DENVER, July 18, 2016 /PRNewswire/ -- Expensify, the world's fastest growing expense management solution, announced today a new travel feature: Price to Beat. By comparing the price of flight, hotel, and car reservations from a user's expense report to the average price of similar bookings on the day of booking, Price to Beat notifies users if their spend falls above or below the average. In the case of reservations that fall below the average cost, policy administrators can choose to enable Expensify Rewards and share a portion of the savings with the employee, thus incentivizing employees to spend responsibly.
"Price to Beat and Expensify Rewards gamify corporate travel by giving employees a share of their company's cost savings," says David Barrett, founder and CEO of Expensify. "We're not here to enforce anyone's behavior, but we do want to bring transparency to the corporate travel industry and create a solution that's win/win for both employees and employers."
Although Price to Beat is still in beta, setting up a Price to Beat and Expensify Rewards policy only takes a few minutes. Policy administrators can customize policies according to their preferences and expectations and choose whether or not to enable Expensify Rewards. For example, policies can be set up that compare reservations to the average cost of a three-star hotel in the destination city, a nonstop economy flight, or a luxury rental car. There is no penalty for reservations that fall above the average price, but the difference in cost will be highlighted to both the employee and the administrator.
Administrators can even choose to include the reward amount as a reimbursable expense on an employee's expense report, so the user does not have to take any extra steps to receive a reward. If a company has Price to Beat and Expensify Rewards enabled, then the user simply needs to forward travel receipts to [email protected] within 24 hours of booking, and Expensify will automatically take care of the rest.
This announcement comes during GBTA, the Global Business Travel Association's annual convention, which Expensify is attending for the second time. "Expense report management isn't just about creating and filing expense reports," continues Barrett. "It's about streamlining business travel so that organizations can spend time focusing on building their teams and products instead of getting bogged down by the hassles of travel logistics."
To sign up for the beta or learn more about Price to Beat, click here.
Named one of the hottest startups by Forbes and a Top 10 Most Innovative Company by Fast Company, Expensify takes the time, headaches, and paper out of travel and expense management. The app features a patented, industry-leading SmartScan technology that eliminates manual entry of receipt information, as well as integrations with all major accounting packages, company and personal credit card import, and more to simplify expense reports for both employees and administrators.