Improve business expense management

Create budgets on a departmental or category level, track and optimize expenses, and increase savings regularly. Use data from past budgets and actual expenses for each department, along with the information from department heads on their plan for the financial period ahead, to create a realistic budget.

Setting up hierarchies and controls ensures that expenses are monitored, checked, and approved before the payout is completed. With the platform, it is easy to choose from the various options or create a hierarchy that suits the departmental structure, the expense type, and the urgency of spends.

Fast-track and optimize the entire reimbursement process with a better spend overview. In most businesses, employees often have to make payments for official purposes, and these need to be reimbursed. Since reimbursing official employee payments requires checking and verifying the paperwork and approving the expense, it can be time-consuming.

Expense management software is a complete solution that helps you manage the entire process from receipt to reimbursement. You can track all types of expenses that your business and employees incur. It will help you track advances provided, expenses incurred, receipt management, policy checks, approvals, and reimbursement. Plus, it enables you to collate expenses into reports & insights per stakeholders’ needs.

EnKash's expense management software simplifies expense report management by capturing expense-related information at every stage. It parses through information from receipts and invoices, matches them with expense details, and stores them securely in the cloud. It also allows users to sort expenses by type, department, or other criteria to generate reports as needed. Additionally, it hosts a deep insights dashboard for all types of reporting across departments, categories, cost centres for defined intervals.

Expense management offers many benefits, which include:

• Helps manage costs related to the business with efficiency

• Ensures that expenses don’t exceed set budgets

• Allows you to meet compliance and risk management requirements

• Reduces fraud and speeds up reimbursements to improve employee morale

• It lets you refine and implement the company expenses policy

Issuing virtual cards with spending limits is an effective way to manage employee expenses. Other general steps for managing employee expenses include:

• Creating and sharing an expense policy

• Setting budgets for each type of expense and designing approval hierarchies

• Implementing easy expense reimbursement processes to enable quick submission of expense-related documents

• Ensuring all approvals are in place before reimbursing expenses

• Tracking expenses at all levels to ensure spend is within budgets

An employee expense management system helps you manage employee expenses from end to end. Whether it is in advance for expenses like travel and entertainment, subscription costs, etc, that an employee undertakes on behalf of the company. The expense management system ensures that all expenses incurred for the business are valid, correct, and reimbursed on time.

A good example of employee expense is when an employee travels for business-related work. For instance, if a salesperson travels to another city for product demo and selling, the employee can either take an advance for the same or pay from his pocket and get the amount reimbursed later using the relevant documents.