, HR, payroll, travel, and ERP solutions, reducing the need for double entries and enhancing data reconciliation between systems. This integration helps centralize data and cut down on manual tasks.
- Security and Compliance: Expensya offers a fully paperless process, archiving data on certified servers that comply with local legislation. The application ensures legal archiving with probative value, storing supporting documents digitally for up to 11 years.
- Budgeting and Spend Control: The software provides full transparency into expenses through interactive dashboards and intelligence tools. It helps in identifying unusual spending patterns, predicting cash flow, and increasing the accuracy of forecasts and budgets. Expensya also includes anomaly detection technology to spot potential fraud and out-of-the-ordinary expense amounts.
- Administrative Tools: Administrators can manage various aspects of the application, including setting tenant information, managing users, creating projects, customizing categories, and configuring expense rules. They can also manage vehicles, mileage rates, and initiate transfers such as SEPA transfers from Expensya cards.
Additional Features
- Expensya Cards: The application allows for the management of one-time or recurring charges using Expensya cards. Administrators can set custom limits for each expense card and adjust them as needed. When an employee makes a purchase with the Expensya card, the matching expense is created automatically.
- User Groups and Dimensions: Administrators can create user groups based on common positions and classify users according to axes such as projects, departments, zones, and hierarchical structures. This feature helps in organizing and managing user data more efficiently.
- Real-Time Support and Collaboration: Expensya offers real-time support through its chatbot and integrates with Microsoft Teams, allowing employees to consult, track, and approve business expenses conveniently within their collaboration platform.
In summary, Expensya is a robust expense management solution that automates and streamlines the entire expense reporting process, enhancing productivity, reducing errors, and ensuring compliance with regulatory requirements. Its comprehensive features and integrations make it an invaluable tool for businesses aiming to optimize their financial management processes.