In every organisation, a big part of payroll is kept aside to be provided in the form of benefits, allowances and expense reimbursements. Prepaid solutions like Meal Coupons and Petrol Cards helped digitise some of the key benefits which will remove the need for paperwork by the employee or company.
However, there are still many many areas where it is still dependant primarily on manual paperwork. Even the Rs. 15,000 per annum of medical reimbursements where an employee is expected to submit Rs 15,000 worth of medical bills for tax benefit. Various other allowances like communication (mobile and internet) , or newspaper/magazines and periodicals too require the need for documentary evidence to be submitted.
Combination of paper receipts + manually filled in expense reports are the norm in India. This is irrespective of the organisation size. A 5 member team to employers with 2,00,000+ employees use the same process. It has been the case for many decades now.
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
Is it efficient? No!
Is it fraud proof? No!
Is it error proof? No!
Is this something your employee likes? No!
Is this something the managers or the finance teams craves doing? Hell, No!
Could you use that time for better things? Oh Yes!
Difficult to move on from a process you have so religiously been following all these years? Hmmm. Ya!
Would you want to use a simpler system that does your expense reports automatically? Er.. May be?
Yup, it is very difficult to change overnight from practices one has been doing for years. Change is difficult. This even if we know it is for the better.
We totally understand that, and so we encourage companies to start with a single type of claim first. And once when comfortable with the processes, move the other claims also to our digital platform.
The steps involved in using a Paysack Reimbursement Management Solution:
- Company provides Paysack Expense Cards to Employees
- Based on company policy:
- the employee either gets advance paid for spends or
- top up the Paysack Expense Card using their own money (personal credit/debit cards)
- Employee uses the Paysack Expense Card to pay for claimable 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, medical, 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.
6. 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.
All this administered through a Digital Desk.
Thus, No more paper bills comes to office, ever.
How cool is that?
Let us come together to give the death blow to need for paper receipts.