Online expense reporting: What, how and why?
Expense Management - Facing the problem
If you are responsible for expense management in your organization, it is very likely that you get frustrated by the process from time to time. You have a lot on your mind and though very much needed, it’s a continuous extra load of work. It’s extra only because there is a simplified way of processing it. Probably you still use the traditional process paper forms with stapled receipts travelling from employees to managers to finance. Or you ask employees to scan receipts and add them to Excel forms. All this takes a lot of time employees would rather spend otherwise. Receipts get lost, getting the expenses from employees to finance takes a long time, and copying expenses into your accounting software is not an intellectually satisfying task. At the same time, it doesn’t even provide you with all the information and insights you need for good supervision and control. What might look like a mere task, in reality diminishes efficiency which in turn has a ripple effect on the whole organization.
Finding a way out - SRXP Solution Online expense reporting can be your way out. You have probably already digitized most of your finance processes, such as accounting and invoicing. However, expense reporting has generally not received as much attention. That is a missed opportunity because the right expense software can be a real relief for an organization.
How does online expense reporting work?
Employees use an app to take a picture of a receipt. They can also use the app to create mileage expenses and enter billable hours.
Employees organize their expenses in reports and submits them to manager.
Managers log into an online portal in which they can easily scroll through all expenses to check and approve (or reject) the report.
After the manager’s approval, the reports are ready for the finance department to do a final check. With just one click they can export all expenses to their ERP.
Manually typing all expenses into the finance system will be history when working with SRXP.
Get enormous efficiency gains and thus cost saving.
No more lost receipts.
Effortless recover foreign VAT.
Credit card integration to make sure every expense is justified.
Create new insights and more control.
All the benefits are really too much to discuss in one article. Stay tuned to learn more! ↙️