Lease Accounting

Lease Accounting Lease accounting tracks and reports leased assets like offices or vehicles, ensuring compliance with standards like IFRS 16 and ASC 842. In expense systems, lease payments are categorized, allocated across departments, and linked to contracts for accurate financial reporting. Recurring entries and documentation uploads support audit trails, while integration with accounting systems ensures […]

Leakage

Leakage Leakage in expense management refers to spending outside approved systems or vendor agreements, complicating cost tracking and control. Caused by direct bookings or personal card use, it increases non-compliance and weakens vendor negotiations. Systems detect leakage through policy flags and unapproved expense alerts, enforcing centralized booking and pre-approvals to reduce it. Analytics highlight off-platform […]

Journal Entry

Journal Entry A journal entry records financial transactions in the General Ledger, detailing debits and credits for accurate accounting. In expense management, approved expenses are converted into journal entries, automatically mapped to GL accounts, including taxes and currency conversions. Customizable formats ensure compatibility with accounting systems like NetSuite, with manual review options for accuracy. Linked […]

Itemized Receipt

Itemized Receipt Itemized receipt details individual purchases, including quantities and prices, ensuring transparency in expense claims. Systems support uploading receipts, with OCR extracting data for verification, reducing manual entry. Policies can mandate itemized receipts for specific categories, flagging summary receipts for resubmission. Users can split receipts across expense types, and secure cloud storage ensures audit […]

Invoice Matching

Invoice Matching Invoice matching verifies invoices against purchase orders and receipts to ensure accuracy before payment, preventing overpayments or fraud. Supporting 2-way and 3-way matching, systems auto-match invoices with expenses using intelligent rules, flagging mismatches for review. OCR technology extracts data from scanned invoices, and duplicate detection enhances accuracy. Customizable rules per vendor streamline processes, […]

Indirect Cost

Indirect Cost Indirect costs are expenses supporting overall business operations, like rent or utilities, not tied to specific projects, unlike direct costs such as travel for client meetings. Expense systems tag and allocate these costs across departments or cost centers using customizable rules, ensuring accurate budgeting and reporting. Restrictions limit employee submissions, and analytics calculate […]

Incidental Expenses

Incidental Expenses Incidental expenses are minor, unpredictable costs incurred during business travel, such as tips or baggage fees, often covered by per diem or actual reimbursement policies. Systems allow tagging incidentals for separate tracking, with configurable limits to control claims. Receipt requirements can be waived for small amounts, and expenses can be linked to projects for […]

Hush Trip

Hush Trip A hush trip occurs when employees travel to another location without employer approval, often while working remotely, posing challenges for expense management. These unapproved trips can lead to non-compliant claims, unauthorized expenses, and duty-of-care risks. Systems detect hush trips by flagging unusual expense patterns or unapproved bookings, enforcing pre-trip approvals to prevent claims. […]

Hotel Program

Hotel Program A hotel program involves corporate agreements with hotel chains to secure negotiated rates and perks, optimizing travel costs and employee experiences. Integrated with expense systems, it enforces preferred hotel usage, auto-categorizes bookings, and flags non-compliant stays for review. Negotiated rates can be uploaded or synced with booking tools, ensuring seamless reimbursements within policy limits. […]

Guest Travel

Guest Travel Guest travel refers to business-related travel expenses for non-employees, such as clients, candidates, or contractors, managed through the expense system by internal employees. The platform supports guest profiles for submitting and tracking expenses, with specific policies controlling costs via spending limits or pre-approvals. Expenses can be reimbursed directly or through host employees, and […]