A bit of a newb here, but I'm curious if I need both? Or should I just enter all my expenses through Quickbooks vs. doing it through Expensify and exporting to QB? Is there any upside to do it with Expensify and QB? I feel that Expensify's processing is a lot faster and more efficient. \--- Another question is that when I export from Expensify to QB, they appear as bills vs. expenses, is that correct? Thanks in advance!
If you are using QuickBooks online, you don't need expensify. Obviously keep receipts. You can scan and attach to the cc transactions if you want. Just link your cc and bank account. Click on the banking tab and you're account activity will automatically populate when you link them. You want to "add" expenses and make sure the right expense account is selected. Do not go in and manually enter expenses or they will be double entered. When you pay your amex, don't mess around with the transfer option, you'll confuse yourself. Enter amex (or whatever) as a vendor. Create a bill. The account the bill goes to is the cc in question (you will need to make this when you link the cc)... The pay from account is your bank account. In the checking and cc register, both transactions should show up green and say MATCH, if they don't, there is an error somewhere. Tip: don't make a bunch of cc payments that are rounded numbers. I used to work for a guy that made a $100 every other day, and trying to match them up was maddening. I used to make the cents amount the day of the month when I took over, (example: on may 7th the payment would be $100.07) Also, you NEED to reconcile cc and bank accounts after receiving a statement. If you don't know how, or what that means, please hire a bookkeeper. I've seen places that don't know how to reconcile and their financial statements were very wrong. Hope that helps.
I'm curious too. I've been comparing FreshBooks, QuickBooks, and Expensify.
Quickbooks is the best $30 I spend a month
Xero is another option. A bit pricier but if you need project tracking or prefer to post items to draft first. Also great reports.
Not sure if you have decided you are definitely doing the Record keeping on your own, however there are some outsourcing alternatives that are more economical than you might think. I'm a CPA and run an online virtual bookkeeping business. Essentially you stuff all of your receipts into a prepaid envelope each month and drop it in the mail and Email me your bank statement. I then professionally prepare the Bookkeeping and you also get an electronic backup file of all your receipts. Cost is less than you may think. Not sure if I'm allowed to post the link here. You can PM for the link if interested. Thanks
Thanks for all the insights! I realized I left out an important detail, I'm based in Hong Kong (some connections with cards aren't available) and these expenses are paid via my personal card and reimbursed as opposed to run through a company card. Based on the insights should I continue with the current setup and its limitations?
QuickBooks has been invaluable in being able to track my cash flow and expenses.
Don't know how well it works in the US, but I use Sage in Europe and it's great. Quickbooks here is just not very good at dealing with VAT rates.
Hi? been using Quickbooks (UK) version in Kenya for the last 3-4 years and am loving it. Am not an accounting person only that i approached a Qb guru in my country and he showed me the way. i would recommend first knowing the basis of your company and then making a decision on what Qb version will suite you well. cheers and all the best.
It depends if you will be incurring a lot of business expenses. If so, you should look at [https://www.innatesoftware.io/](https://www.innatesoftware.io/) \- they are design for people who travel significantly for work.
It is true that if you use QuickBooks Online, then you do not need Expensify software. And yes the best combination is when you use Expensify with QuickBooks Desktop on Cloud. This will give 2 things- \- QuickBooks Desktop has more advanced features plus you get cloud benefits. \- Automatic and secure sync of all the data of QuickBooks with Expensify makes work in collaboration super easy. I hope this will help you with your issue!
Nobody needs QuickBooks. They're dinausors going extinct soon, not able to handle simple things like multi-currency.