The Ideal Expense Management Process


expense management process

What is the ideal? Well, it's better than a manual, antiquated process, that's for sure. Let me walk you through a scenario of how ExpenseWire can facilitate an ideal expense management process. With ExpenseWire, employees can build an expense report at any time from a mobile phone or web-based computer. To make expense reports even easier, ExpenseWire is integrated with travel booking sites and can import transactions from credit cards, which is great, because it saves employees from data entry.

During the expense creation process, the built in rules check each line item against the expense policy. Once an employee has created an expense report and attached all of their receipts, they can then submit it to the assigned approvers. Companies can have as many approvers as they'd like, and can vary it by employee. The approvers will receive an email, and can review and approve the expense report with just one click. Alternatively, they can access the expense report and drill down for more detail. The process is really quick and easy. Once the report is approved, it is routed for reimbursement. Accounts payable can see the approved report, and how many expense reports this employee has submitted. Approved expenses can be deposited directly into employee bank accounts or they can be passed onto payroll, which, again, may be direct deposit. In addition, the expense detail can be exported for use in the general ledger.

ExpenseWire provides visibility and control over the whole process and all of the details. Custom reports and graphical analytics put everything within easy reach and provide drill down capabilities so that you can get into the details.

The result is a uniform expense management process that sets requirements and workflows to minimize rework and maximize visibility.