Late reimbursements from the businesses are one of the critical reasons of annoyance for corporate travellers. Maybe the delays are not made intentionally, but the finance department and HR leaders should look at what is causing these reimbursements to get processed days and sometimes weeks after workers have submitted the expense report or receipt.
So, how can you acquire quick reimbursements? In order to know more on this, it is important to find out what causes the delays in the primary place.
Reasons for Delays in Expense Reimbursement
It turns out that legacy systems and methods of expense management is the main reason. Usually, workers need to fill out lengthy Excel sheets, maintain the paper receipts, send out detailed mails, and spend valuable time putting together expense reports before they are able to file reimbursement claim.
By following this mundane procedure, expense reporting may go through three to four rounds of validation by the senior management and the finance department before the final go ahead is provided for releasing reimbursement to the workers.
In case of making matters worse, organizations can have invalid or confusing travel and expense management policies, which make it even more challenging for staff to send the correct expense reports. Due to the rise in fraudulent activities in expense management, the reimbursement gets delayed because of the additional measures needed to eliminate fraudulent receipts or earlier claimed expenses.
Expense Automation- An Easier Way to Faster Reimbursements
With the help of cloud-based expense management software, claims are approved quickly and the employees don’t have to wait for multiple days or even weeks to get reimbursed.
The AI capabilities, OCR technology, multi-level approval process, and mobile-friendly design aids employees for fast reimbursement. Hence, make expense management seamless at each touch point.
For Senior Management
With just a click of a button, your senior management can either approve or reject expense claims. An automated expense system enables the employers to pre-approve the expenses. Rather than just exchanging emails or filling out the forms now workers can raise a request, stating the reason for expense. Managers can weigh these merits of these expenses, based on the T&E policy of your company.
The expense requests with the red flags are instantly recognized by the expense management solution’s artificial intelligence and brought to your management’s attention in real-time so they can make decisions appropriately. Given the streamlining of the approval method, the managers can clear the reimbursement requests and focus on more critical activities.
For the Employees
Gone are those days where workers needed to fill out the spreadsheets and carry out receipts. With expense automation platform at the disposal, they can click a picture of expense receipts, get it stored in the digital vault, and send it out immediately to the finance department or senior management for approval.
All these can be performed in a single go. The OCR technology enables the expense system to capture all crucial information and send the detailed report to the mangers, finance teams, and HR experts.
Whenever there is any policy violation, employees receive notification before the submission takes place. Workers can either replace or remove the items or leave a note. The feature is easily available, specifically when premium customers are involved, and the travellers need to purchase lunch at a five-star restaurant or book the flight ticket at the last moment in order to meet them.
For the Finance Department
The finance department gets instant notification when a worker submits their expense reports. The solution cross-references these receipts with the previous submissions automatically in order to make sure that duplicate expenses don’t get reimbursed.
Plus, in case of any policy violation, it displays to the finance department’s dashboard that enables them to ask for clarification or reject the claim without having direct interaction with the staff. But when the expense is legit, then the team can quickly initiate the reimbursement.
They can credit the reimbursement to the worker’s salary account because of the expense solutions ability to integrate with HR management platform and accounting applications.
To Sum Up
Irrespective of the business size, an expense tracking system can accelerate your expense reimbursement method and bring down the time taken to process these claims. The solution helps you to focus on more critical tasks while remaining confident and vigilant that not a single fraudulent expense claim gets reimbursed and your staff are content thoroughly with the corporate travel regime.