Managing your employees’ expense claims with ease
When it reaches the month-end, most of the employees in the small-medium organization will rummage through their bags, searching for the payment receipts to submit their claims.
Sometimes, the small-medium employees have a hard time searching for the payment receipts as they have unknowingly thrown the receipts away. Sometimes, they have to search through every receipt buried under the stacks of paper before finding the right payment receipt to submit.
This process is time-consuming and tedious. With proper expense claims processes, the small-medium organization is wasting its time indefinitely.
What’s an Expense Claims?
Expense claims are the expenditure paid up in advance by the employees of an organization. Therefore, it means that the employees have the right to claim back the funds they have paid upfront.
Here are some of the expense claims usually submitted by the employees of an organization:
- Travel expense
- Food expense
- Tele-communication bills
- Insurance claims
- Transportation expense
- Medical claims
Besides that, the employees can also submit claims if they helped their organization to pay up in advance for any office supplies or pieces of equipment.
As long as your employees are making a work-related purchase, they should be able to claim back their funds from the company.
Also, before submitting any claims, the employees of a company need to make sure that they adhere to the company’s claim policy.
What’s next after expense claim submission?
Once the employees of a small-medium organization submitted their expense claims, the approving officers in the company will go through each claim submitted.
There are a few factors that the approving offices will look into before approving any claims, such as;
- Submission deadline
- The total amount to reimburse
- The authenticity of the payment receipts received
If all the factors stated are by the small-medium organization’s policy, the approving office will then accept the claims. They will then update the claim as approved and then proceed to reimburse the funds back to the employees.
On the other hand, if the expense claims submitted failed to comply with the company’s policy, the officer will reject the claims. Thus, the employee will not receive any payment from the organization.
Start your expense claims journey with Deskera.
Understandably, getting a stand-alone expense claims software is expensive, and at times, unnecessary for small-medium businesses.
Most of the small-medium companies would choose to skip this process to save the company’s cost.
Without proper software, small-medium businesses will be spending too much time managing paperwork from the expense claims they have received. The bright side of having the software is that it enables the employees to spend more of their time doing something more valuable rather than managing expenses all day long.
To start managing expense claims efficiently, the small-business organization can try to download the Deskera Mobile App on their mobile; It’s is a free sign-up for a single user. So, you don’t have to worry about the bills.
In the Expense Claims Module, businesses can receive the expense claims submitted by their employees quickly. No more hard copy receipts sitting on your desk every month and manual expense claim processes.
The officer of the organization can review all the claims submitted in a single screen, each attached with the soft copy of the receipt. Also, the employees can submit their claims conveniently by using the OCR functionality that is available in this app.
In conclusion
Using software to streamline your expense claims processes is always the best practice every small-medium organization should incorporate.
As there are many accounting software and app available in the marketplace, businesses can quickly source an expense claim app that is free or low in cost.
Once they have incorporated the software, the small-medium business will notice a smoother work process in the organization. The employees’ productivity and efficiency will improve, as well.
