Controlling the reimbursement of expenses in your company is very important. A clear and functional reimbursement policy brings several advantages to the business, including agility in the process and satisfaction of its employees.
Mismanagement of reimbursements, on the other hand, can lead to a lot of damage to the organization and its employees. Vouchers can be lost, unauthorized expenses reimbursed, employment claims against the organization for non-payment, and so on.
For this reason, there is little care when controlling the reimbursement of expenses in your company. See in this article the main ways to manage this in your business and prevent yourself from problems in the future.
Do you want to optimize your refund management quickly and easily? Follow this advice and you’ll never mismanage your finance expenses.
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1. Travel expense report
Spreadsheets and reports commonly known in the financial and administrative sector of any company. Most companies use this document to manage travel expenses and make reimbursements.
There are two travel expense reporting options: manual and virtual. Learn about the differences, advantages and disadvantages of each one below.
The old paper and pen. It is a spreadsheet or simple report filled out by hand by an employee or the owner of the company. The advantage is that you can take this notebook anywhere.
However, there are many risks of losing your report. Imagine writing down all of your travel expenses for the month and then the report just disappears?
Another downside is understanding the report. If you have an employee who seems to write in another language, it will be impossible to understand the data. Also, to calculate your company’s total cost of corporate travel, you’ll need to analyze each report. If you have a lot of employees that travel, it will be quite a job, don’t you think?
The virtual report is similar to the manual one, but it is filled out from a computer, tablet or even cell phone.
As it is saved in the smartphone’s memory, or the computer’s HD, the chances of losing it are lower. You can also cross different reports, with the help of a spreadsheet editor to group data and issue general company reports.
However, completing all columns in the worksheet takes time. Depending on the amount of data to enter, we are talking about several hours in front of the computer.
2. Applications and software
Applications and software to track refunds are faster, more reliable and accessible from anywhere, most of the time. See the most common options and discover the advantages of each.
A payment management system helps generate and track invoices for the company’s disbursements. When someone manages the entire company, nothing is more natural than grouping all expenses as well, right?
Well, not so much! You can even enter expenses and record reimbursements, but you’ll have to do this manually, one by one. This is because the system will not automatically generate these accounts for you. However, payment systems are useful for organizing records of expenses and issuing business receipts
Travel management software
A travel management software is specific for this purpose and used a lot in companies with high demands. Among its functionalities, some allow the inclusion of expenses. But they rarely solve all of the financial sector’s problems.
You most often need to record the expense manually and audit each entry one by one. This micro-management can take up a lot of your time and take your attention away from other areas of the company.
There are still other apps that can be used to track refunds, like Evernote for example. However, as they are not created for this purpose, they act as a palliative solution and aggravate your problems over time.
They can even streamline some activities and attend to the business for a while, but at one time or another they will let you down. Whether it’s the absence of a detailed report, the lack of scanning of a receipt or anything else.
3. Refund management software
The most appropriate and effective way to control reimbursement. These programs were designed specifically for this purpose and, therefore, have features that no other option on the list has.
Among the features of a refund management software are:
- Posting expenses;
- Scanning receipts;
- Automated expense auditing;
- Integration with the business Refund Policy ;
- Works on any device;
- Data is stored in the cloud;
- Easy reporting.
A reimbursement control software offers you more control of the process and gives more reliability to the data.
Also, all the negatives of the other options simply don’t exist with a cashback management app. This solution solves your problem without a doubt.