5 Simple Steps for Expensify Quickbooks Integration

Expensify and Quickbooks are separate company management systems with many useful features for small and big organizations. Both of these apps provide various functionalities, such as the ability to manage accounts of companies with Expensify and Quickbooks.

Although management and accounting are crucial aspects of firms, they must be run together. Expensify offers expenditure reporting, corporate card reconciliation, receipt and mileage tracking, and seamless integration with Quickbooks. The AICPA and CPA.com's exclusive expense management partner, Expensify, caters to both CPAs and workers.

You will learn about Expensify and QuickBooks in this post. Additionally, it will outline the step-by-step process for setting up the Expensify QuickBooks Integration. The position will also review the advantages and features of integrating these two tools. Continue reading to learn about the deployment of the Expensify QuickBooks Integration!

Overview of Expensify

A software firm, Expensify, develops a cost-monitoring tool for individuals and businesses. Expensify Ventures, the company's venture capital arm, is also operational. Each receipt is categorized and labeled by Expensify before being automatically submitted for approval and payment of business costs. With features like corporate card reconciliation, multi-level approval procedures, and direct syncs with all popular accounting software, Expensify helps businesses of all sizes save time.

The significant benefits of Expensify

• Costs and receipts are trackable and submittable.
• GPS tracking and mileage reimbursement through direct transfer on the same day
• Credit cards automatically imported
• Any pass in any currency is acceptable.

Introduction to QuickBooks 

The most popular accounting programme among small companies for tracking revenue and spending and gauging financial health is QuickBooks. Customer billing, bill payment, report creation, and completion of tax returns are possible. Anyone, from a freelancer to a small corporation, may use QuickBooks' extensive selection of solutions. Although QuickBooks offers a number of alternatives, we advise QuickBooks Online for the majority of new companies. A 30-day, credit card-free trial of QuickBooks Online is available.

You can run your company more effectively and improve your bookkeeping with the help of the QuickBooks programme. Additionally, you can be someone other than n accounting specialist to maintain your company's accounts. You can quickly generate an invoice in QuickBooks and manage it with a number of features. Additionally, it offers a variety of financial reports that you may use to monitor the development of your firm.

Expensify QuickBooks Integration Setup Procedures

Step 1: Access Expensify.

Step 2: Select an Expensify Plan 

Step 3: Choose a policy package 

Step 4: Complete the QuickBooks Expensify Integration

Step 5: Save your Expensify QuickBooks Integration

Step 1: Access Expensify. 

The Expensify application is where the Expensify Quickbooks Integration Starts. Log in to your Expensify account using the necessary information, as seen in the picture below. 

Step 2: Select an Expensify Plan 

Verify that your pricing strategy is a “Collect” or “Control” Pricing strategy. Making this decision before configuring the Expensify QuickBooks Integration will guarantee you stay within your spending limit. 

Step 3: Choose a Policy Package

Go to settings, choose policies, and choose the bundle you wish to purchase after the price plan is complete. Then select the name of your business under the group Section. It will expand the left-hand menu’s settings. Select the connections option from the left after that. Choose QuickBooks Online from the connections menu. Your Expensify QuickBooks Integration will start as a result.

Step 4: Complete the QuickBooks Expensify Integration

A connect option should be chosen.

Save your Expensify QuickBooks Integration in step five.

Once you click "Save," your connection will be cut off. I'm done now! Your QuickBooks Expensify Integration is prepared.

Expensify's QuickBooks Integration features

The characteristics of this Expensify QuickBooks connection are summarized as follows:

• Simple Connection Setup

After creating the policy once, you may export reports to QBO without having to specify the accounts to which they should be sent, the export format, or any other details. Flags are provided from Expensify to QBO, including billable flags. Expensify imports classes and locations as report fields.

• Preferences

Depending on the kind of spending, export preferences may be set up (reimbursable vs. non-reimbursable)

• Reports

Employee and vendor data are automatically matched by the Expensify report submitter.

Benefits of Integrating Expensify with QuickBooks

The following advantages may be added to your company thanks to the Expensify QuickBooks Integration:

• Snapshop Recognition

The Expensify mobile app takes a picture of your receipt, and its in-house smartscan technology instantly detects the date, the amount, and the retailer’s name to add it to an expense report. 

• Credit Card Reconciliation 

Expensify pulls in the credit card feed for personal or business cards and automatically merges each transaction to the corresponding receipt. Admins may manage all corporate cards for automated reconciliation from a single spot.

• Multi-Layer Approval Workflows

Multiple managers may quickly approve reports using multi-layer approval workflows, which route cost reports through many tiers of review.

• Transactions

Vendor matching is necessary for corporate card transactions. Once the Expensify QuickBooks Integration is set up, you can use the merchant name from the Expensify transaction to hunt for any associated Vendors in QuickBooks Online. You may designate a "Credit Card Miscellaneous" vendor to you for future mapping if none already exists.

• Export Preferences

One of the most well-liked aspects of the Expensify QuickBooks advantages, the ability to choose your export option for reimbursable and non-reimbursable transactions, is now available.

• Billable 

The flags have now been successfully exported, according to invoices. You can rapidly produce customer invoices in QuickBooks Online by selecting the Export option.

Conclusion

You learned about Expensify and QuickBooks in this article, which also included a step-by-step tutorial for configuring the Expensify QuickBooks connection. It also mentions the many features and advantages of this integration.

With the Expensify QuickBooks Integration, all company operations may be carried out on a single platform. The essential duties of company management and account administration may be completed concurrently and without difficulty by taking these few easy steps. Since neither Expensify nor QuickBooks can run a firm effectively with only one tool, their integration offers a practical combination to handle all business duties.