diff --git a/docs/articles/expensify-classic/getting-started/playbooks/Expensify-Playbook-For-US-Based-VC-Backed-Startups.md b/docs/articles/expensify-classic/getting-started/playbooks/Expensify-Playbook-For-US-Based-VC-Backed-Startups.md index 0f6df238db5b..144e7328e630 100644 --- a/docs/articles/expensify-classic/getting-started/playbooks/Expensify-Playbook-For-US-Based-VC-Backed-Startups.md +++ b/docs/articles/expensify-classic/getting-started/playbooks/Expensify-Playbook-For-US-Based-VC-Backed-Startups.md @@ -3,11 +3,7 @@ title: Expensify Playbook for US-Based VC-Backed Startups description: Best practices for how to deploy Expensify for your business redirect_from: articles/playbooks/Expensify-Playbook-for-US-based-VC-Backed-Startups/ --- -This playbook details best practices on how Seed to Series A startups with under 100 employees can use Expensify to prioritize top-line revenue growth while managing spend responsibly. - -- See our Playbook for Bootstrapped Businesses if you haven't taken any VC money yet. -- See our Playbook for Small Businesses if you are more concerned with maintaining profitability than growing top-line revenue. [Coming soon…] -- See our Playbook for Midsize Businesses if you are series B or beyond, or have more than 100 employees. [Coming soon…] +This playbook details best practices for Seed to Series A startups with under 100 employees who can use Expensify to prioritize top-line revenue growth while managing spending responsibly. # Who you are As a VC-backed business focused on growth and efficiency, you are looking for a product that puts smart automation in your hands. You prioritize top-line revenue growth over cash conservation, understanding that you’ll need to spend in order to grow. As a result, you want to enable your employees by putting spending power in their hands responsibly so there are appropriate compliance controls in place that scale with the business growth. Not only that, you want to decrease the amount of time you spend at the end of each month reimbursing employees, reconciling spend, and closing your books. @@ -18,19 +14,18 @@ This playbook is built based on best practices we’ve developed after processin ## Step 1: Create your Expensify account If you don't already have one, go to *[new.expensify.com](https://new.expensify.com)* and sign up for an account with your work email address. The account is free so don’t worry about the cost at this stage. -## Step 2: Upgrade to a paid policy -There are three paid policies; Individual, Collect, and Control, but for your needs we recommend the Control Policy for the following reasons: - -- You can cap spend on certain expense types, and set compliance controls so Expensify’s built-in Concierge Audit Tracking can detect violations on your behalf -- As a growing business with VC-funding, the Control plan will scale with you as your team grows and you start to introduce more sophisticated [approval workflows](https://help.expensify.com/articles/expensify-classic/copilots-and-delegates/Approval-Workflows) (see Step 8 below). +## Step 2: Upgrade to a paid workspace +There are three paid workspaces; Individual, Collect, and Control, but for your needs we recommend the Control workspace for the following reasons: -To create your Control Policy: +- You can cap spending on certain expense types, and set compliance controls so Expensify’s built-in Concierge Audit Tracking can detect violations on your behalf +- As a growing business with VC funding, the Control plan will scale with you as your team grows and you start to introduce more sophisticated [approval workflows](https://help.expensify.com/articles/expensify-classic/copilots-and-delegates/Approval-Workflows) (see Step 8 below). -1. Go to *Settings > Policies* -2. Select *Group* and click the button that says *New Policy* +To create a Control workspace: +1. Go to *Settings > Workspaces* +2. Select *Group* and click the button that says *New workspace* 3. Click *Select* under Control -The Control plan also gives you access to a dedicated Setup Specialist. You can find yours by looking at your policy's #admins room at *[new.expensify.com](https://new.expensify.com)*, and chatting with them there. The Control plan is bundled with the Expensify Visa® Commercial Card is $9 per user per month when you commit annually, which is a 75% discount off our standard unbundled price point. The Control plan also gives you access to a dedicated Setup Specialist. You can find yours by looking at your policy's *#admins* room in *[new.expensify.com](https://new.expensify.com)*, and chat with them there. +The Control plan also gives you access to a dedicated Setup Specialist. You can find yours by looking at your workspace's #admins room at *[new.expensify.com](https://new.expensify.com)* and chatting with them there. The Control plan is bundled with the Expensify Visa® Commercial Card is $9 per user per month when you commit annually, which is a 75% discount off our standard unbundled price point. The Control