Today we’re releasing Everlance bank and credit integration on Android. We launched Everlance 1.0 as a better way to document your business mileage. Why keep a paper mileage log in your glovebox if you have a supercomputer in your pocket that can communicate with a satellite? We soon realized that Everlance was an incomplete solution—users wants to track all of their expenses, not just mileage. We added the ability to snap a photo of a receipt, but it was only a temporary step along the path of a larger goal. The fact that Everlance users quickly added over 1,000,000 photos motivated us to bring the same automatic experience we built for mileage to expenses.Starting today you can integrate your bank account and credit card into Everlance.In addition to announcing the new feature we wanted to share with you part of the larger vision for Everlance and some of our thoughts on how we think productivity software will evolve over the next 5 years. Transaction rules is a step toward something much large that we’ve been building for some time now—complete automation.
Replacing the shoebox of receipts and paper mileage log
Everlance works by essentially capturing all data in an automated and safe way. When we started the company we talked about replacing the two most ubiquitous technologies used for documenting expenses: the shoebox for receipts and the paper mileage log for business trips. It turns out the smartphone with attached GPS, camera, and credit card integrations is perfect for solving the problem of documenting expenses.
Passive data capture using your smartphone
This expense data is made available to the end user in the form of a feed of expense cards. A user will see a feed of trips (from location, to location, date, GPS map, etc.) and simply needs to swipe a trip to the left to classify it as personal or to the right to classify as work related. The user can then claim this trip as a business deduction for taxes or as a valid reimbursement for work.
Transactions work in a similar fashion. Once you link your credit card and bank account to Everlance you’ll see a feed of your transactions appear within the app. If you recognize a transaction as a business expense you can claim it by swiping it to the right.
We believe that Everlance should not only help you save time right away, but also make you even more productive over time as the app learns from your behaviors and actions. Using a combination of techniques, including machine learning, Everlance can identify patterns and surface suggestions to help you save more money. These are the two main ways Everlance will learn and get better over time:
- From your actions. The more you use Everlance the more Everlance will adapt to your preferences. Are you constantly going from your house to the office and classifying that trip as a commute? Everlance is learning in the background that this is a common behavior for you and when the software’s confidence level is high enough will ask if you want to create two new locations “house” and “work” and a rule to always have trips from those two locations be designated as “commute”.
- From actions of other users like you. Everlance now has data from over 400,000 end users. Just as Netflix recommends movies to you based on what other people with similar profiles have enjoyed watching, Everlance will dig deep through the data and help identify business expenses that can be claimed as tax deductions. For example, Everlance might notice that although you did not claim “Architectural Digest” as a business expense other architects like you did and will suggest that subscription as an appropriate business expense.
What’s coming next
The more that you use Everlance the less work you’ll need to do in the future. Everlance will continuously work on your behalf to surface potential business deductions or filter through your expenses for reimbursements.
Rule-based transactions are a big step towards full automation. In the coming months you’ll notice that Everlance will start providing suggestions for further automation. Accepting these rules will further cut down on the amount of work required to classify the unclassified stream of data and you’ll also be helping future users by improving our data algorithms.
Thank you for being a user and we look forward to helping get your expenses on auto-pilot so you can focus on doing the work that you love.
Alex and Gabriel
P.S. we’re still in the earlier innings of the Everlance product roadmap and are excited to share with you what comes next after expense tracking ☺