Expense Report Management with ExpenseWatch.com

Uploaded by ExpenseManagement on 17.05.2010

If you run a business, you spend money. With ExpenseWatch.com, you can control it –
all of it.
If you are like many small and midsized businesses, your travel and entertainment expenses are
a big cost area. This is why it’s one of the first places companies look to control
and cut spending.
Like many small and midsized businesses, you likely use paper or spreadsheets to report
on expenses, making it nearly impossible to get a complete picture of expense report spending
within your company. What’s more, your paper-based processes give you little or no ability to
actively manage and control expenses.
ExpenseWatch.com Expense Reports opens the window into all travel and entertainment spending,
providing in-depth visibility over company-wide expense reporting. Everything is managed electronically
-- from populating expense reports with booked travel data and linked credit card charges,
attaching receipts, obtaining approvals, through to the request for reimbursement -- reducing
or eliminating the need for paper.
You can incorporate your company spending policies in ExpenseWatch.com, which means
your expense rules, such as spending limits, per diems and mileage reimbursement rates,
are applied as expense reports are created. For every expense category you can require
as much detail as you need from submitters and set the level of enforcement you want,
by flagging, truncating or even disallowing spending for requests on items that are out-of-policy.
You can even set alternate limits for different roles within your company.
Optional travel vouchers allow you to review and approve spending for travel before a trip
takes place.
Creating expense reports couldn’t be easier. Expense information from third-party systems,
such as travel bookings and credit cards, flow directly into ExpenseWatch.com. You click
to pick the information to be placed onto your expense report. Cash receipts are quickly
entered using the virtual receipt entry screen. The powerful foreign currency engine automatically
calculates reimbursements, including mileage, to any base currency. Scanned, photographed
or faxed receipts are easily attached and can be viewed by anyone reviewing the expense
report. Traveling employees can create expense reports offline and synchronize when they
next connect to the Web.
When ready, expense reports are electronically routed to approvers within your pre-defined
approval chain, which can have as many or few people as you deem necessary. Email notifications
with embedded links advise all approvers of reports needing attention. Approvers easily
see out of policy spending and can approve or reject individual lines or the whole report.
Additional approvers can be added on the fly, and delegate approvers can be assigned to
keep reports speeding through the system should a manager be away from the office. When company
budget information is uploaded into ExpenseWatch.com, approvers have complete visibility into what
impact the submitted expense report will have against planned spending.
Once approvals are completed, expense reports arrive seamlessly into the accounting department
and are accessed using the ExpenseWatch.com AP Invoice Management module. Accounting reviewers
have complete visibility to the report and can correct errors and modify items. Once
an accounting reviewer gives the final okay and issues a check request, ExpenseWatch.com
sends the information to your accounting system or payroll vendor, eliminating the need to
re-key expense information.
ExpenseWatch.com offers the most comprehensive reporting engine in the industry, enabling
you to analyze and view your expense report data exactly how you want to see it. You can
see how your spending is versus your plans; review, stop or modify spending that is in
the pipeline awaiting approvals; and analyze which employees are spending money and on
what they are spending it on. This real-time window into your company spending means better
decision-making and superior business performance.
Expense Reports is part of the comprehensive, fully integrated ExpenseWatch.com expense
control suite, which also includes Purchasing and AP Invoice Management. Each best of breed
module resolves specific spending issues you may be facing within your company. When used
together, you eliminate time and resource consuming manual, paper-based expense control
processes, while automatically ensuring your company spending policies are applied and
enforced. What’s more, you open the window into all of your company spending – what’s
been requested, approved and paid – and gain an unprecedented real-time view into
how money is being spent throughout your entire company.