Why expense management software delivers better compliance

If you provide a good experience for the expense process, you will get better buy-in across the company.

Are you dealing with inaccurate and out-of-policy expense claims each month? Help your team get on top of their spending with expense software that’s quick and easy to use.

By Beth Wallace

It’s a common occurrence: the end-of-month expense claims are due and you’re faced with a pile of receipts and an incomplete mileage log. In such situations, who amongst us hasn’t submitted claims that may or may not have been work-related, or rounded business mileage up to the nearest kilometre?

When manual expense processes rely on paper trails and guesswork, it’s little wonder that incorrect – even fraudulent – claims sometimes slip through the cracks.

For Ashley Whiteman, Asia Pacific general manager of webexpenses, convenience is key if you want employees to be diligent with their expense claims.

“If you provide a good experience for the expense process, you will get better buy-in across the company,” he says.

Here, Whiteman outlines five reasons why using webexpenses increases staff compliance.

1. It’s digital.

Webexpenses is a cloud-based software, which means users can access their account across multiple devices wherever they are. The automated digital receipts process means you’re no longer dealing with a jumble of paper: you simply photograph and upload, or email receipts to your online account, then allocate them to claims further down the track.

Having a digital record of expenses is also beneficial if your business is ever audited, Whiteman adds.

“Digital expense management enables companies to store all their expense claim data for easy retrieval for the auditors should they ever come knocking at the door.”

2. Expenses can be managed via a mobile app.

Employees can lodge their expense claims and get approvals on the go – rather than at the end of the month – by using the webexpenses mobile app; they just need to photograph and upload receipts at the point of spend.

The app also accurately records business mileage through point-to-point postcode tracking – eliminating any need to “round up” claims.

3. Receipt details are imported automatically.

Webexpenses uses automatic character recognition (ACR) to extract key information from receipts, which it then uses to build expense claims.

“The technology does the hard work for you,” says Whiteman. “The ACR scanning tool reads the receipt value, meaning that the claim amount will always match the spend recorded on the receipt – again reducing the chance for employees to be uncompliant.”

4. It enforces company expense policy.

Many employees aren’t aware that their company has an expense policy, let alone what it allows them to claim. Having the policy built into the webexpenses system ensures that employees have those guidelines at their fingertips and can comply within the specified parameters.

Should any policy breaches occur, alerts are sent both to claimants and approvers at the point of spend, ensuring no out-of-policy claims are submitted.

This function is not just beneficial to a business’s bottom line. Whiteman explains that when staff are compliant with their individual expense claims, your organisation maximises its GST returns and complies with Australian Taxation Office (ATO) guidelines – saving you from scrutiny in the event of an audit.

“I don't think it's realistic to expect claimants to know the ins and outs of which GST rates are applicable for specific expense categories or any fringe benefits tax (FBT)-applicable expense spends,” he says.

“Webexpenses takes the decision out of the claimant’s hands with tailored rules to ensure the claim selections have the appropriate GST rates and FBT flags assigned.”

5. Help is on hand.

If users ever need help with the software, or if something goes wrong, webexpenses has an office in Brisbane and offers local support via phone and email, as well as free 24-hour online support for every user.

To find out how easy webexpenses is to use, or to request a demo, visit www.webexpenses.com

Like what you're reading? Enter your email to receive the INTHEBLACK e-newsletter.
Like what you're reading? Enter your email to receive the INTHEBLACK e-newsletter.
December/January 2022
December/January 2022

Read the December/January issue of INTHEBLACK in digital magazine format.

Our digital magazine brings you quality content every month, in an interactive and sustainable format you can enjoy on a PC, tablet or mobile.