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ExpenseBay Launches First-of-Its-Kind Employee Expense Report Automation Solution

Start-Up Company Automates Business Employees' Weekly Expense Reports Enabling Export to Company-Required Spreadsheets or Expense Management SaaS Applications (July 27, 2009)

SANTA MONICA, CA -- (Marketwire) -- 07/27/09 -- ExpenseBay, an emerging provider of on-demand (SaaS) Employee Expense Automation announced the public beta release of its cloud-based expense report automation service today.

ExpenseBay's mission is to give business employees an online personal assistant that automates their weekly expense reports and integrates with the mandated spreadsheet or expense management SaaS solution they are required to use. ExpenseBay's solution allows employees to have up-to-date visibility as to how much they are owed by their company and what transactions are awaiting submission, as well as a historical view of their expense reports.

ExpenseBay has been in a private beta for six months. During this time, beta users experienced time savings of up to 30 minutes per expense report by eliminating manual entry and sorting expense receipts. Additionally, ExpenseBay users found capturing cash transactions and digital receipts (as the expenses occurred) resulted in an additional $35 per expense report they would have forgotten to submit. Lastly, ExpenseBay helped users locate additional travel perks and savings based on spending behavior.

With ExpenseBay, users can now:

-- Choose from over 500+ credit card providers to automatically download, categorize, and display business transactions properly each day. -- Set up ExpenseBay's Smart Report feature to define when to run a user's expense report by the specific content, time period, or trip. -- Eliminate hours of manual entry and auditing of business expenses. -- Have up-to-date visibility into how much a user's company owes the employee and what expenses have been submitted or are required for reimbursement. -- Utilize camera phones to immediately add receipt images to a user's expense report. -- Generate a PDF document itemizing all transactions and labeling each receipt image. This eliminates the need to staple, tape, or mail receipts, and speeds up the review process. -- Enter cash transactions like tips, mileage, or ground travel directly from ExpenseBay's Smart Phone application, portal, or via email. -- Ability to export expense reports and digital receipts into ExpenseBay's spreadsheet library or to a mandated company spreadsheet pre- entered in the user's account. Additionally, ExpenseBay's service-oriented architecture supports integrating the expense report real-time into several expense management SaaS applications.

"Whether you are using spreadsheets or an enterprise expense SaaS application, expense reports are still a manual process," said Eric Sikola, founder and CEO of ExpenseBay. "ExpenseBay was built 100% for the business employee to eliminate manual entry and the paper process required to submit an expense report. Best of all, we export the report into the format or system their CFO expects."

ExpenseBay will be highlighted as a Twiistup Showoff finalist on July 30th and 31st at the Universal Hilton in Los Angeles, CA. To sign up for the ExpenseBay service, log onto the company's web site at and register.

About ExpenseBay

ExpenseBay is a privately held company with headquarters in Santa Monica, CA.

For more information on ExpenseBay, please visit:

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Eric Sikola

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