Top 5 Expensify alternatives: compare fees, features & benefits

If you run a growing business, you’ll need an expense management platform that will help you  to track and manage you and your team’s spending, improving accountability and compliance. 

Whilst Expensify may be one of your options, you may like to consider its alternatives to see which one suits you best.

What is Expensify?

Founded in 2008, Expensify offers receipt scanning, expense reporting, invoicing, bill payment tools, and staff travel management. They serve businesses through their mobile and web app which integrate with accounting and financial software. Expensify also offers a corporate credit card, the Expensify Card, which provides cashback on purchases.

The top alternatives to Expensify

• Airwallex is a global financial technology platform that offers a range of helpful tools , including expense management, online payment acceptance, and processing, international payments, multi-currency accounts, and corporate cards. 

• SAP Concur: Established in the US, Concur offers travel, expense, and invoice management.

• Zoho Expense: Part of the Zoho suite of business tools, Zoho Expense is their expense management offering.

• MYOB: MYOB is an accounting software made for small businesses to manage expenses independently.

• Weel: Previously known as DiviPay, is an Australian company specialising in spend management

Compare the top five alternatives to Expensify

The top Expensify alternatives: key features and fees

Airwallex, SAP Concur, Zoho Expense, MYOB, and Weel are all alternatives to Expensify, but each have their own strengths. 

Our platform, Airwallex stands out from the rest with our end-to-end financial operations and multi-currency focus on expense management. It’s a strong option if you’re looking to scale and simplify your financial operations domestically or internationally.  

Here are the key features and fees of each Expensify alternative. For full product and fee information, including other charges, please visit each provider’s official website. 

Airwallex

Founded in Melbourne, Airwallex is an end-to-end global financial solution which includes an advanced expense management tool. Designed for businesses with local and global ambitions, Airwallex offers multi-currency expense management, corporate cards, and automated approval workflows, making it easier to manage team spend. Tracking expenses is also made easy with expense reports, Bill Pay, and seamless accounting integrations with platforms like Xero, Netsuite and Quickbooks. 

Airwallex is an all-in-one financial operations platform, also offering Global Accounts, FX, payment acceptance tools, a high-rate savings solutions and more. The Airwallex Expense Management tools rival any on a dedicated platform, while also being centralised directly with the rest of a the user’s financial operations.

Pros 

• An all-in-one platform for business financial operations, combining accounts, payments, corporate cards, and more

• Multi-currency cards to easily track global employee spend 

• Extensive analytical tools and processes for recurring payments

Cons

• No physical branches – digital-only platform and service

• Does not serve individuals - businesses only

• For those looking to also utilise payments tools, Airwallex has extensive digital capabilities, but a physical POS system is coming soon

SAP Concur

SAP Concur is designed to streamline and automate expense management processes through providing mobile receipt capture and customisable approval workflows.

This platform may be better aligned to the needs of large businesses, as the set-up and integration with this platform likely requires the expertise of a dedicated internal technical support person.

Pros 

• Integrates with SAP and other ERP systems 

• Supports multiple currencies and global compliance 

• Extensive features for managing expenses, travel, and invoices

Cons 

• No multi-currency corporate cards

• Non-transparent pricing – custom quote required

• Lengthy implementation time – may take several months 

Zoho Expense 

Zoho Expense's travel and expense management platform offers features including automated expense reporting, travel management, corporate card reconciliation, purchase requests, and comprehensive analytics. The platform supports mobile apps for iOS and Android, enabling employees to manage expenses on-the-go. It also integrates with other Zoho products like Zoho CRM, Zoho Books, and Zoho People, benefitting those already in the Zoho ecosystem. 

Pricing is based on the number of active users, which may be suitable for startups and small businesses. However, the platform may require some initial setup and training. 

