Employee expense reimbursement is how businesses pay back their employees who have spent their money on business-related expenses. While reimbursements for business travel are standard, employees can also be reimbursed for education, healthcare, and other costs.
Expense reporting is indispensable for organizations to follow and deal with their operational expenses. They do this by empowering workers to finish up a cost report structure that archives all costs brought about for the organization’s benefit. When representatives present these reports, the finance group confirms and endorses them to get reimbursed.
Manual Expense Reimbursement vs. Automated Expense Reimbursement (Infographic)
Efficiency and productivity are the two main differences between manual and automated expense reimbursement. Let’s have a look.
Benefits of Expense Reimbursement Software for Businesses?
Expense automation uses software to automate submitting, approving, and recording expense reports. This allows you to replace paper and dispose of the monotonous utilization of accounting sheets to register claims. Cost mechanization assists associations in precisely tracking expenses and keeping up with consistency with strategies. It likewise permits you to repay representatives quickly.
How finance teams benefit from Expense Reimbursement Software:
- Effortless expense report submissions with close to zero manual efforts
- No need to waste time collating expense receipts and reports
- Effortless receipt surveillance and no back and forth with the Finance team
- Greater control over the complete operation with effective expense policy enforcement
- Expend less time manually verifying and validating submitted expense data
- Gain insights into financial spending, routines, and trends with advanced analytics
- Receive IRS compliant employee expense reports on time with zero additional effort
How does Zaggle EMS help a business?
If your business has issues revolving around expense reporting, you can solve them by switching to Zaggle EMS. A cloud-based expense management software is an application that helps employees manage and report their business expenses. With multiple advanced OCR (Optical Character Recognition) technology, employees can click a picture of the receipt to submit the costs instantly. Such software gives you an easy and intelligent solution to manage all your business expenses through their best credit card reconciliation system.
You can monitor, track, and approve expense reports in real-time. Access to real-time data reduces employee reimbursement cycle time. With such software, you’re likely to see a return on investment almost immediately. Use our ROI calculator if you’re curious to know how much you’ll be saving by investing in Zaggle EMS.
Getting Started with Zaggle EMS:
With Zaggles’s Expense Management Software, you can automate your expense reporting and build mobile-ready forms. The technology is entirely SaaS-based, so there’s no coding required. Non-technical users can easily use the software to set expense categories, set up conditional rules, and create automated workflows.
The organization’s disbursement policies are automatically configured in the expense management solution during the execution process, and even the most complex international guidelines can be adhered to.
Automated cost accounting can virtually eliminate manual data entry. Travelers no longer need to manually enter transaction details into cost decisions by capturing an image of the receipt on a mobile phone and then extracting the information using optical character recognition.
Each member of the approval chain is automatically notified (and reminded) when requested approval. They can complete it either in the app or even in a notification email.
To conclude, Zaggle is an all-in platform for all your need. Implementing Zaggle results in higher revenue, employee motivation, and accelerated business results. Reach out to us to transform your organization’s employee engagement.
