Expense Management System

Owning a business venture is like having a baby; you raise it from nothing until it grows into a profit-generating asset. Every founder knows that building up a business from scratch takes a lot of investment. Or, even a complete set company has financial managers to keep their budget in check. Our expense management system module will do all the heavy lifting for you. 

What is Expense Management Software Package, Exactly?

The trip, or more precisely, Expense management software, assists the organization in managing its personnel's trips and spending. Professionals are occasionally allowed to fly to another town or region for a customer appointment. Leading travel software can assist them in submitting forward payment claims, multiple repayment demands, claim alternatives, and document authentication in these situations. Supervisors can discover the ideal position and activities of employees using worker surveillance with Geo-tracking.

Manage a variety of your expenses and also set limits to avoid going overboard. Keep a tab on travel, food, resource, employees, and all the other possible expenditures.

All-in-one Smartphone Application

To begin with, managing all the official tasks on a single app to carry in your pockets is not something a lot of systems offer. Expense management is just one of the features of our elaborate application. There are so many features in a single device that it makes everything as simple as a pie.

Strategic Configuration

Set upper limits for expenses and only allow specific managers or coordinators to authorize payment transactions. Pre-plan all your expenses in advance to get a multi-dimensional approach.

Mark Presence

Verify the cost claims given by the employees with evidence such as invoices, checks, and other materials produced by employees, and enable them to indicate their punctuality to confirm their attendance to expedite their attendance monitoring system.

Team Travel Costs

When a company has relations overseas, there is a need to send employees and workers on a work trip. To make such trips possible, a lot of management and cost calculation is needed. Our software helps you achieve all the necessary planning in no time. You can have a business trip without any sudden change in plans.

File Reimbursement

In case the employer is unable to pay for the company requirement due to preoccupations or other reasons, the staff can take it upon themselves and pay from their accounts. These payments have to be repaid by the company, and for the same, the staff can send in reimbursement requests with said proof.

Approve Travel 

There is a specific feature on our app through which employers can endorse trips. Staff can send in requests along with a summary of all the travel expenses, and the boss can approve it if reasonable and necessary.

Various currencies and territories

Tackle the difficulties of exchanging foreign reserves into national currencies expenditure control system, which streamlines the process and reduces inaccuracies.

Protocol for Deviations

On rare occasions, design extraordinary conditions and enable officials to grant compensation charges that surpass the limitations.

Permit Payments

Let your employees send you money requests that you can approve or decline. Every time your employee has to make a business-related purchase, they can send you a notification through the app. And, no one except the employer can access these without your backing.

Why choose an online Expense Management System?

Eco-Friendly

The world is shifting online; paper receipts and invoices only get lost in the mail and buried under tonnes of other paperwork. Plus, the number of resources that are wasted on filing them, arranging them, sending them, etc., is huge. On the other hand, you can send everything through our app without relying on any manual procedures.

Swift

Collecting all the receipts, filing them, and authorizing them is a bit tedious. As humans, we must simplify our tasks to perform them efficiently. Instant transactions save a lot of time and effort. Giving the best to your employees makes them more motivated and, in turn, increases the work done.

Save Receipts

At the end of a month or year, we all sort our bills and calculate the complete expense, or as some of us call it, budgeting. Getting a hold of all the money spent can be a headache, but with our AI, you can facilitate adding even the tiniest expenditure.

GST Returns

A lot of us ignore GST returns for small payments. But, it is possible to acquire them for all types of payments if you record them efficiently. With our file record, you can easily get your benefits after the end of every financial year.

Entries on the spot

Paying now and recording later can cause a lot of ruckuses, or at times it can lead to no entries at all. To avoid such mistakes, our system will record all transactions for you. It will be automatic after every payment, henceforth dodging any malpractices.

Allowances of Multiple Categories

Enable your employees to report expenditures for several compensation types, such as meals, accommodation, and transport. Admin staff may or may not want to refund reimbursement demands during the individuals' pay period.

Frequently Asked Questions About Payroll Software

Why Is Expense Management Crucial in Current Scenario?

All companies should be capable enough to make payments of their bills on time in order to stay and float in business, and employee expenses are a significant part of one of those bills. For any company with employees who drive business beyond the walls of the office, expense management will always be necessary. Even something as straightforward as a client lunch paid for by an outside sales manager must be documented, approved as well as reimbursed.
With influential expense management procedures in place, companies can proceed ahead with issuing those reimbursements quickly and in an accurate manner. Employees don’t like waiting for days and months after they cover an expense to get reimbursed.

How can a travel expense management system better a working environment?

When everything is in its place, a firm works at full speed. Travel expenses can be huge, up to 1 lakh per employee or even more. And, handling such huge money sums offline is more than just tough. You might have to hire new staff or assign additional work to your accounting team. But, with an AI system, you can do it with a low budget and no extra workload. It will send a message that you care about your employees while setting a code of conduct.

What kind of payment methods can be added?

The best part of this is you can pay through your company bank account or connect it to a UPI for direct deduction of money.

How long does it take to complete all expense reimbursement?

Now, this depends completely on your payment policies. A lot of companies have a monthly policy, while others prefer bimonthly or trimonthly processes. So, it's entirely on you when you decide to pay for the travel or other expenses. You have to simply set that upon the software for recurring payments.

How long will it take to produce a detailed report of the spending?

From our side, reports will only take a maximum of 1 week.