Expensify, the startup helps take the endless headaches out of expense reports, has added a innovative new feature today—total receipt automation.
Expensify’s platform allows you to pull in your transaction records and automatically categorize them. All you need to do is register your credit cards with the platform, and the site will automatically import E-receipts. You can also take a photo of and import paper receipts. Once your transactions are in the system, you can tag expenses and then submit the expense report to your business’s bookkeeper for reimbursement.
The company allows you to upload receipts via the web, email or mobile phones and now Expensify will automatically scan the merchant, date, and purchase amount off of the receipt image, whether uploaded as a photo, as a document, or an email. If you’ve imported your credit card information, Expensify will also “associate” the receipt with the corresponding credit card transaction. Expensify will then categorize the expense (i.e. travel, food).
The startup says that intelligent receipt scanning is the top requested feature amongst users and currently, the site is processing over one million receipts. Expensify is also charging for the feature, at $0.20/receipt, with every account starting out with 10 scans for free.
David Barrett founded Expensify in May 2008; Witold Stankiewicz joined him in August 2008, and together they launched an Alpha product at TechCrunch 50, taking home the “DemoPit 2nd Place” prize. In March 2009, they launched a Beta version and demoed it at FinovateStartup 2009. Expensify’s mission? Help people create expense reports that don’t suck! In May 2009, Expensify raised $1M, hired some additional engineers, and went to Istanbul for a month in order to write the award-winning Salesforce.com...
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