plan also gives you access to a dedicated Setup Specialist. You can find yours by looking at your workspace's *#admins* room in *[new.expensify.com](https://new.expensify.com)*, and chat with them there. ## Step 3: Connect your accounting system As a VC-backed company, your investors will want to see that your books are managed properly. That means making sure that: @@ -38,9 +33,8 @@ As a VC-backed company, your investors will want to see that your books are mana - Every purchase is categorized into the correct account in your chart of accounts - Every expense is accounted for and added to your accounting system -You do this by synchronizing Expensify and your accounting package as follows: - -1. Click *Settings > Policies* +**You do this by synchronizing Expensify and your accounting package as follows:** +1. Click *Settings > Workspaces* 2. Navigate to the *Connections* tab 3. Select your accounting system - If you don’t see your accounting solution in the list of integrations we support, you can review an alternative solution in the Feature Deep Dives section below. @@ -48,16 +42,16 @@ You do this by synchronizing Expensify and your accounting package as follows: - Detailed instructions on connecting your accounting package are linked on the Connections page 5. Once connected, your categories will sync, and you’re ready to set Category Rules -_“Expensify syncs seamlessly with QuickBooks, supports our web-based, paperless workflow, and offers internal controls, so it was the natural choice.”_ +_“Expensify syncs seamlessly with QuickBooks, supports our web-based, paperless workflow, and offers internal controls, so it was a natural choice.”_ _- Laura Redmond, CEO of Redmond Accounting_ ## Step 4: Set up category rules [Category rules](https://community.expensify.com/discussion/4638/how-to-enable-category-specific-rules-and-descriptions) are how you provide employees hints and requirements to make sure purchases stay within reasonable ranges and are documented appropriately for approval. For your company size and stage, we recommend the following: -1. Click *Settings > Policies* +1. Click *Settings > Workspaces* 2. Navigate to the *Categories* tab where you’ll see all the categories you just imported from your accounting package 3. To set a rule for a specific category, click *“Edit Rules”* -4. The Edit Rules section will provide several expense category rules that tie to specific general ledger categories. While the individual rules might change slightly from business to business, and the exact category name will depend on your specific chart of accounts, we recommend these settings for VC backed startups: +4. The Edit Rules section will provide several expense category rules that tie to specific general ledger categories. While the individual rules might change slightly from business to business, and the exact category name will depend on your specific chart of accounts, we recommend these settings for VC-backed startups: - Set a $75 daily limit on meals and entertainment purchases - Though we recommend [Expensify Guaranteed eReceipts](https://community.expensify.com/discussion/5542/deep-dive-what-are-ereceipts) for most purchases, for large purchases or those in categories most often associated with fraud, we recommend scanned receipts for extra protection: - For any purchase over $1000 @@ -66,38 +60,38 @@ _“Expensify syncs seamlessly with QuickBooks, supports our web-based, paperles - For all office supplies - For all software purchases - For all airfare purchases - - Require manual explanations for certain high risk categories: - - For airfare expenses a description of the expense mandatory for the employee to include the purpose of the travel + - Require manual explanations for certain high-risk categories: + - For airfare expenses, a description of the expense is mandatory for the employee to include the purpose of the travel - Require a description for all rideshare and taxi expenses, ensuring employees are listing a purpose for the expense Setting up these category rules allows you to concentrate on growth versus needing to micromanage your employees' spending. + ## Step 5: Set up scheduled submit For an efficiency-focused company, we recommend setting up [Scheduled Submit](https://community.expensify.com/discussion/4476/how-to-enable-scheduled-submit-for-a-group-policy) on a Daily frequency: -1. Click *Settings > Policies* -2. From here, select your group Control policy -3. Within your policy settings, select the *Reports* tab +1. Click *Settings > Workspaces* +2. From here, select your group Control workspace +3. Within your workspace settings, select the *Reports* tab 4. You’ll notice *Scheduled Submit* is located directly under *Report Basics* 5. Choose *Daily* -Between Expensify's SmartScan technology, direct corporate card feed import, automatic categorization, and [DoubleCheck](https://community.expensify.com/discussion/5738/deep-dive-how-does-concierge-receipt-audit-work) features, your employees shouldn't need to