Streamline expense management and reimbursement

Expense management automation streamlines the tasks associated with tracking, submitting, approving, and reimbursing expenses. Here are a few quick steps for how it works:

1. Employees submit expenses via a digital platform
2. The system captures receipts and uploads the data
3. Algorithms check expenses against policies
4. Expenses are routed to approvers
5. Notifications and alerts are sent out
6. Real-time tracking of expense reports
7. The system calculates the amounts owed
8. Multi-currency payment processing for reimbursement
9. An audit trail is created, documenting every step
10. The system generates reports and analytics.

Expense management software helps to automate the entire process. From tasks like receipt capture, expense tracking, approval workflows, corporate cards, policy enforcement, and multi-currency support, systems like Tipalti can assist you.

Automating employee expenses with reimbursement software offers some key advantages, including:

• Time efficiency: It leads to faster processing, reduces manual tasks, and automates expense reimbursement.
• Accuracy and compliance: Automated systems enforce policies and eliminate human errors.
• Improved visibility and control: Provides real-time tracking of expenses and prevents unauthorized purchases.
• Enhanced experience: More satisfied employees who appreciate prompt reimbursement and user-friendly employee reimbursement software.
• Mobile accessibility: Can capture receipts and submit expenses as they occur.

Companies can streamline expense management, reduce costs, and enhance accuracy through expense reimbursement software, contributing to greater efficiency and employee satisfaction.

Tracking expenses is crucial for effective financial management and planning. The best ways to do this include:

• Receipt Management: Use digital tools to capture and store receipts, which employees can use to generate expense reports.
• Corporate Cards: Encourage the use of corporate cards for business expenses. These provide detailed statements of transactions.
• Policies and Guidelines: Establish clear expense policies and define acceptable limits, deadlines, and categories.
• Regular Reconciliation: Regularly reconcile with bank and credit card statements to match transactions in your reimbursement software.
• Review and Approval: Establish a clear method for reviewing and approving expense reports to ensure they align with policies and budgets.

Expense reimbursement software can ensure better compliance, greater accuracy, and improved spend management.

The best way to facilitate expense reconciliation is to keep detailed records, implement internal spend controls, and take advantage of intelligent expense management software. It also requires in-depth analytics and payment reconciliation reporting.

Tipalti helps a business cut through the challenges of manual expense filing and expense reconciliation, accelerating monthly close by up to 25%. The solution helps to streamline employee expense reports and strengthens financial controls.

Reduce your team’s workload with a universal system that automates payment reconciliation, enforces policies, and seamlessly integrates with your ERP.

Traditionally, creating an expense report was done by hand, and approving an expense report meant a manual review to ensure the expenditure’s compliance, accuracy, and relevance. In today’s world, expense management software, like Tipalti, takes care of the grunt work. 

Expense report automation means creating and approving a report is as simple as scanning a receipt and sending it through the mobile app. 

Tipalti helps a business easily manage all employee spend in a single platform, to scale rapidly, facilitate expense management, and reduce risk. Employees can automatically create and submit expense reports with a desktop and mobile app, while managers review and approve expenses quickly and remotely.

Tipalti Expenses integrates directly with the Tipalti finance automation platform, which has proven to reduce finance workloads by up to 80%. Consolidate all spend (like expenses, card, ACH, global ACH, wire transfer, PayPal, and check) in one place and gain total visibility into your transactions.

Automating the expense approval process can significantly reduce errors, improve efficiency, and streamline workflows. You can automate various steps in the expense approval process, including:

1. Receipt capture (remote and mobile features)
2. Submitting expenses and filing an expense report
3. Checking policies and flagging discrepancies
4. Routing for approval based on specific criteria
5. Parallel approval paths for multiple approvers
6. Approval notifications 
7. Integration with other accounting systems
8. Real-time tracking of the expense approval status
9. Generate an audit trail 
10. Reporting and analytics tools

By leveraging expense approval software to automate these steps, businesses can reduce manual efforts, improve compliance, and expedite the overall process.

Tipalti has a robust global payment infrastructure that facilitates expense reimbursement. Managers can easily review and approve employee expenses via the mobile app; then, finance can quickly reimburse employees on an international basis.

