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Expensify: The Corporate Card For The Rest Of Us
- shafqat 18y agoThis seems like a good business. "Build something useful and charge for it" model always works for me. If they can follow up with Wufoo-like execution, it could be a winner.
- bluishgreen 18y agoPricey!
- tptacek 18y agoYou'd have to expense at least $500 at 3% to not break even on Expensify catching one diner meal you'd have otherwise forgotten about. So, don't use the card for your airfare and hotels. There you go: guaranteed win.
- deleted 18y ago[deleted]
- bluishgreen 18y agoTrue, I always had airfare in mind, but once you take that off and the hotel too, it is reasonable.
- hugh 18y agoGood idea, but 3% really does seem excessive. I'd price it at about 0.7% if I were them. But I'm sure they know this, and they're probably planning to drop the price in the future.
- tptacek 18y agoIt's excessive if you'd otherwise be submitting all your expenses. If you're like me, that's not the case: I've never worked at a company and been less than $10k in the hole on unfiled expenses. I know I'm not the only person with this problem: once a year, you have the nightmare afternoon of trying to track down airline receipts and photocopying cab receipts. It's easy to see how this pays for itself. However, it makes no sense if you own a startup. Instead of paying 3% or 1% or 0.5% to another startup, get an Amex account, and use it exclusively for expenses. Expense off the statements.
- wmf 18y agoYikes. At my company we use the IBM/Amex expense reporting system; when I start an expense report in the tool, it shows all the recent transaction on my card and I just add them to the report and submit it. Then the company pays Amex. Usually no receipts are needed. Is nothing like this available for small businesses?
- mattmaroon 18y agoYeah, it's called Quickbooks and any credit card that supports it (which is almost all of them).
- tptacek 18y agoSure they are. For instance, your small business could just issue everyone an Amex card, and collect the statements. All you need is trust.
- run4yourlives 18y agoThey seem to be getting ripped over on the TC comments, but I liked the idea as presented. It also seems to be a little shady overall. Still, this idea, slightly tweaked, could be a real winner.
- deleted 18y ago[deleted]
- mattmaroon 18y agoI don't understand what need this fills. Give your employee a corporate CC, use Quickbooks to import and automatically categorize everything they do with it. Works for our starup of 3 people, and without the 3% fee.