Archives For April 2010

Our mobile expense report app for the iPhone just got stronger, better, and faster (but remains free)!
Download your copy of our expense app version 2.0 here or find it by searching for “Expensify” in the app store.

What does the app do?

  • Import expenses from your credit card or bank account
  • Log and track your mileage
  • Manage all of your expenses and receipts, offline!
    • Snap pictures and upload receipt images to your account
    • Log cash expenses right as they are incurred
  • Create and submit an entire expense report from anywhere!
    • Add and categorize expenses,
    • Attach receipts, and
    • Send it off for reimbursement!

We’ve improved the functions of adding cash expenses and scanning receipt images to work offline. The next time you load the app with an internet connection, all of the added receipts and expenses will be uploaded to your account in the background, giving you the freedom to keep doing what you were doing.

In addition to capturing receipt images and adding cash expenses, the app now lets you manage and sort all of your expenses to create and submit an entire expense report right from your phone.

Download and install your copy of the Expensify iPhone mobile expense report app from the link or by going to the iPhone app store and searching for “Expensify”.

Our engineers have been working away at increasing the amount of supported banks for importing expenses. Today bears the fruit of their labor as a large addition of supported banks, covering the vast majority of all banks and credit card issuers in the US. For the curious, the full list of supported banks is at the very end of this post. If you’ve had to use OFX/QFX upload or gave up because you couldn’t import your expenses directly, now is the time to connect your bank!

selecting a bank to import expenses from

Search for and select the bank from which to import expenses

Just start typing the name of your bank, and we’ll show you all matching results. Select your bank, and proceed to import your expenses from that account.

We’re still adding more banks and we need people to be part of a beta test. If you have an account with any of the banks below and would like it to be supported, email Nate, our bank maestro, and he’ll work with you to get your expenses imported.

    A.G. Edwards – Wachovia Securities
    Allegiance Bank
    AltaOne Federal Credit Union
    American Century Investments
    APEX Community FCU
    APL FCU
    Arrowhead Credit Union
    Atlantic Employees FCU
    Bossier Federal Credit Union
    Brownbuilder FCU
    Clearview Federal Credit Union
    Community First Credit Union
    Compass Bank
    Compass Bank for Savings – MA
    C-Plant Federal Credit Union
    Credit Union West
    Decibel Community CU
    Down East Credit Union
    Ent Federal Credit Union
    Fairwinds Credit Union
    Farmers&Merchants State Bank(Boise)
    Firstar Biz.e
    First Horizon
    First National Bank of Bryan
    First Tennessee
    Genisys Credit Union
    Greenfield Savings Bank
    Langley Federal Credit Union
    Los Alamos National Bank
    Meriwest CU
    Mon-Oc FCU
    M & T Bank
    Municipal Employees Credit Union of Baltimore, Inc.
    National City
    National City Small Business
    NetBank
    Nevada Federal Credit Union
    Nutmeg State FCU
    Phenix FCU
    Picatinny Federal Credit Union
    Provident CU
    SAC FEDERAL CREDIT UNION
    Salt Lake City Credit Union
    Sioux Empire Federal Credit Union
    Smart Financial Credit Union
    Sooper Credit Union
    Southern National Bank of Texas
    Southwest Airlines FCU
    TD Bank – Online Banking
    Telco Plus Credit Union
    Tennessee Valley FCU
    Texas State Bank – McAllen
    The Laredo National Bank
    T. Rowe Price
    TRW Systems FCU
    United Educators Credit Union
    University Federal Credit Union
    U.S. First FCU
    VISA Information Source
    Vista Federal Credit Union

The full list of supported banks is below:

