Expensify Adds Budgeting Tool to Financial Management App for Businesses

Expensify added a budgeting tool to its financial management app for businesses.

The new tool allows admins to set monthly or annual budgets for teams, departments, employees or the company as a whole, Expensify said in a Wednesday (Dec. 20) press release.

It also provides both admins and individuals with notifications on spending progress so that they are less likely to be surprised by overspending, according to the release. By showing the percentage of the budget that has already been spent, this feature helps employees make more informed decisions and keeps admins informed about how employees are spending money.

“We’ve been working closely with our accounting partners and steering committee to ensure our product continues to solve more and more of their problems, and this was one of the most frequently requested features in recent conversations,” Expensify Chief Strategy Officer Daniel Vidal said in the release.

The new budgeting tool joins the company’s financial management app which is best known for expense management and corporate cards, according to the release. In recent years, the app has expanded to include bill pay, invoicing and international functionality like global reimbursements.

The app is available for free, with additional functionality available as part of an optional upgrade, the release said. The free features are used by more than 12 million people.

“As companies tighten their purse strings to prepare for the new year, we hope to be able to provide all of our customers with tools that ensure smooth sailing, no matter how bright or stormy the economy might feel at any given time,” Vidal said in the release.

In another development, Expensify launched a new integration with Booking.com for Business Dec. 12. The collaboration lets business travelers automatically upload travel receipts from Booking.com for Business directly into Expensify at booking, eliminating the need for manual data entry.

In August, Expensify added a chat feature for accountants. Expensify Chat enables accountants to chat with clients and keep those conversations within the app. It also allows accountants to assign tasks to clients and track their progress within the platform.

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