An overview of Expense Management:
Expense is basically secondary cash flow in any company after salary. As per the GDI survey expense can affect companies’ growth up to 10 percent if you can’t control or monitor them. Employees often make clients’ visit or purchase products on the company’s behalf. They seek reimbursement by the company when they submit a receipt. Most companies make the employee fill up a paper-based expense form which makes the system slow, questionable, and hard to track.
Why automation is necessary?
Every company needs automation of expense process to make it transparent and fast. It would help in certain following ways:
Prevent fake expenses: Expense reimbursement is the easiest way to steal from the company by submitting fake expenses or overstating the expenses or possibly when the same expense is reported multiple times. The Association of Certified Fraud Examiners reported approx 14.5% of all asset misappropriations investigated involved expense reimbursement fraud. In this case, hr software allows managers to approve or partially approve the expense only after reviewing it.
Expense Reports: The management of expense reports is often complex. The expense reports are all the way more constraining as the tasks relating to them are repetitive and prevent you from focusing on more strategic tasks. With the help of HR software, customized reports can be generated in a single click.
Misplaced bills affect GST returns: As per the economic survey company lost GST up to 10 percent due to misplaced bills when bills are submitted on paper manually. The software can calculate GST because the bill is also attached for approval and it prevents bills to be misplaced.
Set up company policies: HR software lets companies maintain travel reimbursement policies and guidelines like Travelling Allowance, Maximum Payment, Workflows, Alert, Reports, Expense Categories, and form, etc.
How does HR software work?
NYGGS HR software provides user-based access which means an admin who controls the system, can give permission to every user on the basis of their job role in the company. Let’s divide these roles into three levels; Admin, Managerial, and executive. What tasks they can perform in the expense management module are:
Admin: Admin can see what’s happening all around. He can set up expense policies, workflows, reports, and forms, etc. He can give permission to employees on the basis of hierarchy.
Manager: The manager takes care of: Approve expenses in real-time, Validate conveyance expenses with field visit mileage, Ensure expenses are filed timely as per policy, Manage advance requests, expense approvals, and booking requests.
Employees: They can log in to the system and can submit expenses in categories like — Travel, Mobile Bill, Food, Lodging, etc. These categories belong to the client or project. He can check his status from his mobile application that his expense approved, rejected, or partially approved with reason. The user gets a completely transparent process in Software.
To summarise, NYGGS gives you the option to go paperless and completely digitize your organization. It saves time for employees to print out the bill and submit it along with the fear of getting misplaced. The HR department will also get alerts as soon as any expense will be submitted and allows them to take action, generate employee-wise or day-wise reports and review it. Hence, this expense module brings values and transparency to employees, HR, and managers.