Getting quick approvals for the expenses submitted is important to speed up the reimbursement process. Hence, while choosing online expense report software, you need to evaluate how the system works in terms of expense submission and approval. In fact, you have to pay attention to what features the solution offers, such as:
Employees would like to work with a smart system that allows one to submit expenses through Android and iOS mobile applications. Capturing expenses as they happen is the best way to get complete and accurate data from employees. Also, this would make it easy for employers to review and approve expenses from mobile applications, which would accelerate the bookkeeping process.
Linking personal credit cards
Credit card is the most accepted method of payment these days, but not every employee should have a credit card. Syncing employee credit card transactions with the system is an ideal way to accelerate the expense submission process. This would avoid data redundancy and manual errors.
Creating expense reports automatically
Automation facilitates faster approval process and ensures that no duplicate data can be recorded in the expenses. Additionally, you need to look for features such as matching receipts to card transactions, reading receipt data using OCR technology, and categorizing expenses by employee and type.
Tagging expenses with custom fields
Your solution should have the intelligence to auto-populate fields that match with the recorded expenses. You need to balance between the information to be collected and the IRS, but should not overburden the employees. Auto-tagging reduces your work and helps you get everything added up without any delays.
Online expense report software featuring all these specifications would help you reduce reimbursement turnaround time.