The optimal expense management process – send reports directly at the purchase!

Jul 9, 2020

Many organisations experience challenges with their internal expense management routines. They are often time-consuming and tedious and often end up taking unnecessary time away from the core business. It is important to take advantage of smart digital solutions available in the market and streamline the processes that can be.

Managing travel and expense claims are typically the kinds of processes that easily can be optimised. Introducing a digital and automated solution will both simplify the process and save time for employees.

With the right solution and the right tools, the process could look something like this:

 

The optimal expense management process

 

1. For Employees

The employees handle their expense claim directly after the purchase, in their phone or mobile device, to avoid losing track of their receipts for the end-of-the-month expenses time set aside in the calendar.

Today, with digital receipts available, the employee no longer has to photograph the receipt. They can instead with a simple click send their digital receipts directly to the expense management solution, and complete the expense claim report in no time. Should employees still hold paper receipts, they can, of course, easily be handled in the expense app using the camera.

The built-in automatic receipt analysis function helps users by extracting key information from the receipt, only to leave a simple review left for the employee.

All kinds of expense claims, travel allowances, and mileage are handled in one solution. Employees do not need to navigate through different templates depending on the expense.

The expense claim report is easily submitted to the organisation’s financial software with one click in the app. No more printouts, internal emails, or scanned reports are needed.

Benefits

  • Expense management is completed directly upon purchase.
  • No need to look for receipts.
  • Paper receipts, digital receipts and email receipts are all available directly in the expense service.
  • The expense report arrives at the organisation faster.
  • Streamlines flow and create better traceability and control.

 

2. For Managers

Certifying managers receive a notification of a new report needing approval. The report is reviewed and approved digitally, on the computer, tablet, or on-the-go on the phone.

If the report needs to be adjusted, it is sent back with a comment. Nothing is lost, and the process is much faster than if the report, for example, was sent by mail.

Benefits

  • Certification of an expense claim can be done anywhere, anytime, and at any device.
  • Key components of the report are highlighted to simplify the certification process.
  • Corrections and changes are sent digitally within the solution to the employee, keeping the flow and information secure.

 

3. Finance, Accounting and Payroll

In the finance, accounting and payroll department, you avoid manual posting since the reports arrive pre-posted and only require a review.

Calculations for deductions and benefits are done automatically according to the regulations set by the regional tax authorities. Your team do not need to calculate or stay up to date on the regulations themselves, the solution does it for them.

Benefits

  • No missing receipts.
  • Bookkeeping is done automatically.
  • For digital receipts, only digital archiving is required.

 

Are you interested in purchasing a digital and automated expense management solution? Check out any of our partners’ solutions.

Looking to create your own solution? Explore our customisable and white-label expense management platform here.

More articles

5 steps to improved expense management

5 steps to improved expense management

Expense management is, for many, considered a time-consuming and tedious process. It takes time, effort, and patience for employees to find receipts, fill in all details, staple receipts on paper and submit the expense claim.

read more