Keep Track of Employee Expense Reports and Reimbursements

Employers who lose track of reimbursements and employee expenses risk losing the trust and patience of their workforce. Reimbursing employee expenses should be a painless and quick process.

Managing employee expenses manually can create unnecessary administrative work for managers and HR teams. A centralized expense tracking process can help organizations visualize employee spending trends, simplify approvals, and reduce the time spent sifting through numerous receipts and reimbursement requests. 

The expense tracking solution keeps the expense management process moving forward, giving employees a convenient way to submit expenses while providing managers with the tools to review, approve, and track reimbursements. With features designed to simplify expense reporting and improve visibility, organizations can create a smoother experience for everyone involved.

Common Challenges Regarding Expense Tracking

Expense tracking, especially when performed manually, can become an exhaustive, tedious burden for employers, making the reimbursement process much slower than expected and, in turn, upsetting your employees.

Some common challenges that EBC HCM can help solve when it comes to expense tracking include:

01. Lost Receipts and Paperwork

Employees frequently misplace their paper receipts, leading to missing documentation and unverified business spending that could end up costing your business significantly.

02. Delayed Reimbursements

Manual review cycles slow down approval workflows, frustrating employees waiting to be paid back for out-of-pocket costs, especially if the waiting period strains their personal financial needs long-term.

03. Expense Policy Management

Without real-time policy checks, non-compliant expenses are often discovered long after the money has already been spent, which could rack up unnecessary costs to the business.

04. Time-Consuming Data Entry

Without a dedicated solution, HR teams spend hours manually typing items from receipts into spreadsheets or outdated software line-for-line, which can increase the possibility of human error.

New York State Expense Tracking Solutions You Can Trust

BENEFITS FOR HR AND PAYROLL PROFESSIONALS

Expense Tracking for Managers

The expense tracking solution gives managers a more organized way to review report submissions, monitor approval activity, and identify spending patterns, helping them make edits to expense policies when needed. 

With configurable rules and automated workflows, managers can also create a more consistent process for handling different types of expenses. Centralized expense information can make it easier to understand reimbursement activity and maintain more accurate financial records.

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Expense Tracking Features for Managers

EMPLOYEE-FRIENDLY SOLUTIONS

Expense Tracking for Employees

Submitting an expense report shouldn't require employees to hold on to receipts or wait until they're back at their desks. Expense tracking software gives employees a convenient way to submit expenses and snapshot receipts from virtually anywhere, making it easier to keep reimbursements moving while expenses are still fresh.

Employees can also get clearer visibility into the status of their submissions, reducing the need to follow up with managers about where a reimbursement stands. A simpler process can make expense reporting feel less tedious, simplifying a part of their employee experience.

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Expense Tracking Features for Employees

COMPLETE & VERSATILE Expense Tracking SOFTWARE

Features of Expense Tracking

Expense tracking brings the different parts of the reimbursement process together, from employees submitting expenses and managers reviewing receipts to the final approval of requests and processing reimbursements. Configuring expense types and rules in the solution allows you to tailor the process to your policies, with rules that can help ensure expenses are categorized appropriately.

Automated notifications, customizable approval workflows, expense status tracking, and reporting give both managers and the employer enhanced awareness throughout the process, making it easier for all people involved in the process.

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Expense Tracking Features included in the Solution

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Expense Tracking Solution?

Watch the Expense Tracking Demo Video and find out just how easy it is to track, approve, and reimburse employee expenses.

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