Expensify, Inc., a payments superapp that helps individuals and firms manage money across expenses, corporate cards, bills and invoices, announced at ExpensiCon its latest feature, Expensify Chat, improving communication efficiency for accountants and their customers.
What is the market offering of Expensify Chat?
Expensify has always been a go-to expense tool for accountants to manage their clients’ payments and spend, however most conversations around these transactions happen outside of the app, either in email or another chat platform. Constantly jumping between apps makes the communication process a disjointed experience, but with Expensify Chat, all discussions around money are streamlined into one place, finally cutting out the middleman.
On top of consolidating conversations, Expensify Chat also makes task management more efficient. For accountants, a significant amount of their work involves managing and ensuring their client’s financial data is in order. This often involves a lot of collaboration with clients to gather data, track expenses, and complete tasks related to financial reporting and tax filing.
What does the chat solution mean for accountants?
“The outdated model of using separate apps to track tasks, communication, and payments has created a less-than-optimal experience that does not meet the needs of modern workflows. This affects all industries, but especially accountants, and is something Expensify is excited to solve with Expensify Chat,” said David Barrett, CEO and founder of Expensify.
“By including task management into Expensify Chat, accountants can now assign specific to-do’s to clients directly within the platform. This means that all relevant expense data and financial information is already available within the same system, making it easier for clients to complete their assigned tasks and for accountants to track their progress,” said Barrett.
Expensify Chat is based on New Expensify, Expensify’s chat-based platform that is reimagining financial collaboration. In addition to managing tasks and chatting with clients, users can also split bills and request payments all in one place. Want to make conversations about money, tracking tasks, and communicating with clients easier? Get started here.
What is the wider industry context of this product launch?
Modern Workflow Challenges Faced by Accountants
Accountants play a vital role in any business, helping to track finances, prepare reports, and ensure compliance. However, the modern workflow landscape is constantly evolving, and accountants are facing new challenges.
One of the biggest challenges is the increasing volume of data. In the past, accountants could rely on manual processes to track transactions and prepare reports. However, today’s businesses generate vast amounts of data, which can be difficult to manage manually. This can lead to errors, delays, and missed opportunities.
Another challenge is the need for greater collaboration. In today’s globalized economy, businesses often operate across multiple time zones and geographies. This makes it difficult for accountants to stay in sync with colleagues and stakeholders. As a result, they may miss important information or make decisions based on incomplete data.
Finally, accountants are facing increasing pressure to comply with regulations. Governments are constantly introducing new regulations, which can be complex and time-consuming to implement. This can add to the workload of accountants and make it difficult to focus on other tasks.
Despite these challenges, there are a number of tools and technologies that can help accountants to streamline their workflows and improve efficiency. For example, cloud-based accounting software can help to automate tasks, such as data entry and reporting. Chatbots can also be used to answer questions and provide support to employees.
By embracing new technologies and working smarter, accountants can overcome the challenges of the modern workflow landscape and continue to play a vital role in any business.
Here are some specific examples of how modern technologies can help accountants to streamline their workflows:
- Cloud-based accounting software: Cloud-based accounting software allows accountants to access their data from anywhere, at any time. This can save time and improve efficiency, as accountants no longer need to be tied to their desks.
- Chatbots: Chatbots can be used to answer questions and provide support to employees. This can free up accountants’ time so that they can focus on more complex tasks.
- Process automation: Process automation can help to automate tasks, such as data entry and reporting. This can save time and improve accuracy.
- Data analytics: Data analytics can be used to identify trends and patterns in data. This can help accountants to make better decisions and identify areas where improvements can be made.
By embracing these technologies, accountants can streamline their workflows and improve efficiency. This can free up time so that they can focus on more strategic tasks, such as providing financial advice and helping businesses to grow.
Gerald Ainomugisha is a business news reporter and freelance B2B marketer with over 10 years of experience in writing high-converting copy and content for businesses of all kinds, especially SaaS providers in the niches of HR, IT, fintech, eCommerce and web3. Since joining Upwork in 2012 (back when it was still eLance), Gerald A. has delivered great results for hundreds of clients, maintaining a 98% Job Success rate as well as 5+ years of Top Rated Plus rating (and Premium Writers Talent Cloud membership). Book a meeting with Gerald A. today to get the powerful SEO content you need!