Why Automated Expenses Are More Efficient
Manual expenses are a headache. Tracking receipts. Working in spreadsheets. Then waiting and waiting and waiting for your reimbursement to be processed. It’s all unnecessary pain. Walk with us through an automated expense report, and see how you can eliminate the pains that come with manual expense entry.
Seamless Reconciliation and Billing
Expense Reports in a Flash
Intelligent Receipt Scanning
Receipts Upload in a Snap
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Upload in a Snap
While on a business trip, you buy a cappuccino and a muffin in a coffee shop. As soon as you get the receipt, you open up the expense app on your phone, snap a photo of it, and hit “upload.” It’s three clicks and maybe five seconds. You can then throw the receipt away, safe in the knowledge that it’s in good hands and the process is underway.
Intelligent receipt scanning
As soon as the receipt image is uploaded, it’s automatically scanned by an optical character recognition engine, which pulls out all relevant transaction data—amount, date, merchant, etc.—and maps this into the correct fields. The best solutions can even intelligently read the items on the receipt, the merchant and the time to categorize the transaction. A coffee and a muffin at 7am? Yep, that’s breakfast! Often within a few seconds, you’ll get a confirmation email showing all the transaction details. Time to get on with your day.
Create expense reports in a flash
Time to do your expense report. You open the expense app on your phone (or on your laptop or tablet—it looks and works the same on any device), click to start a new report, and drag the receipt images into the report. All the data is included, so you don’t need to remember what each receipt related to. Because all of your company’s expense policy details are baked into the system, you don’t need to worry about whether a specific expense is allowable, because you’ll get an alert on-screen if anything isn’t within policy. Simply add the GL/billing code from the pre-populated list, hit submit, and off it goes to your manager for approval.
As soon as you submit your expenses, your manager gets an email notification that they have a report to review, which they click on to take them straight to it. They don’t need to refer back to the policy to see if an expense is allowable as that’s taken care of by the expense solution’s rules engine. Once your manager has approved it, the report automatically gets routed to the next person in the approval chain. If one expense item needs to go to another approver, maybe it’s for a different department, or is above your manager’s dollar threshold, the system will automatically know how to route it. You can also track the progress of your expense report online.
Seamless reconciliation and billing
Now that your expense report has gone through the approval chain, it’s off to the finance team for reimbursement. Because all of the data is already in the system, there’s no need for anything to be manually typed in, which saves lots of time and also cuts out the chance of data being entered incorrectly. As it’s already been coded, the expense report can be exported directly into your company’s accounting system. And, if it’s a customer-billable expense, it will be automatically added to the customer’s account.
Because all of these approvals can be done in real-time, it’s possible for your expense report to be ready for reimbursement just minutes after you submit it (as long as the approvers are on the ball!). Reimbursements used to be made with a hard copy check or on the next payroll run. Now, it’s possible for them to be made as soon as the final approval is secured. By setting up a company’s expense automation solution to trigger an ACH bank transfer after it’s been fully approved, business travelers can see their expenses reimbursed back into their bank account as soon as the day after the purchase is made. You'll have full online visibility into the approval process. No more waiting for weeks to be reimbursed. No more having to pay your credit card bill before you get the money back. Just ease and peace of mind.