Expense management software processes pay and audits employee expenses. It’s a very useful thing if your business often has to manage staff expenditure.
That can include on a company trip, fuel, accommodation, or any ad hoc needs.
The good news for your business is there’s an expense tracker app for that—Pop. And it lets you manage everything with ease.
So, we’re here to take you through what it has to offer. And we’ll show you the benefits of using employee expense management software.
What are employee expenses?
These are to cover costs your member of staff incurs in the name of your business. There are common types. Including:
- Company trips abroad (or cross country).
- Food expenditure.
- Fuel (for a company car).
- Ad hoc expenses (such as needing to print off documents while at a work event).
Regardless of the type, you’ll need to pay your employees back. So, whether that’s a trip abroad or for the fuel in a company car, you can use employee expense tracking to monitor expenditure.
This helps to accurately pay your staff back the right amount.
Which you must do. Under current UK employee expense reimbursement law, it’s a legal requirement for you to pay back staff.
And you’re in luck, as it’s never been easier to do that. With employee expense reimbursement software, you can quickly forward accurate payments to your staff. More on that further below.
How to manage employee expenses
It’s a process businesses and employees don’t particularly like. But it’s a necessary step, otherwise costs could get out of control.
Traditionally, it was a time-consuming, complex, and (frankly) pretty annoying tasks for businesses to complete.
It’d involve rummaging through receipts after a trip abroad and working out how much was spent. And there are three ways to go about maintaining this:
- Use a fair policy: This should clearly state what your process is—and the actions your staff must follow. Use clear English for this, leaving out tax jargon that could confuse your staff members. Ultimately, you want them to know the steps they need to follow.
- Consider everyone: The process must take into consideration the needs of your business—and workforce. If, for example, there’s a trip in the benefit of your business, you shouldn’t make employees pay for it. So, if they need to spend money for work purposes you should look to repay them. It’s good business practice and can maintain good working relationships.
- Make your process easy: This is for the good of your business—and to make it a painless experience for staff. You can help here by removing the need for masses of paperwork and receipt documenting. Trust your staff. And perhaps provide them with software that lets them document their expenditure. But, above everything, make sure you make employee expense reimbursements on time (and accurately).
How to record employee expenses
These days, an employee expense management system will take care of the three steps managing expenses:
- Keep track of your business’ costs.
- Analyse your expenses.
- Collect invoices and other documents.
Of course, it’s really important you collect all of your invoices. You may have an accounting team to manage the above for you. Or you can outsource to services to take care of it for you.
Pop—how our expenses tracker can help
So, what’s the best system to pay employees for expenses? And what’s the best app to keep track of staff expenditure?
Well, with Pop you can take care of everything in one simple app. It’s easy to use and accessible, letting you manage everything on the go.
It’s essentially employee expense reporting software—it just looks, and performs, in an engaging and understandable way. Some of the perks include:
- Letting your staff easily log into the system to log expenses. All of which you can approve—or decline—with a single gesture.
- Real-time notifications for expenditure requests.
- Accurate cost reporting.
- View and update employee expense reports with ease.
The app lets you follow the best practices for employee expense reports. Which includes ensuring your record keeping is accurate—and paying your staff back the correct amounts.
Using this employee expense claim system can save you time and make staff face the—once annoying—process of making requests with a better frame of mind.
You can also cut out any chance of errors, such as not paying staff back, or overpaying them by mistake.