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Product Extension Idea

JimHenselJimHensel Expensify Customer Posts: 5 Expensify Newcomer

My daughter is an artist. She needs a simple way to keep track of her income and expenses. I have hacked expensify with an expense category called revenue. It works, but of course the revenue number has the same sign as the expenses.
It would be better if revenue was a positive number and showed up in the monthly report with expenses so she could see her profit (or loss) each month. Super simple input of income and expenses – no software to learn – it just happens.
It would also be nice if she could produce an annual report of revenue and expenses for purposes of preparing her tax return. Failing that she can use the monthly expense reports to produce an excel spreadsheet. This is one very positive step above keeping everything in a shoe box that is not too daunting for a low tech person.
This is really not an accounting system, but for someone that needs something simple, this would compete quite effectively with quicken for a sole proprietor. While it would not have the horsepower of quicken, there are many sole proprietors who don’t need the horsepower. Think real estate agents as an example. This would work quite well for them. Same for a lawn care person.
Marketed as super simple super small business accounting system it could have legs.

Jim

1 votes

Gathering use cases · Last Updated

Comments

  • Rachael HopkinsRachael Hopkins Expensify Success Coach - Admin Posts: 1,030 Expensify Team
    edited October 2018

    Hi @JimHensel Welcome to the Expensify Community!

    Do you know you can put a figure in brackets to make it a credit rather than a debit? This may accomplish what you're looking for! :)

    Ans you can export all expenses within a date range to Excel, from the Expenses page!

  • JimHenselJimHensel Expensify Customer Posts: 5 Expensify Newcomer

    Hi @RachCHopkins ,
    Thanks for the tips. I readily admit that one can hack this to make it work for my daughter's purpose and your suggestions will make the hack work even better. But my daughter is not a hacker. Nor should she have to be one.

    My point is that from a marketing perspective, they have an uncovered gem. With a few small tweaks, they can market this as a super skinny accounting system for sole proprietors. With an interface to Square they would have a great little solution.

    Right now it is expense reporting focused. I am suggesting an additional product line that has a broader focus without much development. A simple product extension with great market potential.

    Thanks again for taking the time to respond,

    Jim

  • Sheena TrepanierSheena Trepanier Expensify Success Coach - Admin Posts: 2,150 Expensify Team

    Hi @JimHensel, it's a great suggestion! I'd recommend adding it to our Ideas category where other customers share their product requests and improvements. This gives other customers a chance to weigh in and vote for the feature to be added.

    If you run into other questions, feel free to search the Community or create a new post!

  • JimHenselJimHensel Expensify Customer Posts: 5 Expensify Newcomer

    Thanks @Sheena Trepanier

    Is there a simple way to add it to the Ideas category? If so, how?

    Jim

  • Sheena TrepanierSheena Trepanier Expensify Success Coach - Admin Posts: 2,150 Expensify Team

    Hi @JimHensel, if you'd like to give me the go ahead, I can move this thread to the Ideas category and switch it to an ideas post to open up voting for it.

    Is that alright with you?

  • JimHenselJimHensel Expensify Customer Posts: 5 Expensify Newcomer

    Hi @Sheena Trepanier

    Fine with me. Thanks for doing it.

  • Rachael HopkinsRachael Hopkins Expensify Success Coach - Admin Posts: 1,030 Expensify Team

    Done! =)@JimHensel be sure to vote!

  • Jim_KitchensJim_Kitchens Approved! Accountant Posts: 3

    I love this idea. I have an accounting practice and use Xero. I have some clients of small businesses that have no business logging into Xero. When they do, invariably they mess things up.

    I integrate my clients’ Expensify accounts with Xero. Of course things work great with their expenses. However accounting for their income is problematic. Either they make entries in Xero to record income and run the risk of messing up the books, or they post income in Expensify using negative numbers. This latter solution works pretty well. However given that Expensify doesn’t integrate with income categories in Xero, my clients are forced to credit income to an expense account. After the transaction is exported to Xero, I have to change the coding in Xero to an income account.

    If Expensify would allow me to include some income categories with the group of categories that it exports to Xero, my accounting work would be greatly simplified.

    I like to think of Expensify as being a pre-accounting software application. It helps keep non-accountants away from the books. Extending its functionality to include income categories would represent a major advance toward becoming a true pre-accounting so,union.

    Thanks!

    Jim

  • JimHenselJimHensel Expensify Customer Posts: 5 Expensify Newcomer

    Hi Jim,

    I have not seen any traction at Expensify. I sent this idea in September directly to the CEO as well and to his credit he acknowledged receiving it and said he would pass it along. But crickets since then.

    I think for a sole proprietor, this one change would be enough. They really wouldn't need an accounting package unless they had capital expenditures and depreciation. But cash based tax accounting it would be fine.

    Jim

  • Jim_KitchensJim_Kitchens Approved! Accountant Posts: 3

    Jim, I get your point but honestly haven’t given much thought to doing away with an accounting system. My goal is to keep some people away from the accounting system. Either way, having the functionality within Expensify to elegantly handle income transactions would be a huge benefit. And as you suggested before, making this enhancement couldn’t involve too much coding. (I’m not a programmer and really should stay away from commenting on the difficulty of their work!)

    Let’s hope this idea gets some traction.

    Thanks.

    Jim Kitchens

  • Cortney OfstadCortney Ofstad Expensify Success Coach - Admin Posts: 85 Expensify Team

    Hi @JimHensel and @Jim_Kitchens — thank you guys for providing the additional context with this! Please make sure to vote on the post and thank you again for taking the time to share your use cases!

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