Why You Need An Expense Management App for Your Organization?

An Employer’s Hassle and an Employee’s Hustle

Knock! Knock!

Who’s there?

Van.

Van who?

Van am I going to get my expense reimbursed?

What pains more - these knock-knock jokes or the reality behind it all? Sorry, I understand. It was a rhetorical question.

Expense reimbursement is one of the biggest hassles for a lot of companies. But let’s take a look at it from the beginning.

What is Expense Reimbursement?

When an employee works in a company where they are required to travel on a regular basis to meet potential leads and clients, their entire expense is borne by the company. Companies have their own ways of dealing with these expenses. 

Most companies who haven’t made their way towards digitization or mobility usually expect employees to make the initial spend from their own pockets. They’d then pay the money back when provided with proof of expenditure via bills. This process of getting back the money spent is called expense reimbursement.

Expense Reimbursement Hustle

A phase that every employee who works in a conventional company has to go through from the time they request for a reimbursement till they get reimbursed where they have to ask, plead and in certain cases, beg to get their money back. 

They have to go through an extensive task list that comprises of multiple visits to their approving authorities, practice sessions within the closet and in their head for a ‘how to’ on the way they’d be presenting their problem in front of their approval authorities, only to be met with sarcastic comments on the expenses made and more proof to be submitted along with added doubt and scrutiny on the way. Employees need to hustle every day to get their own money back.

This is why a lot of smart companies have now implemented Smart Expense Management App.

Also Read: Free Employee Time Tracking Tools For Time & Expense Management

A phase, unknown to employees that the accounts section and approval authorities go through wherein they need to keep verifying so many employee expenses requests, receipts and cross-check them accordingly. 

They keep running after misplaced receipts or pending expense receipts and file them all to crosscheck with the company policies to see if they have been violated or not or if they are within the limits or not and then on top of that make a record of all these expenses for auditing purposes in order to make a clear record that would not vary anywhere in any circumstances. 

Hence, for employers, expense reimbursement without a technological intervention has been, is and will be a hassle.

What is Smart Expense Management App?

Spreadsheets are okay. But they aren’t smart enough. They don’t point out errors nor do they notify you about anything i.e. mainly because they aren’t interactive. They were created at a time when computers were taking shape and gaining reliance. But apart from saving large chunks of data and paperwork, they do not help much.

Smart Expense Management is where your system not only arranges everything according to your needs and priorities but also gives them all back to you with one call. Also, with the advent of smartphones, all your work can be done from any place at any given time. 

This means that the employee simply needs to click a pic of any bill, add daily expenses and send it to their authorities to approval. The approver gets notified, checks it out and approves the expense directly. Policy engine takes care of all the company policies automatically, validating expenses accordingly. This transparent system not only helps build trust but also helps audit quickly and the employee gets reimbursed in a day’s time.

There are different versions of this but they are almost adjacent to the above-discussed flow.

So, when your life can be much easier then why choose the hard way? Check out a great Expense Management System for Enterprises, Xpensys.

It’s absolutely free!!!