Expense Report
An expense report, whether it is related to Travel and Entertainment (T&E) or not, represents a different type of financial document than any other type of procurement that your company performs. Generally, companies and organizations have special departments or personnel dedicated to purchasing goods and services. When it comes to T&E expenses, however, companies must rely on their employees to implement the most efficient way to handle this financial transaction. Considering T&E expenses is the second largest employee expense category (after payroll). As a result, the task cannot be taken lightly.
First and foremost, the financial document called an “Expense Report” is not just an ordinary document. Expense reporting represents an enormous business process. It starts with an employee’s requirement to travel to a destination for a specific business purpose and it ends with the payment of those travel expenses to either the employee or the credit card company.
The complexity of this financial process creates a hassle for most companies, including even the largest enterprises. A simple expense report, if done properly, requires the following information:
- Integrating travel budgets with expense authorizations and allowance payments
- Creating itineraries with per diems
- Creating invoices with multiple line items and invoice images
- Calculating mileage expenses with approved IRS rates
- Managing manager, executive and accounting department approvals before and after the trips
- Integrating expense line items with projects for customer accounts
- Electronic receipts to comply with company and IRS expense policy rules and regulations
- Integrating expenses types with the vendors’ accounts
Implementing an on-premise financial business process of this magnitude requires many costly software components working hand-in-hand to produce that one simple “Expense Report.” These solutions create an overhead on every expense report that your employees create.
web2expense TE is a revolutionary expense reporting software that addresses all of the issues aforementioned. It is a state-of-the-art solution offered as a service as opposed to an on-premise solution. All that our tool requires is a web browser and nothing else. To sum it up nicely, we obsess about expense reporting, so you don’t have to.
For more information call us at 1-866-WEB2EXPENSE or send us an email at support@web2expense.com.
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