The Tipalti solution enables expense payments to 196 countries in over 120 currencies using 12 different payment methods.

Tipalti’s robust global payment infrastructure enables finance teams to efficiently reimburse employees, no matter where they are in the world.

A reimbursable expense is any expense incurred by an individual on behalf of an organization. It is actually payment refunded for an original disbursement (see disbursements-vs-reimbursement). This is sometimes referred to as an “out-of-pocket expense.”

Examples of simple reimbursements can be the cost of travel, eating out, office supplies, or other out-of-pocket business expenses. 

As a result, a VAT markup should be included, as these reimbursable expenses represent costs that the business incurs for itself. They cannot be considered disbursements.

Spend control can be automated using various technologies, including expense management software, custom approval workflows, corporate cards, policy enforcement, integrations, analytics, and more. 

Tipalti Expenses enables customers to set spending limits within specific categories over defined time periods, ensuring meticulous budget control. 

Create multiple tailored expense policies per subsidiary, adapting seamlessly to your business needs. The system promptly notifies employees and approvers in case of expense policy breaches, providing clear details on the rule violated. This ensures quick resolution and seamlessly reinforces compliance.

Tipalti can help eliminate the complexity of disparate standalone finance applications. Consolidate all spend control in one place and gain real-time visibility into your transactions.

Travel and expense management optimizes travel booking costs for business-related employee travel and expense reimbursement, recording these costs in accounting systems, timely reimbursing expense reports with supporting receipts, and taking tax deductions for travel.

Recording employee travel expenses involves systematically documenting and categorizing expenditures incurred during these business-related trips.

A company may need travel and expense management (T&E) software if it spends significant time on business travel and other reimbursed employee expenses. Staff may take too long to prepare and submit reports, and approvals may take too long. This is where automation comes in.

Tipalti Card integrates with Tipalti Expenses and is available in physical format. This expands the system’s support to T&E expenses, which employees use for meals, hotels, and transportation. Since everything is integrated, employees can manage their T&E, card transactions, and reimbursable expenses in a single spot. Tipalti Expenses also integrates with Amex, Visa, and Mastercard.

A business can take charge of corporate card spend with the innovative Tipalti Card feature. This employee-friendly solution offers physical and virtual cards that help streamline the issuance, control, visibility, reporting, and reconciliation of all card expenditures.

Tipalti Card integration works in a unified AP automation dashboard by centralizing your spend, expenses, procurement, and more. 

Tipalti has introduced a corporate card integration feature that consolidates Tipalti Card and reimbursable expenses in our expense management software. 

This feature unifies employees’ card spending and reimbursable expenses seamlessly. The Tipalti Card integration enables employees to connect expenses with their Tipalti card, managing all expenditures conveniently in one place. 

An organization can effortlessly set spend controls, issue new cards, and benefit from automated transaction coding. Sync all card tasks to your ERP, ensuring accuracy and saving valuable time. 

Additionally, managers and finance teams can oversee both card and reimbursable expenses via the mobile app and the Tipalti Hub. The finance-focused experience in the Hub ensures efficient management, as it’s where all critical work is centralized.

NetSuite and other enterprise resource planning (ERP) systems are often used to manage and process expense reports.

NetSuite offers a suite of integrations that can handle various aspects of the expense reporting process, including receipt capture, expense categorization, approval workflows, policy compliance, card integration, and more.

Tipalti also offers some of the best AP automation solutions for NetSuite to ensure end-to-end capabilities throughout your entire financial process. 

50% of Tipalti’s expense customers utilize the NetSuite integration for NetSuite expense management, which is being improved on a daily basis.

For NetSuite customers, Tipalti also offers the option to sync Expenses either as Bills & vendors or Expense reports & employees.

Tipalti currently has integrations with Visa, Mastercard, and American Express. Tipalti Expenses easily connects with Visa and Mastercard networks and integrates with external corporate cards, allowing businesses to integrate banking with employee transactions and full control over corporate card management. 

Employees can upload receipts, provide coding, and reconcile to an ERP. Tipalti simplifies the lives of your employees by consolidating all spend into a single, unified platform (available via the web and mobile app). Companies can also manage the card and reimbursable spend through the mobile app and Tipalti Hub.