The reporting manager takes a look at the expenses, reviews the receipt, and checks if the expenses are within the policy limits. Typically, traveling employees submit their expense reports to their reporting managers.
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How to achieve faster reimbursement for travel expense reports? Who is responsible for expense report review and approval? How can expense policy compliance benefit your business? At the same time, it reduces the burden for the finance team, who can now focus on timely reimbursements. It ensures that the company does not lose money due to inefficient review. They should be able to spot policy violation while reviewing the expense and send them back to the submitter if need be.
You can include multiple stakeholders in the approval process, who are well aware of the policy limitations on each type of expense. On the other hand, you can implement a review and approval process that makes work easier for the finance team. It further leads to delay in reimbursement, causing frustration among employees. As a result, finance executives have to spend close to 18 minutes to processes an individual expense report. These errors come to your attention only when you review them carefully.īased on a report by GBTA, on an average, 19% of the submitted expense reports are ridden with errors. For example If the employee has included $250 dry cleaning charges as a part of lodging, it is an unreasonable spend that should be discouraged and rejected. It is unwise to process the payment without reviewing the expense report. This translates into additional work for the finance folks.Īfter submission, all the expense reports come to the finance executive’s desk, waiting to be processed and reimbursed. As a result, the finance team has to send multiple emails to remind them of expense submissions. Often, salespeople forget to submit their expense reports on time, keeping it for later. Therefore, timely submission becomes important. The finance team has to account for all these expenses to keep track of the T&E expense budget and allocation. Employees travel from one end of the globe to another, meeting clients and closing deals. Things to consider while designing an expense approval workflow Why is it necessary to review and approve expense reports?Ī growing business has an innumerable amount of business travel expenses. When should your business move out of Excel? Further, we consider the key factors one must keep in mind to efficiently review and approve expense reports submitted by traveling employees. In this article, we discuss the importance of expense report review and approvals. Although the mistakes in expense reports doesn’t seem like a big deal initially, it could lead to a massive loss of money for the company in the long run. When you are reviewing and approving heaps of expense reports daily, you may overlook a few violations here and there. Among such tasks, usually, expense report reviews are down the priority list. You need to prepare the financial statements, handle budget planning, prepare revenue forecast and so on. If you are still doing it on paper (which you shouldn’t,) a signature is all it takes.Īs a finance executive, you are already knee deep in paper-work. The secret lies in a click of the button. Such values work at the expense of a positive evaluation of females.Expense approval seems effortless on the surface.Similarly, countries may make use of automation to improve their international competitiveness, sometimes at the expense of other countries.The cars were produced quickly, at the expense of safety.All is filtered through Hoving's glass, which magnifies himself at the expense of his colleagues.So there is little chance that the 1993 programme will go for short-term audience gain at the expense of long-term credibility.You will now release me: the resulting implication being that I bought my freedom at the expense of his.The two companies said their marriage will come at the expense of 2,000 jobs.These are not just the shifting form of the economy and the rise of financial capital at the expense of productive capital.The client may win in court, but at the expense of destroying the business relationship, he says.He did not want to devote more time to his business at the expense of his family.From Longman Dictionary of Contemporary English at the expense of somebody/something at the expense of somebody/something HARM/BE BAD FOR if something is done at the expense of someone or something else, it is only achieved by doing something that could harm the other person or thing the growth in short breaks, at the expense of longer package holidays → expense Examples from the Corpus at the expense of somebody/something
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