EXPENSE MANAGEMENT

The Smart Way to Manage Business Expenses

EMPAY - Expense Management Portal

Empay offers the ability for all employees to submit claims from any device whether a PC, tablet or smartphone.

Employees with the correct approval authority will have the ability to review expenses and associated documents.

 

Add any document

At any time during the approval workflow, users can add attachments to the invoice or the expense such as images, spreadsheets or e-mails. The attachments added through the Web Approval Portal are immediately available to other users in the approval process.

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EMPAY Designed with simplicity in mind.

With the EMPAY portal, you'll spend less time chasing your employees (and vice versa) via email or phone and instead give on-demand access to their claims either pending, approved or rejected information.

 

Simplify Your Staff Expenses

Today’s employees expect their organisations to provide the latest, most advanced and easy-to-use software to get their jobs done.

They increasingly rely on mobile solutions because they are on the go and alternate between several devices to get their jobs done - smartphones, tablets, laptops and desktops.

If the software doesn’t work where they are, on the device they’re on - it simply doesn’t work for them.

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The hidden costs of managing expenses

Businesses spend a huge amount of money each year reimbursing workers for on-the-job expenses they have paid.

It is not only the expenses themselves that cost a business, but how they are processed can also have a direct impact on profitability.

When staff expenses are being processed, there is likely to be higher costs or lost earnings resulting from:

  1. Increased strain on the finance/accounting team
  2. Lost productivity from employees while completing expense paperwork
  3. Difficulties in fact-check expenses are legitimate and work-related
  4. Constraints on cash flow (reimbursing employees promptly can crimp business cash flows, especially when unexpected claims are lodged; while delaying repayments strains employee budgets, leading to workplace tension)
  5. Determining and overlooking possible fringe benefits tax (FBT) liabilities

 

Benefits of an Expense Management System
  1. It reinforces Compliance: Compliance is one of the leading factors why companies adopt an automated expense management system. Costs and productivity issues follow, along with the search for a solution to simplify the approval process of expense reports. Manually processing each request is acceptable if there are only a handful of employees submitting them every month. However, this method becomes impractical when submissions start exceeding the hundred or thousand mark.

  2. It improves processing times: There are a number of companies that still use an offline system for managing expense reports. They usually require employees to submit receipts and notes to claim reimbursements. We all know that receipts fade quickly, making them inconvenient to use as proof of reimbursements. This cumbersome and impractical process holds back productivity by forcing you to give more time to filing and reviewing reimbursement requests instead of allotting energy on more important matters.

  3. It reduces processing costs: The cost of manually processing reports is significantly more expensive than doing it with an automated expense system. If your company processes hundreds of reports per month, the cumulative cost to the budget is definitely substantial. Mobile expense management software allows you to snap a photo of your receipts, reducing manual entry and input errors associated with it. 

  4. It enhances productivity: Time spent by employees in creating and submitting reports on a manually maintained expense system can hamper productivity. In addition to this, the time managers and CFOs spend in reviewing and approving reports is a significant number of hours that could have been spent more efficiently. 

  1. Streamlines processes: Who approves the report of managers? What if the manager is on leave?  If the process is not clear, approval of expense reports can be frustrating for employees. With an automated expense management system, organizations can benefit from the standardized process it follows. You can configure the approval flow for expense submissions your company follows. Stakeholders will know if there are pending items on their action list. Software triggers and notification alerts can be set to remind approvers to look at their task queue.

  2. Employees get reimbursed in time: Some reimbursement requests take time to get approved because of an inefficient and outdated expense system that can’t handle multiple requests at the same time. Most of the time, though, a poorly-constructed approval system may be the culprit. Mobile automated expense solutions can notify you of pending approvals that need action. You can approve claims quickly from your phone, even when you’re on the road. No need to go to the office and log into your workstation just to approve expense reports. You can access the system wherever there’s internet connection.

    Manual systems can’t show employees where their submitted reports are in the approval flow but with an automated expense system, they have visibility on the status of their claims and receive notifications if there are any missing information that needs to be validated in addition to reasons for any claim that has been rejected.

  3. Conclusion: As a company expands, more employees are hired, resulting in increased volume of expense claims. Outdated expense reporting solutions may not be able to cope up with this surge. Manual systems are not only prone to errors but also costly to maintain.

    Automated expense management solutions present a number of benefits that can save businesses from unnecessary spending. What you need is a software that’s fast, scalable, reliable, and convenient to use. With an automated expense management system you can snap photos of your receipts, have it screened and processed in a centralized system.

Consult with a Solution Specialist

Our automated expense system is designed to make the lives of CFOs, Sales Managers, and employees easier. If you want to know how you can make your organization’s expense management more efficient, just give us a call.

Call Paytec on:

MELB: +61 3 8804 1303

ADL: +61 8 8464 0333

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