Expense management is a task which every company should take seriously and be quick at, the reason being it allows the employee to purchase a much-needed item or service for your business when you need it.
Understanding this need we at 247HRM have reinvented Expense management. Gone are those days when organizations could wait to take decisions on purchasing services, approving travel etc. Employees had to plan days in advance to ensure that paper-based approvals got done in time. Our fast paced world decisions often have to happen in minutes. With our expense tracker, these transactions are easy because 247 HRMs expense management application allows managers & management to keep track of expenses and ensures that reimbursements are made based on company policy & employee eligibility
Employees play a crucial factor in making a company successful and they are the people who keep the business moving by taking ownership. Employees form the backbone of any company and management should support them in their endeavor. This relation ensures that the business runs smoothly and eventually drives more profits. Reimbursement Claims & Expense approvals can be approved within a minimum time. Compensation benefits such as Telephone, Conveyance, LTA , Medical expenses can be viewed & approved instantly.
It allows the employees to check available balances of salary reimbursements, checks their expense & claim history, requests advances for travel, view eligibility and can file their claims online as well.
This software manages all the operations in a short time providing accurate data and the management tracks the reports and can optimize in a case of unnecessary expenses.
Fast Track Reimbursements Through Expense Management Tools:
Automation makes everything flow through a streamlined approach, particularly in business management. Expense management software increases turnaround time of approvals, visibility of expenses & employee eligibility and helps employees take ownership of tasks assigned to them which require out of pocket expenses.
Scans or photos of receipts can be directly sent for approval through the workflow engine and clear information is provided for financial analysis and in-depth study of expense archiving. These automated expense report tools can give better control over the expenses within the budget threshold.
These automated systems are hassle-free to use and errors are automatically detected which are sent in the form of alerts. For eg : If employees exceed budgets it alerts them and doesn’t allow the request. This ensures safe, authorized expenses within the budget according to the company reimbursement policies.
Data on salary reimbursements, advances towards expenses & approved claims can flow to 247 HRMS Payroll & IT applications making sure that there is no errors in between and ensures that employees get accurately reimbursed.
These automated tools have increased productivity & efficiency while being cost effective. It frees up time for HR, Finance & Accounts teams, helping them to focus on core operations and gives them insights on how to better manage expenses.