Expensify Offers Revenue Sharing Plan for Accountants

Expense management app Expensify has debuted a revenue-sharing program for its accounting partners.

Starting next month, members of the company’s ExpensifyApproved! Accountants partnership program will get a 0.5% revenue share on every client’s Expensify Card purchases, Expensify announced in a Wednesday (Aug. 23) news release.

When the program begins, partners will start to see the revenue share payments sent via Expensify’s Bill Pay feature.

“This efficient process ensures that partners can reap the benefits of their hard work and dedication without any paperwork,” the release said. “Partners can also choose to pass the 0.5% of spending back to their clients as additional cash back.”

PYMNTS looked at the “chaos” surrounding expense management in a recent conversation with Aaron Bright, new business development at Galileo, Karandeep Anand, chief product officer at Brex, and Herman Man, CPO at Bluevine.

“Complexities bottlenecking current processes are typically around payment terms and pricing negotiation, invoice management and spending according to budget and terms, making the payments themselves, and reconciliation with your back office,” Man told PYMNTS in an interview published Wednesday.

“Why all of this even matters from a business perspective is ultimately the company leaders are trying to stay on budget,” Anand added.

The largest challenge in B2B payments is that they are so fragmented through the company that CFOs are unable to gain a healthy view of budgets and actuals, he said.

“And once you finish that layer, then comes up the most important question, am I getting the ROI [return on investment] on my spend?” Anand added.

And with all the built-in complexities and fragmented silos running through the B2B ecosystem, it’s not surprising that CFOs and finance teams struggle to get a clear view, to say nothing of a solid grasp of their spending.

That’s why, as Bright says, “being able to utilize a platform that can actually help, with an architecture that supports approval hierarchies or budgets to different corporate hierarchy levels,” can help simplify expense management bottlenecks.

Earlier this year, Expensify added a chat feature, letting accountants chat with clients and keep those conversations within the app.

“The outdated model of using separate apps for tracking tasks, communication and payments has created a less-than-optimal experience that does not meet the needs of modern workflows,” Expensify CEO and Founder David Barrett said in a news release.

The tool also lets accountants assign tasks to clients and track their progress, making it easier to collaborate and gather information and complete financial reporting and filing tasks.

“This means that all relevant expense data and financial information would already be available within the same system, making it easier for clients to complete their assigned tasks and for accountants to track their progress,” Barrett added.