How online expense report software supports expense management activities
In any organization, the expense management process involves a series of steps and activities that are completed by different stakeholders. Some of these activities include preparing pre-trip and post-trip expense reports, receipt audits, verification and approvals, reconciliation, reporting, and reimbursement. Organizations can manage all these activities intelligently and productively using online expense report software. In this post, we’ll see how this software supports different expense management activities.
Preparing expense reports:
Different organizations follow different policies for expense reports:
Traveling employees have to prepare tentative expense reports before embarking on the trip and finalize these reports after coming back from the trip
Traveling employees have to prepare the report only after coming back from the trip
Online expense report software has the flexibility to support either scenario. Users have pre-defined line items and intuitive labels to help them prepare expense reports in very little time. If integrated with the expense software solution, users can directly import travel details from their travel management systems.
Expense reports and expense reimbursements are not always perfect. Sometimes, without noticing, organizations do reimburse out of policy or misrepresented expense claims. How would you know that the expense claims and receipts are legitimate? This is where receipt audit comes in. However, this cannot be done manually without a lot of waste. Verifying each expense claim against its receipts is a time-consuming task that does not promise hundred percent results as there is always the chance that the auditor made a mistake. You can outsource this activity to save time of your in-house specialists and save time and costs.