Managing business expenses is one of the most mundane jobs. Especially, when you have a large workforce, you have lot many other things also to look after and manage. There is payroll, attendance, recruitment, asset management and much more. All of that becomes more and more complex with a continuously increasing workforce. In such a situation, automation is the best way to manage employee expenses. Otherwise, a significant amount of your time will get wasted in calculating such expenses; doing everything manually will certainly hamper the working of the employees and admin and HR departments.
In this blog, we tell you how an expense management software can help you in mitigating all the aforementioned concerns. Take a look.
Define and Configure Policies-
You can easily define all your employee expense related policies in the software. The maximum claim limit for marriage, medi claim, business promotion, data card, mobile, and conveyance can also be mentioned in the policies for each employee grade. This will mitigate any confusion as whenever an employee will have some doubt, he can read the policies thereby reducing HR and frequent admin room visits.
Quick Approvals and Reimbursements-
It also becomes easy for employees to claim expenses. They can add what they are claiming for- local conveyance or some other expenses. As soon as the employee will add the expense, a notification will go straight up to the concerned authority. He can look at it, approve it quickly and reimburse the claim according to the reimbursement cycle.
Paperless expense reporting-
Why use paper when you can switch to digital paperless records? The receipts can be uploaded from anywhere and anytime. No manual input or maintenance of paper records is required; paperless digital expense management makes everything from claiming to reimbursement hassle-free. One can create, track, submit, capture, and apply for expenses with ease.
The employee expenses can also be categorized. For instance, you can give employees the option of expense claims like local conveyance or other expenses. Within the local conveyance option, sub-options like the vehicle used, distance traveled etc. can be given. Moreover, under other expense tab marriage, mobile, data card, business promotion options can be given while mentioning the claim frequency. Basically, the software can be tailor-made according to your business requirements.
Increase the visibility, control, fasten the process, and reduce paperwork substantially. Use expense management software to manage employee expenses and improve the overall productivity of your business today!