Improving employee experience through quick expense reimbursement
Using employee expense management software will help companies overcome common roadblocks like delayed or inaccurate reimbursements, expense policy violations, and improper validation processes. Let’s discuss how the platform helps companies iron out challenges in expense reimbursement mechanisms for better employee experience.
Simplify the claims reporting process
Traditionally, employees will have to save the bills till the end of the month or when they return from their business trip to report expenses. This creates quite a few obstacles like receipts getting damaged or lost, forgetting to report some of the expenses, and submitting older bills by mistake. It will make report submission difficult for employees. For finance teams, they will have to verify every receipt before processing the refund. Imagine this scenario when a company has multiple on-the-road professionals.
Using an employee expense management solution like XPNS will allow your team to report their expenses on the go as soon as they make the transaction. While XPNS gives you the option of a prepaid card to manage business expenses, it also comes with a mobile app that enables employees to submit claims right from their devices.
Enable digital receipt submission
Handling paper-based receipts is risky. You can easily lose or damage them after carrying them for several days across locations. Since it is impossible to submit a claim without a valid bill, the employee ends up losing the money. There is another challenge with paper receipts. They can be easily manipulated or fabricated facilitating fraudulent claims. Avoiding these issues is easy by allowing your teams to submit digital receipts.
XPNS allows employees to scan invoices or receipts using the mobile app. Its smart scan mechanism uses AI-based OCR technology to accurately capture the data from the physical bill and allow faster submission of expense reports.
Automate approval workflow
Once a claim is submitted successfully – albeit after a tedious process – the finance team will have to track down relevant stakeholders to get the approval. Expenses from different departments will require assent from different managers, and the responsibility falls on the finance team to ensure that the requests are routed to the right heads. If not, the reimbursement is further delayed.
Instead of handling this manually, the finance teams can automate the request routing using XPNS. It allows you to create multi-level approval workflows freeing the team from engaging in back-and-forth for refund clearances. The stakeholders will receive notifications and reminders, which will expedite the claims processing creating a seamless employee expense management system.
Implement corporate expense policy
Most often employees make a business expense only to realize that it was an invalid purchase at the time of claims submission. It will only add to their frustration. With an employee expense management solution like XPNS, you can automate the implementation of corporate expense policy for consistent purchases. By integrating your expense policy with XPNS, you can trigger alerts to employees when they are about to violate the policy. You can configure notifications for expense thresholds, banned category purchases, and so on.
Design employee-centric reimbursement process with XPNS
Companies commonly rely on their employees for on-demand or unplanned business expenses. This is especially true for T&E where employees are expected to take care of their expenses during a business trip. These expenses include airfare, accommodation, and client engagement costs, which could get quite expensive. In return, employees only expect their employers to process their refunds faster. For this, employee expense management must be streamlined by eliminating the bottlenecks that delay reimbursements.
XPNS is a brilliant expense management solution that is built specifically for small and medium businesses. It facilitates faster claims reporting and automated approval workflow so that employees get their money back fair and square.
