Expenses
Flexible control through the web
Overview
The timely and accurate recording of expenses information, either associated with timesheets or not, is an integral part of most businesses. The key to successfully solving this issue is to make sure that the data is entered directly and accurately by the individual who incurred the expense wherever possible and processed seamlessly through the system for prompt reimbursement. Expenses and Credit Card forms can be entered in either home or foreign currency values with associated exchange rates to cover expenses incurred internationally.
Key Benefits
• Easy and accurate – you can allocate pre-populated project codes to each expenses submission, so making it easy for the user to enter the correct information and direct it to the right project
• Flexible – entering data through the internet provides up-to-date information at all times
• Built-in safety controls – expenses submissions can be approved at multiple levels within the web portal before they impinge on the accounts for processing
• Efficient and fast approvals - integrated alerts inform approvers when timesheets are ready to approve the moment they are submitted
• Prompt payment increased - integration with payroll means that timesheet data is sent for processing in preparation for automated salary calculations
• Visibility of your costs – all approved timesheet data updates project costing automatically for instant information on the cost of each project, so that you can choose to take action should the job be taking more resources than planned
• Rules-based automatic coding of expense claims by department, employee and expense type, eliminating (or requiring minimal) data re-keying
• Availability through a web interface – allows your staff to submit expense claims from anywhere they can access the internet and web browser
• Easy-to-use – the module is designed with a simple and intuitive interface with the occasional user in mind
Expense Types
By defining expense types within the software, the organisation can classify and control what format of expenses are allowed by any individual. The ability to specify and control elements such as VAT liability, project information, rates and quantities means that every type of real-world expense can be catered for. In addition, specialist expense types such as car mileage records with variable reimbursement rates can also be configured.
Authorisation
Within the Expenses module, authorisations can be set up in a number of ways. For smaller organisations, where authorisation is not required, this can be bypassed. Using the alert functionality, approvers can be informed in real-time when authorisations are required via email. A one-button click from the email will take the approver straight to the specific expense voucher for a quick and effective decision to be made.
Analysis
Ultimately, the expense information is required to reimburse the individual but also to update the financial ledgers accurately. The flexibility to define the posting rules for these transactions, by employee, department and expense type, means that every expense incurred by the business is analysed correctly and posted automatically.
Credit Cards
For organisations that issue company credit cards, the reconciliation and analysis of each statement can be processed through the web portal. Electronic import of credit card statements is supported with each download creating a new credit card voucher for each credit card. The credit card voucher is allocated to the appropriate owner and they simply have to classify each entry in terms of expense type and project information if applicable.
