Means of card holders to automate expense reports
Q. During the pandemic, we had far fewer expense reports to process, which saved us many hours of manual labor. Now that we are processing a large number of expense reports again, it is taking way too long. Is there a better way to make expense reports?
A. I am blown away every day by the number of businesses that still use paper receipts and complicated spreadsheets to manage their expenses. Think about all the time and money wasted on human hours to scan receipts, copy last month’s spreadsheet, update cells, then print, sign and scan again to submit expense report . On top of that, consider the hours spent reviewing and approving PDFs (keep your fingers crossed not to ask questions), entering them into accounting software, and reducing checks.
Fortunately, as we begin 2022, pretty much everything we do on a daily basis has been automated in one way or another. And that includes the expenses reports.
I’ve broken down some of the best options for automating this tedious process. Put down those paper receipts and read to.
Solutions to streamline the process
Expense report software has quietly matured for many years. These apps eliminate the need for the aforementioned monthly âhokey pokey expense report reshuffleâ and simplify the process of collecting, submitting, approving and ultimately paying expenses.
These solutions typically integrate with many popular applications, including all major general ledger software packages and many payroll vendors. In addition to the core applications, these solutions include many popular providers used on expense reports, such as Kayak, Lyft, and Uber. One of my favorite features is automating emails to capture receipts. Just forward the email receipt to a specific email address, and 85% of the job is Finished.
An additional advantage of these software solutions is their mobile applications. The informed user can capture, categorize and submit expenses directly from a phone. Simply take a photo of your receipt on your phone to enter the expense. The steps look like this: order your coffee, take a photo of the receipt, take a sip of your coffee, provide a few minor details in the app, and you’re done.
The benefits of the mobile app go beyond the camera and extend to capturing mileage. At the start of your trip, you can open your app, start a refundable trip, and automatically record mileage as you go. to drive.
We focused on the employee experience, but the return–of–the–Office the benefits are huge as well. A streamlined management interface for employee expense review eliminates paperwork by organizing all submitted expense reports in one view. While reviewing expenses, a reviewer can submit questions to the portal which are immediately forwarded to the employee for explanation. Once approved, it will be passed on to the next step in the process, which is payment. The payment process is done automatically and (when configured) entered the general ledger without any additional humans effort.
Higher level corporate cards
Historically, the use of corporate cards has been restricted to a small group of trusted executives / owners due to the lack of oversight and control associated with issuing a credit card to an “authorized user”. However, some new solutions are changing the way we think about business credit cards. They can completely eliminate the process of reimbursing employee expenses.
With these solutions, setting up a new hire is a straightforward process that also allows granular rules to be set to address the âtrustâ issues typically associated with corporate cards. Users can be set up with a monthly budget as well as vendor limitations, if desired. In addition, making changes to employee cards is easy and immediate.
Similar to expense report software, these corporate cards typically include a mobile app for employees. The mobile app includes a receipt capture functionality using the camera and the ability to create virtual cards on demand to manage current subscriptions or using a single card number for online login . purchases.
As you would expect, these solutions typically integrate with your typical general ledger software, and some options even integrate with Invoice–Payment and pay solutions.
Make the transition to a following–generation The business card solution can take the burden of the routine of monthly expense reports, improve your ability to manage business expenses, and deliver unexpected benefits like premium rewards programs.
Below are some popular options to replace your current outdated expense report. to treat:
This is the classic option for those of us who have been in auto play for a while. There’s a reason Expensify has been around for so long. Small businesses can move away from paper tracking and get by with options starting at around $ 5 per user per month.
Characteristics: Expensify’s Collect level (the level I recommend for small businesses trying to automate the entire reimbursement process) includes automatic mileage tracking, categorization and reporting for employees, as well as a automatic synchronization function with the accounting software you Choose.
Expensify’s corporate card offering is a little different from the industry standard. Anyone in the business can get an Expensify Card for free and with no obligation, but once you use the Expensify Card for more than half of your business’s monthly expenses, the total cost of your Expensify subscription is cut in half. This is a great business initiative from Expensify and an easy win for most businesses, because once employees see how easy these cards are to use and manage, businesses will want them. use for all.
Recently acquired by Bill.com, Divvy’s specialty is managing corporate cards and offering an online portal for you to monitor expenses as they come in. The best news of all is that Divvy’s standard offer is 100% free.
Characteristics: Every employee in the company can get a Divvy card (which is just a Visa card, so it works anywhere; see screenshot below), and limits can be set, tracked and monitored in real time using the Divvy online portal. it’s simple but incredible.