Expense reimbursement is a method for paying employees back when they spend their own money while working on company time doing activities for the company. These activities include a business trip to make a sale or market a product in a trade show. Travel expenses may include lodging, flights, ground transportation, food, and other incidental expenses that an employee might experience while traveling on work.
Other business expenses may include such items as taking clients or prospective employees to lunch or dinner, purchasing necessary books or other educational materials that the employer covers, or driving expenses.
Drawbacks of managing the Expense Reimbursement manually:
- The request is submitted in the form of paper. Hence there is more chance to miss it.
- When approvers are on leave or out of station, reimbursements are often delayed due to long approval processes which frustrate employees.
- Time-consumption for employees to track expenses.
- It is draining on internal resources to process reimbursement and reporting.
- Receipts are often missed and time-consuming to track down and replace.
Benefits of Cflow’s Expense Reimbursement Solution:
An Expense Reimbursement request is submitted and all the expenses made by the employees are tracked and routed to appropriate reviewers. Quick approval results in immediate reimbursement to the employees. When employees spends their own money, they need to justify each expense and attach receipts if necessary, to claim the reimbursement. There is no chance of missing the receipts as everything is documented in Cflow. Any unjustified expense or those excluded in the company’s policy is not reimbursed. In such a case, approvers can reject the request by justifying the action and specify the reason for rejection in the comments section. The ability for approvers to review the request from anywhere and at any time using any device makes Cflow a very efficient and useful tool for Expense Reimbursement.
Employees Lookup (Master Table):
Employee details such as employee name and their email id are auto-populated in the form, based on the configuration from employees lookup.
Expense Reimbursement Approval Matrix Lookup (Master Table):
There may be a different set of approvers to review your form, based on your department. This approval matrix can be done automatically via the lookup configuration.