    1st Advantage FCU
    66 Federal Credit Union
    ABNB Federal Credit Union
    Addison Avenue Federal Credit Union
    Air Academy FCU
    Allegiance Community Bank
    Allegiance Credit Union
    America First Credit Union
    American Express
    Amplify Federal Credit Union
    APCO EMPLOYEES CREDIT UNION
    Archer Bank
    Ascentra Credit Union
    Bank-Fund Staff FCU
    Bank of America
    Bank of Stockton
    Bank of Tampa, The
    Bank of the West
    Bank One
    Barnes Banking Co.
    Baton Rouge City Parish Emp FCU
    BB&T
    BECU
    Billings Federal Credit Union
    B-M S Federal Credit Union
    BNY Mellon
    Bridgehampton National Bank
    Camino FCU
    Campus USA Credit Union
    Capital One
    Capitol Credit Union
    CardMember Services
    Cedar Point Federal Credit Union
    Centra Credit Union
    Central Florida Educators FCU
    Central Maine FCU
    Central Virginia Federal Credit Union
    Centura Bank
    Century Federal Credit Union
    Charles Schwab Bank, N.A.
    Chase
    Chesterfield Federal Credit Union
    Chicago Community Bank
    Chicago Patrolmens FCU
    Citadel FCU
    Citibank
    Citizens Bank
    Citizens Community Bank – Chicago, IL
    Collegedale Credit Union
    Colonial Bank
    Columbia Credit Union
    Comerica Bank
    Commerce Bank, NA
    Commercial Federal Bank
    Community 1st Credit Union
    Community Bank of DuPage
    Community Resource Bank
    COMSTAR FCU
    Consumers Credit Union
    Continental Federal Credit Union
    Credit Union One
    Cyprus Federal Credit Union
    DATCU
    Day Air Credit Union
    Delta Community Credit Union
    Denali Alaskan FCU
    Desert Schools Federal Credit Union
    Diamond Credit Union
    Diner’s Club Card
    Discover Card
    Dominion Credit Union
    Dupaco Community Credit Union
    DuPont Community Credit Union
    Eastern Bank
    Edens Bank
    EDS Credit Union
    Educational Employees CU Fresno
    Educators CU WI – Direct
    Elevations Credit Union
    Envision Credit Union
    FAA Credit Union
    FAA Technical Center FCU
    F&A Federal Credit Union
    Fall River Municipal CU
    FIA Card Services
    Fifth Third Bancorp
    Finance Center FCU (IN)
    Financial Center CU
    First Alliance Credit Union
    Firstar
    FirstBank of Colorado
    First Citizens Bank – NC, VA, WV
    First Commercial Bank – Chicago, IL
    First Commonwealth FCU
    First Community FCU
    First Florida Credit Union
    First Hawaiian Bank
    First Interstate Bank – Direct
    First Tech Credit Union
    First USA
    FivePoint Credit Union
    Florida Telco CU
    Fort Knox Federal Credit Union
    Fort Stewart GeorgiaFCU
    Fremont Bank
    GCS Federal Credit Union
    Guaranty Bond Bank
    Hawaiian Tel Federal Credit Union
    Hawaii State FCU
    Hawthorne Credit Union
    HFS Federal Credit Union
    Home Federal Savings Bank(MN/IA)
    Honolulu Federal Credit Union
    Horizons Federal Credit Union
    Huntington National Bank
    IBM Southeast Employees FCU
    Indiana Members Credit Union
    ING DIRECT (Canada)
    Insight Financial Credit Union
    International Bank of Commerce
    IronStone Bank
    JPMorgan Chase Bank
    JPMorgan Chase Bank (Texas)
    JSC Federal Credit Union
    Kekaha Federal Credit Union
    Kennedy Space Center FCU
    KeyBank
    Kinecta Federal Credit Union
    Kirtland Federal Credit Union
    Kohler Credit Union
    LaSalle Bank Midwest
    Las Colinas FCU
    Latino Community Credit Union
    Local Government Federal Credit Union
    Lone Star Credit Union
    Market USA Federal Credit Union
    Mayo Employees Federal Credit Union
    McCoy Federal Credit Union
    Merck Sharp & Dohme FCU
    Metropolitan Bank – Chicago, IL
    Michigan State University FCU
    Mission FCU
    Missoula FCU
    Monterey Credit Union
    Motorola Employees Credit Union
    Mountain America CU
    MTC Federal Credit Union
    National Penn Bank
    Nationwide Federal Credit Union
    Navy Army Federal Credit Union
    North Carolina Press Association Federal Credit Union
    North Community Bank
    NorthEast Alliance FCU
    Northern Skies FCU
    Northern Trust – Banking
    Northwest Community Bank – IL
    Novartis Federal Credit Union
    NW Preferred Federal Credit Union
    Ohio University Credit Union
    Old National Bank
    Oregon Community Credit Union
    Oswego Community Bank
    Palmetto Citizens Federal Credit Union
    Patelco CU
    Patriots Federal Credit Union
    Peninsula Community Federal Credit Union
    Plaza Bank Illinois
    Postal Credit Union
    PSECU
    Qualstar Credit Union
    Randolph Bank
    Red Crown Federal Credit Union
    Regions Bank
    Reliant Community Credit Union
    Sacramento Credit Union
    SafeAmerica Credit Union
    SAFE Federal Credit Union
    Sandia Laboratory Federal CU
    SchoolsFirst FCU
    Security 1st FCU
    SELCO Community Credit Union
    Sierra Central Credit Union
    Signal Financial Federal Credit Union
    Silver State Schools CU
    Siouxland Federal Credit Union
    SmartyPig
    Smith Barney – Transactions
    SMW Federal Credit Union
    Southeastern CU
    Southern Community Bank and Trust
    Spectrum Connect/Reich & Tang
    Spokane Teachers Credit Union
    State Employees Credit Union (NC)
    Summit Credit Union (WI)
    Suncoast Schools Federal Credit Union
    SunTrust
    TD Bank
    Technology Credit Union – CA
    Telhio Credit Union
    Texas Dow Employees Credit Union
    The Golden 1 Credit Union
    The Mechanics Bank
    The Queen’s Federal Credit Union
    Think Federal Credit Union
    Tri Boro Federal Credit Union
    UMB Bank
    Union Bank of California
    United Health Services Credit Union
    United Teletech Financial
    Unity One Federal Credit Union
    University Credit Union
    USAA Federal Savings Bank
    USAgencies Credit Union
    US Bank
    Utah Community Credit Union
    UW Credit Union
    Vantage Credit Union
    Velocity Credit Union
    Veridian Credit Union
    Virginia Educators Credit Union
    Wachovia Bank
    Warren Federal Credit Union
    Wells Fargo
    Whatcom Educational CU
    Windward Community FCU
    WoodGrove Direct 1.02
    Wright Patman Congressional FCU
    WSECU
    Yakima Valley Credit Union

