Expensify and Quickbooks are two of the most commonly used business tools, with their usage for small and large businesses. While Expensify is a cloud-based expense management system, Quickbooks is an online account software package that tracks business income & expenses and organizes financial information.
Both features, i.e., accounting and management, are of great use for smooth business operations. While a few years ago, it was impossible to think they could be operated simultaneously, the Expensify Quickbooks integration has made it possible. That’s not all; the integration is helping businesses to experience smooth operations.
In this article, we will give a brief overview of both of these essential business tools. Moreover, we will also explain the benefits of Expensify QuickBooks Integration for businesses. Read till the end to understand the Expensify QuickBooks Integration and its implementation.
What Is Expensify?
Expensify, as the name suggests, is an expense management tool businesses use to track expenses, pay bills, and create expense reports. The software streamlines the company’s pre-accounting process and can be synchronized with Quickbooks.
The system is both time-efficient and cost-effective, saving countless hours of adding manual entries. It provides real-time expense reports in a single click. Additionally, the system offers a user-friendly mobile app for download, available on major marketplaces like Apple Store and Google Play Store.
What Are Quickbooks?
Quickbooks is one of small businesses’ most widely used accounting software solutions. It helps them manage income and expenditure and keep track of the company’s financial information.
Using this accounting software, you can invoice customers, generate reports, pay bills, prepare taxes, etc. The product line offered by Quickbooks includes various solutions tailored to different businesses’ needs. The Quickbooks products include QuickBooks Desktop, QuickBooks Online, QuickBooks Time, QuickBooks Payroll, and QuickBooks Checking.
Understanding the Expensify Quickbooks Integration
The Expensify QuickBooks integration has enabled businesses to get the best of both software. The integration allows them to synchronize their expense data from Expensify to QuickBooks. The process streamlines the accounting part, hence, saving time.
Here’s how Expensify Quickbooks Integration works:
Integration Setup: The integration process starts with interlinking Expensify and Quickbooks accounts. All you have to do is navigate to the Expensify dashboard, select the “integrations’ tab, and then choose Quickbooks.
Expense Report Creation: Upon the completion of the setup process, employees can take photos of receipts using the Expensify mobile app to create expense reports. The system employs OCR (Optical Character Recognition) technology that automatically fetches data from the receipt.
Expense Report Approval: Employees can manually send reports to their managers after creating the expense report. However, they can also select to send them automatically. Then, the manager can view the information in their dashboard and approve or disapprove it.
Syncing to QuickBooks: When the manager approves the report, the data automatically synchronizes from Expensify to Quickbooks. The system does a corresponding entry for each expense, which saves time and eliminates the chances of errors.
Reconciliation: The synchronized data available in Quickbooks can be reconciled anytime for errors. With this streamlined process of Expensify Quickbooks integration, businesses can keep track of all expenses in a single place.
Benefits of Expensify Quickbooks Integration to Businesses
The Expensify Quickbooks integration brings numerous benefits to businesses managing and tracking expenses and streamlining the entire accounting process.
The integration also helps businesses to record in-app expense tracking activities like credit card transactions, mileage tracking, and more. Below are some of the benefits of Expensify Quickbooks integration –
Streamlined Financial Reporting
As Expensify allows automatic tracking of income and expenses, data integration into Quickbooks becomes seamless. The absence of human interference in the process makes the accounting records error-free and up-to-date.
Improved Visibility and Data Reliability
With Expensify and Quickbooks integration, you can gain insightful access to updated data and better visibility of your financial position. This lets you access the information in real-time and make more sound financial decisions. Additionally, it provides better control over your budget.
Save Time and Money
The Expensify Quickbooks integration can help you save time on data collection, which is time-consuming when done manually. Additionally, it reduces the risk of human errors that could incur additional fines while filing taxes.
Improves Reporting Accuracy
As said earlier, the integration eliminates human interference and allows automatic expense recording. The error-free recording improves the accuracy of your financial reports and saves the time it may take to rectify human errors.
Provides Reliable Overview of Business Finances
The integration provides real-time updates to the company’s financial reports. It gives businesses a reliable overview of their financial position in real-time. The Expensify Quickbooks integration facilitates data sync to provide the most up-to-date expense and accounting reports.
Improves Decision-making
As there is no human interference, the reliability, and accuracy of the integrated data increase. Additionally, it can help in quick decision-making as all the important information is available in one place.
It is important to remember that timely and reliable decision-making can help expand and grow your business. You can also feel confident with the data while filing taxes with the IRS.
Simplify Taxes
Simplifying the taxes is the essential thing an Expensify Quickbooks integration can do. It simplifies the preparation of tax returns. The system provides valuable information on your business’s financial statements.
Conclusion
There is no doubt that Expensify Quickbooks integration has become a highly useful tool for businesses. Its capabilities of automating the expense reporting process minimize the risk of errors and increase data integrity.
Additionally, the integration has enabled businesses to file taxes easily by accurately tracking expenses and accessing detailed records. Overall, integration has emerged as a convenient combo to perform all business tasks that a single tool lacks.
This article discussed a brief overview of Expensify and Quickbooks and provided helpful information on how this integration work and the steps to set up this integration. Moreover, we have listed all the significant benefits associated with this integration.