Expense Management with HRMatrix
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, advance the cost and then make a reimbursement request to the HR 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.
All companies must be able to pay their bills on time in order to stay in business, and employee expenses are one of those bills. For any company with employees who conduct business outside of the office, expense management will always be vital. Even something as simple as a client lunch paid for by an outside sales manager needs to be documented, approved and reimbursed.
With effective expense management processes in place, companies can issue those reimbursements quickly and accurately. Employees don’t like waiting months after they cover an expense to get reimbursed.
HRMatrix Expense Management Process
HRMatrix Expense Tracking Management is a multi-step process that includes capturing and submitting expenses, which can involve: submitting reports, automated approving or denying those reports, store receipts digitally, and bill your customer.
With the right process in place, companies can monitor their spending, ensure employees aren’t abusing the system, and take quick corrective action if they are (e.g., letting individual employees know that they’re spending more than they should be in specific areas). If, for example, a salesperson has been flying first class without prior approval to do so, a quick check of his or her receipts will reveal the violation.
It can be difficult to find these issues with manual systems, particularly for a company with a growing team of field workers. Missing information, approval of spending without a thorough review and slow approvals are all common issues. This not only wastes employees’ time but also leaves employees wondering where their expense checks are (often as they’re already racking up new expenses for the next closing period).
HRMatrix Expense Tracking system makes the process easier and more simpler with incredible features. You can create, manage and organize your expenses into a clear report as per your organization needs. Save your time and make your business better by using this automated system.
HRMatrix Expense Tracking Features
HRMatrix offers the best, advanced and unique expense tracking hr module which can be accessible at anywhere anytime. Here we are going to discuss some features of this module.
1- PAPERLESS EXPENSE REPORTING
Automated Expense Tracking is better than Manual Reporting System. Now it’s time to say goodbye to Spreadsheets and Paper forms and replace the legacy system with ease and precision. HRMatrix offers you paperless reporting.
Simply login to the Online HRMatrix System and fill out an expense report in a paperless environment.
Keep your employees happy and your finance teams efficient.
2- AUTOMATED APPROVAL/REJECTION WITH SINGLE CLICK
You can easily Approve and Reject the report or expense sheet with a single click. HRMatrix Expense Tracking System helps to review the expense sheets and Approve/Reject them by leaving appropriate reasons.
“ Users can revise and resubmit the expense report when they get rejected.”
3- STORE EXPENSE RECEIPTS DIGITALLY
Stop worrying about losing paper receipts. You don’t need to remember every detail regarding receipts.
HRMatrix Expense Tracking Module helps to store your receipt digitally and you can check it anywhere anytime on your mobile.
Capture and Upload the picture of a receipt and let us keep things safely for you in the cloud.
You can send digital receipts as attachments when submission.
4- SUPPORTS MANY CURRENCIES
HRMatrix Expense Tracking module supports different types of currencies for expense tracking. We help you to handle multiple currencies and exchange rates for tracking.
“Provide accurate values with automatic currency conversion.”
5- BILL YOUR CUSTOMER
While your customers adjust to the new system, be certain to help them by explaining the safety of online payments as well as offering aid in the set-up process. The time spent doing these tasks will ease the transition and be paid back tenfold when your new, online billing system becomes commonplace for your customers.
HRMatrix Expense Tracking module helps you to easily mark your business expenses as billable by just a single click. You can rebill to a Client later if the expense is marked as billable.