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Why automation in Expense Reimbursement is important in organisations

Dec 19th 2019 in Organization Efficiency

Why to automate in first place

We use Artificial intelligence knowingly and unknowingly in our corporate lifecycle. 21st Century is moving towards automating redundant tasks to make humans more efficient and smart. This enables us to focus on what is more important while smart devices and system can take up mundane tasks and processes

 

Company Reimbursements Process

Most of the corporate companies cover their employee’s travel for business trips. Usual policy expects employees to raise the expenses that have made and produce the bills for its reimbursement. Bills are usually approved by the managers and then send to the accounts team for clearance. It usually takes 1 fortnight or a month for this process to complete.

 

 

Automating Reimbursements

In order to reduce the reimbursement time for the employees, companies are automating the approval process to larger extend. Now employees are supposed to submit an online form with the soft copies of the bills. HR system can then trigger a notification to manager to approve the expense by a simple click! Accounts department then get notified to clear the bill. Account send the notification to bank to credit employee’s bank account. 

Advantages for Employees

  • Paper less . Employees not keep track of all the bills. Just clicking images of the bills make them usable. 
  • Need not run around manages to get the bill cleared
  • Know the status of the bills on the go.


 

Advantages for Managers

  • Simple Tasks. Managers can see all pending approvals in centralized dashboard and approve bills via simple click 
  • Analyse spend on project basis
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Advantages for Accounts

  • All clearance at one place
  • Send summary to bank for reimbursement . Download --> Print --> Send 
  • All History of bills is available as digital archive for audit purpose
  • Analyse spends on categories

 

The Future is here

Companies are looking into new ways to automate. Robotic Process Automations(RPAs) now enable them to take it to the next level. How life when expense get auto approved and reimbursed same day!!

 

With RPAs, companies can get auto approval of expense upto their threshold limits. This enables companies to show trust in their employees for routine expenses. Artificial intelligence is used to score the authenticity of the bill uploaded. This saved precious time of account executive from verifying the expenses at all. Account department can them integrate with banks to reimburse payment as early as possible.

 

Game changer for Employees

  • Auto approval bestows trust from the Employer
  • Quick release of reimbursement

 

Game changer for Companies

  • Less time consumed in verifying bills
  • Quick release of reimbursement

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