do anything more than swipe their Expensify Visa® Commercial Card or scan their receipt. +Between Expensify's SmartScan technology, direct corporate card feed import, automatic categorization, and [Receipt Audit](https://community.expensify.com/discussion/5738/deep-dive-how-does-concierge-receipt-audit-work) features, your employees shouldn't need to do anything more than swipe their Expensify Visa® Commercial Card or scan their receipt. -Scheduled Submit will ensure all expenses are submitted automatically. Any expenses that do not fall within the rules you’ve set up for your policy will be escalated to you for manual review. +Scheduled Submit will ensure all expenses are submitted automatically. Any expenses that do not fall within the rules you’ve set up for your workspace will be escalated to you for manual review. _“Our employees just SmartScan a receipt as soon as they receive it, and regardless of what currency it's in, we process the expense and issue reimbursement automatically.”_ _- Amina Mobasher, Accountant at Ideo.org_ -## Step 6: Connect your business bank account +## Step 6: Connect a business bank account If you’re located in the US, you can utilize Expensify’s payment processing and reimbursement features. *Note:* Before you begin, you’ll need the following to validate your business bank account: - Your bank account credentials - A form of ID (a driver’s license or passport) -- Your business tax ID number, your business’ address and your website URL - -Let’s walk through the process of linking your business bank account: +- Your business tax ID number, your business address, and your website URL +**Let’s walk through the process of linking your business bank account:** 1. Go to *Settings > Account*, and select the *Payments* tab 2. Select *Add Verified Bank Account* 3. From here, we’ll ask you to use your online banking credentials to connect to your bank @@ -105,30 +99,30 @@ Let’s walk through the process of linking your business bank account: 4. Once that’s done, we’ll collect all of the necessary information on your business, such as your legal business name and address 5. We’ll then collect your personal information, and a photo ID to confirm your identity -You only need to do this once. You are fully set up for not only reimbursing expense reports, but issuing Expensify Cards, collecting invoice payments online, as well as paying bills online. +You only need to do this once. You are fully set up to reimburse expense reports, issue Expensify Cards, collect invoice payments online, and pay bills online. ## Step 7: Invite employees -Next, you’ll want to invite your employees to the company policy you created. You can invite employees under *Settings > Policies > Policy Name > People*. From there, you can add employees one of three ways: +Next, you’ll want to invite your employees to the company workspace you created. You can invite employees under *Settings > Workspaces > Workspace Name > member*. From there, you can add employees one of three ways: -- [Unique Policy Link](https://community.expensify.com/discussion/4643/how-to-invite-people-to-your-policy-using-a-join-link) - Each policy has a unique policy invite link, which is located at the top of the People tab in your policy settings. Simply share that link with anyone you’d like to add to your policy. -- [Manually](https://community.expensify.com/discussion/4975/how-to-invite-users-to-your-policy-manually-or-in-bulk/p1?new=1) - Enter employee email addresses manually by clicking the green Invite button in the People tab of your policy -- [Google SSO](https://community.expensify.com/discussion/4774/how-to-enable-google-apps-sso-with-your-expensify-group-policy) - Or, if you have a Google Workspace configured, you can synchronize your policy's people list to match your Google Workspace employee list. +- [Unique Workspace Link](https://community.expensify.com/discussion/4643/how-to-invite-people-to-your-policy-using-a-join-link) - Each workspace has a unique workspace invite link, which is located at the top of the member tab in your workspace settings. Simply share that link with anyone you’d like to add to your workspace. +- [Manually](https://help.expensify.com/articles/expensify-classic/workspaces/Invite-members-and-assign-roles#invite-with-a-link) - Enter employee email addresses manually by clicking the green Invite button in the member tab of your workspace +- [Google SSO](https://community.expensify.com/discussion/4774/how-to-enable-google-apps-sso-with-your-expensify-group-policy) - Or, if you have a Google Workspace configured, you can synchronize your workspace's member list to match your Google Workspace employee list. -In the next section, we’ll go through how to configure approval routing but it’s important to remember that you’ll always have these 3 options to utilize, specifically the unique policy link and manual invites as your team continues to grow. +In the next section, we’ll go through how to configure approval routing, but it’s important