Most businesses tend to ignore expense management until there is an issue. In the traditional way of reporting and reimbursing expenses, numerous unnecessary risks exist. It includes:
These inefficiencies frustrate the employees, lack financial productivity and affect the bottom line too. An expense management software mitigates these risks and also plugs the loopholes. Those employees using the application find it easy to report the expenses. The accountants don’t have to maintain multiple files to record the data, and the approvers don’t have to spend hours to grant it. In today’s environment, when most businesses are relying on online solutions that run on any device, implementing a solution makes sense.
Using it, the employees manage and report their business expenses. The finance teams use it to manage reimbursements, expense reports and also the travel requests. The automated solution streamlines the various aspects of expense management to reduce traditional risks. It can be used by those employees who are travelling. The application checks the reports for the policy violations before reimbursements are claimed. While the process and the elements are the same, it is the elimination of manual submission that makes all the difference.
Functions of the Application Expense Capturing You can configure the expense claim form as per the needs of the business. For global businesses, the application allows expenses to be entered in the source currency. If the employees have maintained a template to record the expenses in the spreadsheet, or CSV file, it can be imported in the software. Using the web browser, employees can enter the expense details quickly whenever they want. As the application can also be accessed on the mobile device, those employees who are travelling can use their smartphone to submit the expenses. Instead of collecting and submitting the physical copy of a receipt, the users can upload an image of the physical receipt or the other files to expense detail and claim form.
Accepting Claim as Per Policy An essential aspect of using expense management software is accepting claims as per the business policy. Our application allows you to define and create expense codes as per the needs of the business. In the software, you can create tax classes and levy rates to calculate the tax amounts automatically. When using the application, employees can enter the amount to be claimed or as per the rate provided for the billing. If you want to make reimbursements with payroll, attach a pay code to the expense code in the software. You can also define the expense categories for grouping and reporting purpose. Thus, the application ensures that the claims are accepted as per the business policies.
Validation and Control The application ensures that any claim that doesn’t belong to a particular project can’t be claimed. You can set up the project expenses using the application. It controls the expenses that can be done on a project. Multination companies where the employees travel in different countries need expense management software which allows them to use different currencies and exchange rates for claiming the expense. With our application meets such requirements easily!
Simplified Approvals Expenses are approved following a process. Our system you can customize the expense approval workflow as per the requirements of the business. The project manager, supervisor and others can be part of it as expense approver. If an approver wants to make changes to any claim due to any reason, it can be done quickly. Streamlining workflow removes any duplicity of efforts.
Ease of Inquires In the application, the expenses are entered for the project. If senior management wants to know how much expenses have been made on a project or by an employee, it can be done easily. The expense management software will provide a summary immediately. You can also compare the expenses against budget by category or by expense codes.
Streamline the Expense Management Now! Once implemented, the solution brings several benefits.
1. No loss of productivity of employees due to expense claim complexity
2. A streamlined system for making claims and approvals
3. Web and mobile device support
4. Multicurrency and Exchange Rate support
5. Business Policy implementation
6. Validation of Claims
7. Ease of Inquiry
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