At the end of the day, it is the finance department that is responsible to look after all the company expenses. They are the ones who should cross-verify the expenses department-wise at regular intervals of time. As a lot of expense reports come from different departments and branches, ensuring that all expenses abide by the company’s out-of-spend policy is really a tough job. Manually reporting all these is not possible; hence an automated software solution such as SutiExpense that can ease the job of finance department would prove highly helpful. Following are a few ways in which the expense management solution would help you:
Track expense report/request
SutiExpense allows you to track any type of report or request based on the company, department, username, and status. Based on the criteria you give, you can get all the reports within the specified date range.
Setting expense limits is one of the crucial features of SutiExpense. Finance managers can also search expense reports based on the expense limits set to role, expense type, country, city, currency, and additional expenses. You can get the reports based on the given criteria; this helps you know who all are spending beyond the limits.
Here, you can integrate all the approved expense reports with the accounting system to initiate the reimbursement process. You can select the employee name, expense type, expense name, and give the date range to start integrating with the respective accounting system. SutiExpense supports around 25 accounting system integrations, and hence most payments can be done easily without any delays. Finance managers can either export the data to an accounting system or directly start the payment process. In this way, the reimbursement process can be simplified.
Everything can be tracked in the form of reports – you can know the details about car rental vendors, expenses by category, location-wise spend, hotel vendors, spend variances, and approved expenses. Apart from this, all the details like pending expense reports, expenses by employee, duplicate expenses, currency exchange data, out of policy expenses, ACH transactions, and reconciling corporate cards can be tracked in the form of reports. Also, the outstanding data can be known to the finance department.
All these will ease the job of finance managers and help them focus on the core finance related activities instead of just tracking all the expenses.