Expense management is used in business to process, pay and audit the money spent on a project. The costs may include travel cost, hotel expenses, taxi fare, fuel expenses, etc. Expense management software manages these spendings and keeps track of all the expenses incurred for a project and also reimburses the expenses borne by the employee.
Managing expenses can be a difficult task if the processing of expenses is for multiple employees. OfficeClip Expense software will help to streamline all the business expenses and will also give an idea about the cost incurred for a project.
Figure: Expense Types
Before adding new expenses in Expense software, the administrator has to set up expense types. Once these expense types are saved in the system, the user can easily enter the expenses, send it for approval and then can get reimbursement.
Figure: Adding Expense
While creating expense sheet for a week, the user has to enter various details of all the costs incurred in multiple projects:
Figure: Previewing the Expense
Expense details can be viewed from the preview screen, and it gives a bird's eye view of all the expenses for a project. It contains all the details of the project, expense types, amount, details, reimbursable amount, etc.
Figure: Expense Routing
Once the user submits the expense sheet, it needs an approval to be reimbursed. The administrator sets up an approver for each employee. The approver can be set in the Expense workflow. The types of workflow routing are:
Figure: Expense Reports
OfficeClip has various built-in reports like the expense details, expense summary, expense types, employee profitability by project, etc. Custom reports can also be created as per users requirements by adding date range or filters. Reports can be scheduled, shared with users, edited, deleted and permissions can also be set for a report where access to reports can be restricted by using filters. Reports can also be exported in a PDF, Word and Excel format.
Approved expenses are reimbursed. The users can view all the reimbursed bills for a selected period in the reimbursement tab. In this section, the user can see the reimbursable amount, cash advance, adjustments done if any, total amount paid and balance amount.