to remember that you’ll always have these 3 options to utilize, specifically the unique workspace link and manual invites, as your team continues to grow. ## Step 8: Set up an approval workflow Now, let’s set up some approval rules for your business as well as the ideal approval workflow that employee reports will follow after report submission: -1. Go to *Settings > Policies*, and select the *People* tab. -2. From there, select [Submit & Approve](https://community.expensify.com/discussion/5643/deep-dive-submit-and-approve) - this will automatically add you as the approver, which ensures that any expenses that fall outside of the rules you set for your policy are brought to your attention. +1. Go to *Settings > Workspaces*, and select the *Members* tab. +2. From there, select [Submit & Approve](https://community.expensify.com/discussion/5643/deep-dive-submit-and-approve). This will automatically add you as the approver, which ensures that any expenses that fall outside of the rules you set for your workspace are brought to your attention. - *Note*: If you are over 50 employees, please ask your Guide about the benefits of setting up an Advanced Approval workflow. 3. Next, enable manual approval for *expenses over $1000*. - *Note*: We do not recommend configuring random report auditing for companies of your stage and scale. 4. Next, enable *Workflow Enforcement*. - This ensures that employees are required to submit to you and not to someone else. -5. Disable *Prevent Self-Approval*. This is a more powerful feature recommended for companies with advanced compliance requirements, but generally isn't recommended for a company of your scale. +5. Disable *Prevent Self-Approval*: This is a more powerful feature recommended for companies with advanced compliance requirements, but it is generally not recommended for a company of your scale. -Thanks to our [Concierge Receipt audit technology](https://community.expensify.com/discussion/5738/deep-dive-how-does-concierge-receipt-audit-work), once you set up an approval workflow, most expenses will be audited automatically and won’t require manual review. Your time is valuable, so you should focus it on reviewing only the expenses that fall outside of your policy’s rules. +Thanks to our [Concierge Receipt audit technology](https://community.expensify.com/discussion/5738/deep-dive-how-does-concierge-receipt-audit-work), once you set up an approval workflow, most expenses will be audited automatically and won’t require manual review. Your time is valuable, so you should focus on reviewing only the expenses that fall outside of your workspace’s rules. ## Step 9: Set up your corporate card and assign cards to employees Expensify is optimized to work with corporate cards from all banks – or even better, use our own perfectly integrated Expensify Card. @@ -163,8 +157,7 @@ Expensify provides a corporate card with the following features: The Expensify Card is recommended as the most efficient way to manage your company's spending. -Here’s how to enable it: - +**Here’s how to enable it:** 1. There are *two ways* you can [apply for the Expensify Card](https://community.expensify.com/discussion/4874/how-to-apply-for-the-expensify-card) - *Via your Inbox* - *Via Domain Settings* - Go to Settings > Domain > Company Cards > Enable Expensify Card @@ -176,43 +169,40 @@ Here’s how to enable it: Once the Expensify Cards have been assigned, each employee will be prompted to enter their mailing address so they can receive their physical card. In the meantime, a virtual card will be ready to use immediately. -If you have an accounting system we directly integrate with, check out how we take automation a step further with [Auto-Reconciliation](https://community.expensify.com/discussion/7335/faq-what-is-the-expensify-card-auto-reconciliation-process). We’ll create an Expensify Card clearing and liability account for you. Each time settlement occurs, we’ll take the total amount of your purchases and create a journal entry that credits the settlement account and debits the liability account - saving you hours of manual reconciliation work at the end of your statement period. +If you have an accounting system we directly integrate with, check out how we take automation a step further with [Auto-Reconciliation](https://help.expensify.com/articles/expensify-classic/expensify-card/Expensify-Card-Reconciliation). We’ll create an Expensify Card clearing and liability account for you. Each time settlement occurs, we’ll take the total amount of your purchases and create a journal entry that credits the settlement account and debits the liability account - saving you hours of manual reconciliation work at the end of your statement period. _“Moving from our other bank and getting Expensify cards into the hands of employees was super easy. I also love how simple it is to adjust credit limits and the auto reconciliation with the daily settlement.”