Expensify vs Summit: A Detailed Comparison for Finance Managers in Singapore

Choosing the right expense management software is crucial for finance teams in Singapore, where businesses are constantly looking for ways to improve financial processes, reduce errors, and enhance compliance. With increasing financial risks, including fraudulent expense reimbursements—which the Association of Certified Fraud Examiners estimates affect 20% of small businesses and 13% of larger organisations—efficient expense management tools are vital. This makes the role of reliable software essential in streamlining expense claims, improving accuracy, and enhancing compliance.

Expensify has long held a strong reputation in expense management. However, Summit is emerging as a powerful alternative, purpose-built for the modern finance team. So, Expensify vs Summit— which solution aligns better with your business goals?

Efficient Vendor Invoice Management and Bill Payments

Both Expensify and Summit provide reliable tools for managing vendor invoices and payments, helping businesses maintain smooth vendor relationships and ensure timely payment.

• Expensify:

  • Offers automated bill pay and invoice creation tools.

  • Integrates with QuickBooks, Xero, and NetSuite.

  • Provides a simple workflow for invoice approvals and payments.

• Summit:

  • AI-powered invoice scanning that captures missing details and categorises data automatically.

  • Supports multi-language OCR, making it ideal for international vendors.

  • Offers end-to-end automation with clear audit trails to support finance and audit teams.

Streamlining Employee Reimbursements

Employee reimbursements can be a headache if not handled efficiently. The right software should simplify this process and minimise human error.

• Expensify:
  • Uses SmartScan to capture receipt data via mobile app.
  • Supports global ACH reimbursements.
  • Some processes may require manual review or email-based approvals.

• Summit:
  • Fully automated reimbursements with AI that reads, categorises, and validates claims instantly.
  • Multilingual receipt scanning with contextual categorisation for better accuracy.
  • Smart policy enforcement and auto-approvals to reduce bottlenecks and manual errors.

Corporate Card Solutions

When comparing Expensify vs Summit in terms of corporate cards, both platforms offer valuable features for managing spending, but Summit promises more.

• Expensify:

  • Expensify Card with real-time expense tracking, spend limits, and up to 4% cashback on U.S. purchases.

  • Integrated with expense reporting but limited deeper financial insight or categorisation.

• Summit:

  • Corporate card feature (coming soon) designed to tightly integrate with AI-powered tools.

  • Planned features include automated categorisation, policy enforcement, and granular visibility into spending patterns.

  • Built for growing businesses that want real-time oversight and accountability.

Pricing Model: Usage-Based vs User-Based

When it comes to choosing a pricing model, businesses need to consider scalability and predictability.

• Expensify:

• User-based pricing model starting at US$5 per user/month for the Collect plan and US$9 per user/month for the Control plan.

• Additional costs may apply for extra features or larger teams.

• Summit:

• Transaction-based pricing, where businesses pay based on their actual usage.

• No additional fees per user, offering a flexible and scalable solution that is ideal for growing teams.

Flexibility in Payment Options

Finance teams often require flexibility in their payment methods to ensure smooth financial operations.

• Expensify:

• Offers a SaaS model, but users are generally tied to specific payment methods.

• Focuses on U.S.-centric payment infrastructure.

• Summit:
  • Works with your existing payment ecosystem, including cross-border payments.
  • Plans to roll out more payment and vendor pay services as add-ons, ideal for companies with diverse payment needs.

AI-Powered Features for Smarter Expense Management

AI is the future of finance, and Summit is leveraging its AI-driven capabilities to redefine expense management.

• Expensify:

• Automates 80% of the expense process, including receipt scanning, expense categorisation, and credit card imports.
• The remaining 20% requires manual intervention via emails, which can slow down the process.

• Summit:
  • 100% AI-driven automation across the workflow: from receipt scanning to policy enforcement and approval routing.
  • Built-in tools like Smart Scanning, Policy Checker, and Duplicate Detector optimise efficiency and compliance.

Customer Support: Local vs Global Reach

Support is a key consideration, especially for businesses that may require timely assistance.

• Expensify:

• Global support with a focus on U.S. and Western time zones.

• Lacks regional support tailored for Asian businesses.

• Summit:

  • Dedicated customer support team for Asia-based clients.

  • Provides local language assistance and deeper understanding of regional business norms.

Spending Report Analysis: Spotting Anomalies

Both platforms offer reporting features, but with Summit’s advanced AI capabilities, businesses can gain deeper insights.

• Expensify:

• Offers visual dashboards and spend summaries.

• Does not have built-in anomaly detection or predictive alerts.

• Summit:

• Spending report analysis built into the dashboard that can spot anomalies such as spending spikes.

• Helps finance teams quickly spot unusual transactions or spending trends that could indicate fraud or policy violations.
  
  

Comparison Table: Expensify vs Summit

Experience Smarter Expense Management with Summit

Both Expensify and Summit are powerful expense management platforms, but they cater to different business needs. If you're a small to mid-sized team based primarily in the U.S. or Western countries, Expensify might be a good fit, especially for those seeking straightforward expense tracking and reimbursements.

However, if you’re a business in Asia or dealing with global teams, Summit offers a more AI-powered, flexible, and scalable solution. Its advanced AI automation, local customer support, transaction-based pricing, and the ability to analyse spending anomalies make it an ideal choice for businesses aiming to optimise compliance, accuracy, and efficiency.

For businesses in Singapore, Summit provides the added benefit of tailored support and is designed to handle complexities across multiple currencies and languages, making it the smarter, more efficient option for finance teams.

If you’d like to see Summit in action, schedule a demo or reach out today to discover how Summit can transform your expense management process! . Get in touch with us today to see Summit in action—schedule a demo or reach out to learn more!