It’s a known fact that running a business is expensive. Various costs go beyond operational expenses such as business travel, meals for clients, and transportation can add up at the end. A good expense reimbursement policy should be in place to track these costs. Necessary components of an expense reimbursement policy Knowing what to mention in an expense policy can ...

Tracking expenses on the paper receipts is quite daunting for the managers as well as employees. More than 60 percent of workers merely attach all receipts to expense claims and leave the rest for the accountant to figure it out. Think of having to riddle out what receipts goes to which expense throughout the day. Organizations lack granular insight with ...

For employees, gathering and organizing reports to submit expense claims can be filled with frustrations. On the other hand, manually going through every single request and verifying it with the correct attached bill while following the company’s expense policies and guidelines is tedious for the employers as well. Many enterprises are managing their expense reports manually, still believing it as ...

Automating expense management can aid you to claim reimbursements quickly, minimize expense processing costs, and the time assigned to expense reporting. The Present Situation of Automation The solution enhances employee satisfaction as well as minimizes the burden that comes with semi-automated or traditional processes. But, still today, many organizations claim that they do not want to switch over to completely ...

Every organization should track their expenses periodically to ensure productivity. But, manually monitoring various financial transactions such as expenses, reimbursements, reconciliations, and more are challenging and time consuming. To cope, many enterprises are willing to adopt expense management systems to track the day-to-day corporate and business expenses more effectively. However, choosing the right software among the multitude of options available ...

Most of the employees are frustrated by the expense reporting process; they spend money out-of-pocket and claiming back involves stapling a receipt to spreadsheet, getting authorization from manager and posting it off to head office. Certainly, this process involves paperwork and would lead to potential errors and expense fraud. Expense fraud is one of the common ways of cheating employers. ...