Expense Reports, something that usually doesn’t (more like never) bring a smile on one’s face. Everybody hates doing them today and keep away from doing it for as long as they possibly can. However, there are constant threats from managers of a possible default on reimbursement if not submitted on time.
The steps involved in a typical reimbursement process today:
- You make a spend using cash, or personal credit/debit card
- You collect the paper receipts of the spend and chuck it casually in to your wallet
- You then keep it all securely stored in an envelope (to pull it out on that auspicious day)
- You forget about it till about the 3rd notification and a possible threat from your manager
- And finally, yes finally you decide to work on it
- Handwriting all your expenses picking information from the paper receipts
- If lucky, typing this into a spreadsheet and printing it out may be an option
- You then file it neatly with the expense report and the paper receipts attached to it
- Report them to your manager and hope ‘all is well’
- Remove possible claims that are not acceptable by the company policies
- Finally, see the claims approved and the super joy of getting extra money in your bank
Repeat these every single time. Sounds like fun eh? Er, A BIG NO!
For many years, companies across India have stuck to these forms of reimbursements – combination of handwritten or spreadsheet-based reports & attaching physical paper receipts as supporting documents.
Everybody involved knows this is not the best way to go about. The time, cost and effort to process an expense claim at times works out to be more expensive than the claim amount itself.
The time lost in carrying out the steps leading to reimbursement is a huge waste of time that could be used for more productive work.
We have gone through these processes in the past as employees, and so feel the pain you feel. There are various reasons why one must move to an easy-to-use, online expense management, and one that can auto-generate expense reports with minimal manual inputs from the employee.
We have highlighted 6 reasons why we should move on from a pen and paper based expense management process.
With Paysack Expense Management Solution, we can simplify the process of the entire life-cycle of an expense claim:
Right from the employee paying, to collecting receipts, to creating expense reports, to submitting claims, to actual reimbursement and the employee finally getting that money they spent for business needs.
The steps involved in using a Paysack Expense Management Solution:
- Company provides Paysack Expense Cards to Employees
- Based on company policy:
- the employee either gets advance paid for spends on this card or
- they top up the Paysack Expense Card using their own money (personal credit/debit cards)
- Employee uses the Paysack Expense Card to pay for business spends
- The card transaction data (forming key input for expense report) is auto captured on the Paysack App
- To the card transaction data, the employee now has to:
- tag it as a particular expense type (food, stay, travel, etc.),
- add a description note (if need be),
- attach a picture of the bill,
- Click CLAIM NOW
- Yup, that’s it. Expense report created, claim submitted. Completely digital, in real-time.
- Manager can approve/disapprove/request more info, and the finance team can settle payments (minus any advance paid) directly back into the Paysack Expense Card of the employee
The employee can repeat these above steps everytime there is a potential expense claim, not having to keep it for later.
No more paper bills comes to office, ever.
Let us help you with a solution to adapt to how you run your business, more efficiently. If you are ready to move on to the most simple, time saving and cost effective way of managing expenses and reimbursements, talk to us.
Digital Transformation of Finance is Inevitable, make the shift. Now!