What is expense management?
Employees often have to make business trips or purchase products or services on behalf of their company. The management of these expenses is one of human resources’ administrative tasks since these expenses are generally reimbursed by the company when the employee presents a receipt.
The invoice permitting the employee to be reimbursed by his company is called an expense report. Your employees must, with each purchase made for the company, pay the cost upfront and then make a reimbursement request to the HR or finance department.
The management of expense reports affects all companies and is often complex: numerous regulations govern expense management and reimbursements cannot be made without an invoice, so these receipts are very important. The management of expense reports is all the more constraining as the tasks relating to it are repetitive and prevent you from focusing on more strategic tasks.
How to manage expense reports?
Managing employee reimbursements can quickly become a repetitive and tedious task and it is important to always be attentive to avoid any abuse or mistakes. A good solution to effectively manage expense reports may be to use expense management software. Automate all procedures to accelerate the processing of expense claims and reimbursements. With an expense management software, it is possible to digitize and scan invoices and proofs of purchase to avoid printing them. Employees can take photos of their invoices and send them to HR with one click.
Managing expense reports also means managing your expenses. Set caps per project or per employee to avoid spending too much without frustrating your employees.
How to improve management of expense reports?
The management of expense reports can be complex for most companies as reimbursement requests require special attention. Each request and receipt provided by an employee must be checked to avoid reimbursing an employee for an expense that is not related to the company. In order to improve the management of expense reports, it may be a good idea to use an HRIS that includes an expense report module. This HRIS will allow you to automatically manage your reimbursements and be more efficient when it comes to this often repetitive administrative task.
An HRIS can also help you to avoid mistakes and comply with legislation.
What tool to manage expense reports?
An expense management tool can help you to save time and process expense reports more efficiently. You will be able to automate and digitize everything to avoid printing and going back and forth between offices. Expense management is a task that requires concentration, and it is a repetitive task that can sometimes lead to mistakes. It is therefore important to have a good tool for managing expense reports.
If your employees have a business meal or travel by train to a meeting, they will advance the cost, which will need to be reimbursed, because these are counted as professional expenses. It is therefore necessary to react quickly in order to reimburse the employees as soon as possible. Expense management software can be useful as it allows HR to be faster and better organized in the management of HR tasks.
What expense management software?
Expense reports are professional expense invoices that must be reimbursed by the company. In a context of development and growth it can be difficult to be fast and efficient while respecting legislation. An expense management software is therefore essential in order to avoid errors and abuse. It will allow you to manage reimbursement requests, receipts, validation and automatic reimbursements and it will also allow you to save time on this often repetitive task.
Many companies are still using Excel spreadsheets to identify different requests and reimbursements. A software will allow you to simply and easily see all the professional expenses of the company by type: lunch, transport… and by project, team and employee. It will also allow you to keep an eye on your budget and set caps.
Implement a good, powerful, efficient and fast software so as to not waste time with logistics, and thus focus on higher value-added tasks.
PeopleSpheres' HRIS helps improve your expense management
With PeopleSpheres, manage your expense claims efficiently and save time for higher value-added tasks. With our mobile app, your employees can directly record their business expenses and make reimbursement requests. You receive a notification for each reimbursement request made by your employees.
Because it can sometimes be difficult to differentiate between professional and personal expenses and to avoid abuse, PeopleSpheres helps you make the right decisions! Set caps to manage budgets and resources.
Finally, analyze your expenses by project and employee and access dashboards allowing you to see your reimbursements and your requests for expense reports.
PeopleSpheres offers you a solution to improve your expense management. Our HR software will enable you to involve your employees. They can then request reimbursement via the mobile application and send their receipts and invoices directly to the HR department.
Obviously, the validation of reimbursements should not be taken lightly. Our expense management module allows you to set caps and control expenses for each employee or project. You can also access the business expense history and export this history to your accounting or payroll software.
With PeopleSpheres, you also have access to numerous personalized reports, the nature of the expenses, which project your employees spent the most on, etc. Through this analysis, you can take measures to reduce these business expenses.
With our expense management software everything becomes easier! Employees only need to take photos of their invoices and send them to you via the mobile application. No more printing, and journeys back and forth between offices: become more efficient with PeopleSpheres. You can be notified by e-mail or by alert for each reimbursement request. Quickly view the most common types of expenses, and the expenses that you have already reimbursed.
Also manage your expenses and your budget by setting caps and define reimbursement methods by type. Schedule reimbursements to your employees’ accounts on chosen dates.
PeopleSpheres' HRIS enables you to manage your expense reports effectively
With PeopleSpheres, you have the option to digitalize your expense management system. The management of expense reports can be constraining for both employees and HR.
Thanks to PeopleSpheres and the expense management module, employees can register their expenses in 1 minute thanks to the mobile application. They can also transfer these receipts and invoices to the HR department directly via the application. So no need to photocopy and transfer lots of pieces of paper. Everything is electronic and paperless! Employees can follow the reimbursement of expense reports.
The procedures are made easier for HR too; the HR department is alerted as soon as an employee makes a request for reimbursement and can validate these reimbursements in one simple click. Thanks to our expense management module, you save time for your employees and facilitate HR’s job so that everyone spends more time on tasks with higher added value.
With PeopleSpheres, you can automate your expense management easily. You no longer need to deal with paper, your employees simply have to take a photo of their receipts with their phone or scan them. They can then send them via the mobile application and save them by type: transport, meals, etc. They can also follow the progress of their reimbursements in real-time and receive a notification when the reimbursement of the expense report is validated or refused.
Accelerate the processing of your expense reports and manage the budget easily: define the repayment terms: fees, capped costs… And analyze all professional expenses for each employee, project, or team. It is also possible to program the reimbursement to your employee’s account on a specific date.
So concentrate on more strategic tasks like talent management, and save time all while still respecting the law.