Guest post By Mark Cummins, CPA

With two weeks until the April 15th tax deadline, will you be ready to file taxes on time and without any issues? If you’ve found yourself scrambling to do your taxes this year, making yourself and your tax professional crazy in the process, here is a top ten list of suggestions to make taxes next year a smoother process. By starting on a solid tax strategy now, you will be rewarded with less headaches and bigger deductions next year.

  1. Use your credit or debit card for all business expenses – The IRS allows copies of credit or debit card statements for itemized proof of business expenses. Link the card with your Expensify account and get eReceipts for most expenses under $75, then capture receipts for big ticket items with their mobile app. It’s still good, however, to keep the receipts for very large purchases so file them away after you snap a picture.
  2. Use one bank account for business – Open up a business checking account and run all of your expenses through it. Try to find a bank that has online banking, allows you to download transaction history in OFX or QFX format, and stores 7 years of statements, including check images.
  3. File receipts immediately – A lot of deductions are lost due to missing receipts and documentation for the expense. Install any of Expensify’s mobile apps to take pictures of receipts as you get them. If you have a smart phone that is yet to be supported, simply snap a picture of the receipt and either email it or upload it to your account at first chance.
  4. Organize your records – Make sure to group all of your expenses and their receipts in to categories like meals and entertainment, office supplies, travel, etc. If you’re not using Expensify to organize your expenses, keeping receipts sorted and categorized in manilla folders is the next best thing. Keeping your tax records in one place will save hours of frantic searching at tax time (and help you if the IRS comes knocking). Remember, when it comes to taxes, being organized is your friend!
  5. Log your miles – If you use either the standard mileage deduction or actual costs for vehicle expenses, log your business miles as they happen. Enter in the stops on your trip and Expensify will calculate the mileage expense for you or pick up a calendar or mileage log at your local stationary store and write them in manually. Whichever way you track mileage, make sure it’s easy to add up and compute at years end.
  6. Do monthly profit and loss statements – Often small business owners fail to “keep the books” on a regular basis. With all the bookkeeping software available there is no reason for you, or a hired bookkeeper, not to keep your books on a regular basis. QuickBooks is free to try and a good place to start. If you found a bank where you can download data, often you can organize and then upload your transaction history straight into your bookkeeping software.
  7. Use a payroll service – Most payroll services offer special rates for small business owners, often at less than $50 per month. They will deduct all of the necessary federal and state taxes and then direct deposit your “net paycheck” into your personal account.
  8. Perform a mid-year tax check up – Small business owners often fail to make proper estimated payments during the year, and then come up short on Tax Day. Contact your tax professional and estimate what your net income will be at year end based on how you are doing mid-year. Teaspiller provides online tax prep help. Teaspiller allows you to import all of your data from Expensify, and other popular small business tools, so you can have an accountant review everything without ever having to step foot inside their office. They’ll calculate your estimated tax liability and give you an idea of how much your quarterly estimated payments should be.
  9. Keep a “Perm File” – Have a file box with your most important papers like homeowner’s policies, auto purchase agreements, loan documents, and business agreements, in one place. You may never need this come next April 15, but you’ll be glad you have it organized if you do.
  10. Make a note of itemized deductions and credits – There are many standard deductions you can claim, which reduces the total income that can be taxed. Standard deductions may include child care costs, education costs, interest on your mortgage, charitable donations, and more. Find out which deductions you are eligible to claim and keep track of them in a separate expense report which you can hand to your tax professional.

Mark Cummins, CPA has over 20 years of experience in tax, accounting, and systems areas. He has extensive experience with the IRS Tax Court and manages a private CPA practice in Los Angeles, California. He’s also an expert available for help on Teaspiller, an online tax platform that allows small business owners to get help from tax experts around the country without ever leaving their office or home. Visit his profile at: http://www.teaspiller.com/mcummins.

Click here for more tips and information on how Expensify and Teaspiller can help you come tax time next year.