SAN FRANCISCO, May 11, 2011 /PRNewswire/ -- Finovate 2011, Expensify "Expense reports that don't suck!" is using the Finovate 2011 stage to announce and demonstrate completely automatic receipt scanning and association to purchases. All users of the service can quickly have the system read their uploaded receipt images and have a new expense created from the image or have the receipt attached to its corresponding transaction on an imported credit card automatically.
"Expensify has been processing receipt images for a while. In fact, we just reached our one-millionth uploaded receipt," says David Barrett, CEO of Expensify. "But what's interesting is that we're starting to act on the images and automate the process of creating expenses one step further." Each uploaded receipt can now be scanned to pick out the details of the purchase and create the expense - automatically!
All receipt images can be set to scan as fast as they are uploaded or picked to be scanned on an individual basis. Expensify's system will pick out the merchant, the date and the transaction total from any receipt to create a new expense from each image. For purchases on any linked credit card, the receipt image will automatically be attached to its corresponding transaction. David Barrett adds, "To be fair, there are some services that get close. But nobody does it end-to-end like us: scan the receipt AND match against your credit card AND do it fully integrated into a complete expense management system."
Expensify does “Expense reports that don't suck!” by importing expenses and receipts from credit cards and mobile phones, submitting expense reports through email, and reimbursing online with QuickBooks and direct deposit. Expensify launched in March 2009, has raised $6.7M in VC funding, and has recently announced over 250K users.