Remove the stress from employee expense management with paperless
error-free claims and multi-level approvals
Simplified expense management for a manager with single login for managing multiple company expenses and improved user experience.
Multiple expenses can be claimed with a single entry making the process more streamlined and expense tracking easier.
Set multiple managers to approve expense claims to ensure complete control of your expense claim process.
Expense management software is a system that helped to track employee expenses. Along with the expense tracking, expense management software also helps in the reimbursement of the expenses to the employees. This process involves evaluating the submitted expense with the company’s policies for expense control. This software helps your business to control and manage the expenditure of the firm and employees so the fund is well managed for the projects. Good software also allows employees to submit their detailed expenditures remotely from smartphones so they do not have to wait longer for the processing to begin.
Facility to attach claims-related documents for easier approvals with enhanced verification and transparency.
Facility to configure the user screen based on the items and the category of expense claimed.
Set multiple expense eligibility parameters according to employee categories and business units.
Option to lock claims based on their last date to ensure timely claim entries and approvals and improve overall efficiency.
Facility of reimbursing partial amount claim for staying within budget and curbing overspend by the employees.
Automatically generate the serial number of your claims in real-time, with pre-set numbering pattern, which the administrator can set.
For absolute transparency, multi-level claim approvals, document-based claim verification, and in-depth expense reports.
Avoid errors with easily trackable claims and transparent claim approvals, ensuring complete peace of mind.
Put an end to over-expenditure by personalizing your expense reporting and gain valuable granular insights into the company’s expenses.
“We have been using Pocket HRMS Software for a year and are very happy with our choice. Excellent service support.”
– Niranjana Neelakantan
HR Director, TESSOL
“The support team is highly admirable. Their professional and polite approach to our queries is simply excellent.”
– Nishant Mahajan
HR Manager, EvolveBack
“Data monitoring & HR analytics are made easy by Pocket HRMS, it is upcoming the future of the HR industry”
– Sonal Gangwani
HR Manager, Ignatiuz
A cloud-based attendance system is particularly relevant in 2021 when the global Covid-19 pandemic has taken…
Attendance and time tracking is the most crucial aspect for optimum employee management since it forms…
Expense management refers to managing the employees’ expenses which they spend on behalf of their company. It consists of various steps such as expense reporting, submitting the proofs, approving the requests, reimbursing the amount via appropriate channels, and auditing the costs to understand how to minimize business expenses.
The employees can have multiple business expenditures such as travel and stay, entertainment, meetings, events, parties, office supplies, fuel and other transportation charges, and communication expenses such as mobile phone bills. Employee naturally expects their companies to reimburse these expenses. Hence, they must collect the receipts and invoices for each expense and submit the same while requesting reimbursement. The managers or supervisors will check these bills before handing them over to accounts team, who will verify the claims and approve their requests.
The ‘expense management software’ automates all the tasks mentioned above, and hence, it simplifies the expense reporting process for employees and manages employee expenses for HR department. This software allows employees to upload proofs and receipts while expense reporting and requesting reimbursements. The companies can streamline their approvals, accelerate repayment, and track the claim status in real-time. As a result, it eliminates the common issues with the manual process, such as incorrect claims and lengthy approvals.
Using a dedicated travel and expense management solution has multiple benefits, as it automates most travel and expense management tasks and employee reimbursement. Following are some of the significant advantages of deploying a good expense management system:
Due to automated processes, the finance managers and administrators must spend less time reviewing each employee’s request. Even in case of requests requiring multiple managers, the process can be sped up with the help of timely notifications.
Avoid Expense Fraud
An automated process makes it harder for employees to commit fraudulent activities as they need to submit the documents for verification. If the system parses the receipt information, it can catch duplicate entries easily.
Managing employee expenses and allowances becomes more transparent with the set up of software since the employee, and the managers can access the details whenever required. Additionally, the managers can generate different expense reports whenever needed to ensure no malpractice.
Paperless Expense Management
By making the entire process paperless, this software helps improve the efficiency of the overall process. It streamlines several steps in the process and ensures timely reimbursement with easier data verification. With added accessibility of a mobile app, the process becomes even more streamlined and simplified.
Easier Expense Reporting
Expense reporting becomes very simplified with a dedicated system to manage your expenditure. As a result, you can generate various kinds of reports with custom parameters to pin down the expenses that are non-essential to your business.
Employee reimbursement is a complicated process comprised of multiple steps as follows:
The first step is to develop an in-detail expense reimbursement policy and share it with your employees. It should cover every point regarding expense reimbursements, such as choosing which expense is eligible for refund, the claim process, the timeframe for repayments and others.
Claim Option Setup
The usual steps in expense reimbursement include the employee filing the claim, the HR verifying it and the finance manager approving it. However, you need to define the exact steps of the process for the employee’s comprehension and let them know the documents required for each claim type.
One should also have a straightforward method for verification of claims, which should be transparent to the employee. Even in case of discrepancies, HR can contact the employee and confirm the claim’s legitimacy if the company has a pre-defined process.
Once the claim is approved, it needs to be reimbursed to the employee at the earliest. Hence, the company should have policies regarding the timeframe required for the amount to be credited to the employee. The HR should also notify the employee of an expected date of credit to ensure no hard feelings.
Every company wishes to curb its expenses to maximize its profits. It needs to understand the costs and where it needs to cut back to accomplish this goal. This is where an expenses management solution comes into the picture. As explained above, implementing a dedicated solution for managing company expenses has various benefits.
Setting up an expenses management system fulfils multiple expense-related objectives. The most significant advantage comes from identifying employee expense patterns and the areas to save costs. One can also gain valuable, actionable insights into the company’s expenditures and curb unnecessary expenses. Similarly, the system also helps streamline and speed up the reimbursement process, which aids in improving employee morale and trust. Additionally, it also helps avoid expense fraud, which ultimately helps in saving costs.
The salient features that are expected in an advanced travel and expense management system are:
Device-independent access is essential as it provides employees multiple options to access their software. Additionally, the employees and managers can access it 24/7, from anywhere, using any connected device, thereby increasing its usability.
Easy Expense Reporting
Customizing individual parameters of expense reporting is another crucial feature of an expenses management system. Additionally, generating and downloading the expense report should be easy to ensure ease of usage.
Real-time Policy Checks
When an employee is filing a claim, the system should cross-check it with the company policies in real time to ensure that they are not going beyond the limits set by the company and are providing all the required information.
The verification and approval process should be straightforward as the managers must undertake this task repeatedly. Hence, streamlined approval is another essential feature of an expenses management system.
An expenses management software is ideal for businesses of all sizes. It is especially relevant for start-ups and small businesses as they would have limited workforce and resources. Additionally, starting with a dedicated system ensures that you need not transfer the data manually later when you wish to set up an expenses administration system. Since your business is growing, it can quickly become increasingly complex.
The system also helps improve the reimbursement process as you will have a trail of employee request and the documents submitted. It makes audit easy for your business as well as ensures statutory compliance. Additionally, having a dedicated system that provides expense reports helps you identify the areas of unnecessary expenditure to curb it. You can also download the expense report in the formats required by your accounting software to make it easier to upload.
This system also helps avoid paper-based manual administration of expenses, which proves costly in terms of the time, effort and human resources required and the additional cost of maintaining the data on paper.