_ _- Robin Gresham, Senior Accounting Systems Manager at SunCommon_ ## Step 10: Set up Bill Pay and Invoicing -As a VC-backed startup, you might have vendors you work with that send you bills. And in most cases, you probably use some third party to pay those bills if you aren’t cutting checks the old fashioned way. Similarly, you probably have clients you invoice from time to time. As an all-in-one solution, we’re here to make bill payments and invoicing easy, and every policy and workspace comes with bill pay and invoicing - at no additional cost. Since you have your business bank account verified, you can either pay your bills via ACH. Alternatively, you can pay via credit card or by check. - -Let’s first chat through how Bill Pay works +As a VC-backed startup, you might have vendors you work with that send you bills. And in most cases, you probably use some third party to pay those bills if you aren’t cutting checks the old fashioned way. Similarly, you probably have clients you invoice from time to time. As an all-in-one solution, we’re here to make bill payments and invoicing easy, and every workspace and workspace comes with bill pay and invoicing - at no additional cost. Since you have your business bank account verified, you can either pay your bills via ACH. Alternatively, you can pay via credit card or by check. +**Let’s go over how Bill Pay works:** 1. Have your vendors submit bills to domain.com@expensify.cash. - This email address comes with every account, so no need to activate it anywhere. 2. Once the bill has been received, we’ll create the bill for your review directly in Expensify -3. At the top of the bill/invoice, you’ll notice a Pay button. Once you click that, you’ll see options including ACH, credit/debit card, along with mailing a physical check. - -Similarly, you can send bills directly from Expensify as well. +3. At the top of the bill/invoice, you’ll notice a Pay button. Once you click that, you’ll see options including ACH, credit/debit card, and mailing a physical check. +**Similarly, you can send bills directly from Expensify:** 1. From the *Reports* tab, select the down arrow next to *New Report* and select *Bill* -2. Next, enter in the Supplier’s email address, the Merchant name, total amount and date -3. At this point, you can also enter in an attachment to further validate the bill if necessary -4. Click *Submit*, we’ll forward the newly created bill directly to your Supplier. - -Reports, invoices and bills - they are largely the same in theory, just with different rules. As such, creating an invoice is just like creating an expense report and even a Bill. +2. Next, enter the Supplier’s email address, the Merchant name, the total amount, and the date +3. At this point, you can also enter an attachment to further validate the bill if necessary +4. Click *Submit*, and we’ll forward the newly created bill directly to your Supplier. +**Reports, invoices, and bills are largely the same in theory, just with different rules. As such, creating an invoice is just like creating an expense report or even a Bill:** 1. From the *Reports* tab, select the down arrow next to *New Report* and select *Invoice*. 2. Add all of the expenses/transactions tied to the Invoice 3. Enter the recipient’s email address, a memo if needed, and a due date for when it needs to get paid, and click *Send* -You’ll notice it’s a slightly different flow from creating a Bill. Here, you are adding the transactions tied to the Invoice, and establishing a due date for when it needs to get paid. If you need to apply any markups, you can do so from your policy settings under the Invoices tab. +You’ll notice it’s a slightly different flow from creating a Bill. Here, you are adding the transactions tied to the Invoice, and establishing a due date for when it needs to get paid. If you need to apply any markups, you can do so from your workspace settings under the Invoices tab. ## Step 11: Add a billing card Now that we’ve gone through all of the steps for setting up your account, let’s make it official so there are no interruptions in service as your employees begin using Expensify. We handle billing via a billing card, and to add one: 1. Go to *Account > Settings > Payments* 2. Select *Add Payment Card* -3. Enter your name, card number, postal code, expiration and CVV +3. Enter your name, card number, postal code, expiration, and CVV 4. Click *Accept Terms* # You’re all set! -Congrats, you are all set up! If you need any assistance with anything mentioned above, reach out to either your Setup Specialist or your Account Manager directly in *[new.expensify.com](https://new.expensify.com)*. Don’t have one yet? Create a Control Policy, and we’ll automatically assign a dedicated Setup Specialist to you. +Congrats, you are all set up! If you need any assistance with anything mentioned above, reach out to either your Setup Specialist or your Account Manager directly in *[new. Expensify.com](https://new.expensify.com)*. Don’t have one yet? Create a Control workspace, and we’ll automatically assign you a dedicated Setup Specialist.