Is your business tired of gathering receipts and manually approving paper expense reports? If so, there are several options available to your business. Today’s technology has made the process easier and more convenient. Each platform offers a different type of solution. You want to find the one that will best fit your objectives.
Expensify is a web-based expense tracking software that works for customers of any size. They also offer a mobile app for tablets and smartphones. With Expensify, a user takes a picture of the receipt in the app and adds any necessary details. Users can upload from the Web or drag and drop from their computers.
Using Schedule Submit, your company can set a schedule to automatically process what is in the system, keeping you from having to create a report manually. Once the report’s created, it is available for approval by the specified approver. The person approving the expense report can reject it for correction or removal. Once approved, payments are made through an ACH account that the employee sets up or through one of many third-party systems.
Expensify has multi-currency capability, supporting over 160 currencies. Travel reporting options include mileage calculations that can be calculated based on entered mileage, odometer readings, or GPS navigation. This feature is not available in all-expense reporting options, so it is an important availability to note. Expensify integrates easily with both QuickBooks Online and Xero.
You also have options that allow expenses to be budgeted and paid through a company business card that acts like a credit card. Brex and Divvy are two of the options available. Both operate virtually the same. Neither are true expense reporting software, but more like a travel card that doesn’t require the employee to pay for expenses up front. Mileage is not reimbursable through a business card.
Brex and Divvy run off the Mastercard network, so they’re accepted anywhere that credit cards are allowed. You can set the amount that is allowable for each employee, and they are unable to use above the approved amount unless additional approval is received. Approving additional funds is as easy as requesting a real-time adjustment to the limit.
For your business, these can offer up to a 30-day float on cash. Business owners do not have any personal liability. Another advantage is that this card can help build company credit. The cards are free since the fees collected from the merchant pays them. They also have reward programs and travel deals available.
The card company sets the monthly limit that you are allowed (based on your cash reporting), and you divvy that up between employees. Allocation isn’t required for the full limit, only what you budget per person. New employees sign up on the dashboard, and they receive a virtual and a physical card to use for purchases.
Like Expensify, the employee takes a picture of the receipt, and they are matched and uploaded to the statement. Both integrate with QuickBooks Online and Xero.
Companies must be cash solvent to use these cards as payments are due based on the card schedule. Brex is deducted from your bank account monthly, and Divvy is deducted daily, weekly, bi-weekly, or monthly.
If expense reporting continues to be a problem in your company, contact us to learn more about how we can help get your back-office in order.