Expense management solution provider Expensify announced today that it is teaming up with Supporting Strategies, one of the biggest bookkeeping franchises in the U.S. The partnership will make Expensify the expense reporting app for thousands of Supporting Strategies’ small business clients across the country.
With this announcement, Supporting Strategies is the latest company to join the ExpensifyApproved! Partner Program. The program, which features companies such as CLA, Wipfli, and BPM among its members, provides discounts, co-marketing, and access to client onboarding resources, as well as opportunities to participate in networking events such as Expensify’s ExpensiCon.
“Expensify has greatly increased our ability to provide great customer service to our clients,” Supporting Strategies CEO and founder Leslie Jorgensen said. “With Expensify, we have a one stop shop for all company expenses that syncs directly to QuickBooks.” Jorgensen praised the platform’s one-click ability to approve and pay expense reports, as well as code company credit card transactions – all in the same app.
Founded in 2004, Supporting Strategies offers outsourced bookkeeping services and operational support to small businesses. The company leverages “best-of-breed” technology to offer a range of services including accounts payable and receivable, bookkeeping, financial reporting, and payroll administration. The company has been in a growth phase of late, announcing expansions in Florida and New Jersey in June; in Minneapolis, Minnesota in May; and Charlotte, North Carolina in March. Earlier this year, Supporting Strategies was named Top 50 Franchise Based on Franchisee Satisfaction by Franchise Business Review for the fourth consecutive year.
Expensify presentedBedrock: Expensify’s Open Sourced Infrastructure Secret Weapon at our developers conference, FinDEVr Silicon Valley in 2016. Company founder and CEO David Barrett discussed how the company leveraged Bedrock, its geo-redundant database technology, to help it maintain its position as the fastest growing ERP software in the world. Expensify is also an alum of our demo-only event, having demonstrated its Expensify Invoices solution at FinovateSpring in 2013.
Headquartered in San Francisco, California, and founded in 2008, Expensify has raised $38.2 million in funding from investors including OpenView Venture Partners, CIBC, PJC, and Redpoint. The company made international fintech headlines this spring with the news of its partnership with Southeast Asia ridesharing company Grab.
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Expense tracking software company Expensify has integrated with Southeast Asia-based ridesharing startup Grab to automate expense tracking and rideshare reimbursement for Grab users.
When they connect their Expensify account to their Grab business profiles, Expensify customers who live in or travel to Singapore, Malaysia, Indonesia, Philippines, Vietnam, Thailand, Myanmar, and Cambodia can automatically create and submit expense reports for their Grab rides. Upon booking rides in Grab’s mobile app, the receipt for the trip is automatically sent to Expensify.
Expensify opted to integrate with Grab because receipt volume for the ridesharing platform grew 200% in 2018. “Business travel has become one of Grab’s priority segments, with more users discovering and using Grab Business Profiles every day,” says Shawn Heng, Regional Head of Business Development and Grab for Business. “Partnering with Expensify, a great app for anyone who needs to keep track of receipts and expenses, is an exciting next step to make business travel even smoother for all of Grab’s customers.”
Grab is not the first ridesharing company Expensify has integrated into its platform. The California-based company integrated with Uber in 2016 and with Lyft in 2017. Today’s deal does, however, mark the company’s first partnership in the Southeast Asia region. Expensify also has partners in the U.S., the U.K., and Australia.
Founded in 2008, Expensify most recently demoed at FinovateSpring 2013, where the company’s CEO David Barrett showed off invoicing technology. The company teamed up with rapper 2 Chainz and actor Adam Scott earlier this year to create a SuperBowl ad. You can check it out below:
“Profitable and cash flow positive” are among the prevailing themes from Expensify’syear end report for 2018. And as far as company founder and CEO David Barrett is concerned, this is news worth noting.
“(It) may sound silly to some – but it’s extremely rare in an industry in which companies burn through piles of cash to acquire users,” Barrett said. He added that the receipt tracking and expense management platform’s growth was accelerating, which he said would lead to a “predictable trajectory for us to confidently push the bounds of what we can offer our customers.”
In a press release reviewing the year, Expensify highlighted a variety of achievements beyond its profitability and cash flow accomplishments. Topping the list was the company’s 94% year-on-year revenue growth for 2018, and the introduction of four updated plans – Track, Submit, Collect, and Control – to enable individual entrepreneurs and global enterprise companies alike to incorporate Expensify into their operations.
Other 2018 highlights include an expansion of its partnership program to include 35% of the top 100 U.S. accounting companies, and 70% of the top U.K. accounting firms. Earlier this year, Expensify launched a bank integration program, ExpensifyApproved! Banks, with Wells Fargo partnering for the pilot. This summer, the company was namedInnovation Partner of the Year by NetSuite. More recently, Expensify introduced a training and certification program to help accountants and bookkeepers maximize their use of the platform.
Expensify founder and CEO David Barrett presented “Bedrock – Expensify’s Open-Sourced Infrastructure Secret Weapon” at our developers conference, FinDEVr Silicon Valley 2016. The company has also demonstrated its technology on the Finovate stage, unveiling its Expensify Invoices solution at FinovateSpring 2013.