Pros 

• Affordable pricing plans for small to medium-sized businesses 

• Robust mobile app for receipt scanning 

• Customisable workflows and approval processes 

Cons 

• Initial setup and configuration may be time-consuming 

• Limited integrations available with non-Zoho software 

• Users might find the customisation options complex

MYOB 

MYOB’s starting bundle ‘Business Lite’ is designed for small businesses as it allows businesses to track GST and lodge BAS, manage inventory, and add payroll for up to two employees. They also offer expense reports and bill payments but are limited as they don't offer multi-currency support, likely making it unsuitable for businesses with global operations. Whilst subscription costs are relatively accessible, MYOB’s premium features like payroll and online invoice payments aren’t included. 

Pros 

• Reimbursement tracking and associated features like receipt scanning 

• Local ANZ support 

• Relatively intuitive interface for new users

Cons

• Limited third-party integrations

• No employee cards to track spend

• Subscription plans may be less accessible for smaller businesses

Weel

Weel, previously known as DiviPay, helps Australian businesses with spend management. They allow businesses to manage team spending with corporate cards, expense management tools, and accounts payable features, while integrating with accounting platforms. 

Pros 

• Offers virtual Visa business cards for business owners and employees

• Can track real-time data for overall visibility

• Helps businesses manage SaaS subscriptions

Cons 

• Weel is only a spend management tool, so users may require other platforms to open local and global business accounts, manage payment acceptance, and set up savings accounts

• Weel’s pricing may not feel competitive when compared to Airwallex, which offers users a wider range of financial operations tools for less

• Dedicated account managers are only available to customers on the ‘Enterprise’ package

Why choose Airwallex over Expensify?

Customers of Airwallex have made the switch from Expensify because of the clunky processes and tracking methods. Rodd and Gunn traditionally American Express and Expensify to “dish out dozens of cards” and track receipts. But they found that Expensify lacked robust receipt tracking and reporting capabilities. The lack of adoption from the Rodd and Gunn team led to many inconsistencies.

What questions should I ask when choosing alternative providers to Expensify?

Here are the most important questions for businesses to consider when choosing an alternative to Expensify. Use these as a handy guide when doing your research.

1. What are the platform’s strongest features, and do these features support my business’s needs?

2. How well can it handle foreign currency expenses and payments?

3. What integrations do they support? 

4. Can they support other financial services? 

5. What is their pricing model?

6. What level of customer support is available, especially during onboarding?

7.  How to implement expense management software?

Final thoughts on alternatives to Expensify

While both Airwallex and Expensify offer expense management platforms, there’s a clear distinction between the kind of business each platform works best for.

Expensify offers a good option for those looking just for an expense management solution. For companies seeking international or domestic expansion,, Airwallex’s sophisticatedmulti-currency Expense Management and customisation capabilities are designed to help businesses grow. Not only helping businesses track team spending, Airwallex offers a full suite of features to assist with financial operations. We offer multi-currency Global Accounts and 0% domestic and international transaction fees when sending to 150+ countries where Airwallex has local payment rails. 

From the get-go, businesses that use Airwallex receive access to Corporate Cards to manage employee spend and Yield, an investment feature that allows businesses to earn competitive rates on their idle AUD and USD funds. For businesses that are serious about cutting costs and saving on their bottom line, Airwallex is a clear winner. 

Sources & references

1. https://www.expensify.com

2. https://www.expensify.com/pricing

3. https://use.expensify.com/expense-reports

4. https://www.concur.com.au/get-quote-form

5. https://www.myob.com/au/pricing

6. https://www.myob.com/au/products/myob-business/lite

7. https://www.zoho.com/au/expense/

8. https://letsweel.com/product/corporate-cards

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]].

The Airwallex Yield Liquidity Fund (Yield) is issued by K2 Asset Management Limited (K2) (ABN 95 085 445 094, AFSL No 244393), a wholly owned subsidiary of K2 Asset Management Holdings Limited. This information doesn’t take into account your objectives, financial situation, or needs. Read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Yield, available at www.airwallex.com.au/terms from Airwallex Capital Pty Ltd (ABN 37 609 653 312, AFSL No. 549026). All investments carry risk.