Automating expense account processes streamlines credit card and bank statement reconciliation, eliminating the need for manual data entry and tedious matching of transactions. Your Business will benefit from a real-time overview of expenses, helping you make informed decisions and identify discrepancies or potential fraud more efficiently.
Track expenses by department and individual, empowering informed budget forecasts. Embrace the new normal of cost reduction. Save time, save money, and make smarter financial decisions with automated expense account processes.
Automatically capture and categorise transactions, reducing errors and ensuring accuracy.
Docuworx can reconcile transactions with corresponding receipts or invoices, providing a clear audit trail and improving transparency, saving time and effort, and allowing finance teams to focus on more strategic tasks.
Your people can:
- Use their smartphone, Apple or Android, to capture receipts from anywhere, whether at home or on the road and upload them directly to their manager for approval.
- Eliminate the hassle of saving paper receipts.
- Reduce the time it takes to upload receipts, create expense reports and submit them for approval.
- Benefit from faster expense reimbursement.
Your approvers can:
- Stop relying on memory because automated workflow alerts them when new expense reports are ready to be reviewed and reminds them of monthly deadlines.
- Instantly check to determine whether an expense is business-related
- Approve payments from anywhere at any time to speed up the reimbursement process.
Your accounting department can:
- Reduce errors associated with manual processes like mistyping data or sending reports with missing information to an approver.
- Have the financial data automatically entered into the correct GL code for payment on approval for the expenses.
- Prevent duplicate reimbursements and identify reimbursements that are not legitimately business-related
- Easily enforce policies regarding missing receipts, late submissions, mileage overstatements and credit card misuse.
- More efficiently keep track of what has been approved and paid
- Limit the possibility of fraud
Your finance and executive team can:
- Turn expense reporting information into searchable data for analysis and setting cost-saving guidelines.
- Monitor spending through monthly departmental reports so managers or an audit department can review exceptions to company policy..
- Respond efficiently to the increasing number of regulatory requirements regarding expense reimbursement.
Talk to us at Docuworx. We have a system that can automate your invoice process in only a few days—readying your business to grow in the new financial year.