Keeping track of employee expenses is critical for controlling your cash flow. Employees that travel for work on a regular basis will need to submit expense reports and follow travel policies in order to be reimbursed. It is important to reimburse your employees properly for whatever expenses they make as well as to manage your cash flow. But this is a tedious task for multiple departments as well as employees to streamline this process and often a time-consuming job.
Inaccurate claims, imprecise policies, and even fraud are all concerns that organizations confront when it comes to expense reporting. How can you simplify the cost reporting process and make reimbursement easy for employees? How do you maintain an accurate compliance in place to prevent the fraud?
You've come to the perfect place if you want to automate your expense reporting.
The benefits of this Use Case
Expenses+HRMS+Accounting integration automates the submission, approval, and recording of expense reports seamlessly. Expense automation benefits businesses in effectively tracking expenses and complying to policies. This eliminates the need for paperwork and the time-consuming use of spreadsheets to file claims. It also allows you to quickly reimburse employees on time and keep a better reporting. With this integration of expense management to HRMS, then to accounting, an employee can submit expense reports to the system which are automatically routed to an approving manager for review, and for the compliance check. Once it is approved, the report is then routed to his payroll for final approval and processing, then to the finance team for employee cos allocation that helps with better reporting of the expenses.
Other Benefits include:
1. No more paperworks
2. Complete auomation of reporting and approval
3. Better Reporting of expenses and increased visibility
4. Precise compliance can be maintained by using automation tools.
5. Prevents expense fraud
Applications and Systems that need to be integrated
How Gridlex’s Integrated App Suite Helps
Gridlex’s Integrated App Suite allows you to streamline the most critical responsibilities such as managing different expenses of amployees, including expense submission, approvals, and and expense reporting in one place. The integration eliminates the risk of entering data manually and engagning a lot of valuable time. With Gridlex's integrated apps such as payroll and accounting, you can add employee expenses into the extra payements that is customized in the payroll, and pay the employee.