What are some effective strategies to reduce the time it takes to complete an expense report?

Simplified Expense Policy, Integration with Financial Systems, Templates and Standardization, Training and Support, Outsourcing Expense Processing.

Some things should be standard when using a mobile app: At input: 1) OCR reader in app for capture of receipt at line-item level and read into app form. 2) integrated with back-end ERP system so users home department, cost center etc. are pre-filled. 3) Pre-fill expense element for vendor, based on vendor historical transaction coding in ERP. 4) Select transaction currency directly in app. All handling of transaction currency conversion to bank account currency should be handled with integration to ERP FX rates table. On submission: 5) On submission, approval workflow should be triggered. App should be connected with your mail server and your collaboration applications (Teams, Slack etc) for easy notification, review/approval.

Una aplicación es bastante útil, en especial cuando son distintas personas dentro de la empresa las que deben rendir gastos, es una forma automática de olvidar el problema y avanzar en la solución.

Implement a streamlined process by leveraging mobile apps for real-time entry, automating data extraction, and utilizing corporate credit cards. Set clear expense policies, provide user-friendly interfaces, and conduct training. Integrate systems for seamless data transfer and encourage batch processing. These strategies reduce manual effort, ensuring faster and more efficient expense report preparation.

The key thing with any mobile app is that it links with your existing accounting software! We recommend Pleo that integrates perfectly with Xero. With Pleo you can provide a virtual or physical card to your team- they can make purchases on it and as soon as payment is made the App will automatically pop up asking them to take a picture of the receipt- minimising the risk of losing the receipt! They also offer smart way of tracking business mileage!

Don't wait until the end of the month or expense period to track your receipts and enter details. Jot down notes or use a designated app to record daily expenses while they're fresh in your mind.

An expenses policy is key- by setting out what employees can and can’t have it minimises the risk they include items in the claim that aren’t allowed. This just extends the expense process making it inefficient and costly. If you don’t have an app then adding rules onto spreadsheets or forms you have created preventing certain claims can also be effective

Es importante tener una clasificación de los gastos y tipos de documentos a rendir, si se homologan estos conceptos es más expedita la rendición.

Expense reporting can be time consuming, but there are a few ways to make it an easier, more efficient process. - Set up specific accounts that you use only for work. Uber offers a "business profile" option to keep trips separate. This is much easier to track days or weeks later. - Have a centralized area for receipts (digital or physical). You don't have to track daily as long as you know where all your transaction records are. - Submit your expenses as soon as your trip ends! Don't wait weeks or months. Your accounting department will appreciate it too. -- If you're able to expense a monthly subscription (chat gpt pro for example), set a recurring calendar reminder to expense it at the same time each month, or do an annual subscription.

Para esto recomiendo llevar un sobre de papel vacío para ir guardando todos los comprobantes de gastos, si es más de un proyecto pueden llevar más de un sobre de papel. Otra estrategia que utilizo es cada vez que hago un gasto, guardo el comprobante y lo primero que hago al llegar a la oficina o lugar de trabajo es pegarlo con cinta en una hoja de papel, así después puedo archivarlo.

Using an automated expense app can accelerate the admin side of completing an expense report. Not only can you set it up to chase immediately for receipts but you can also set it up to chase any missing items each day or week! There is nothing worse than once a month a finance department chasing a director for his receipts and he brings a mix of scraps of paper.

Con las plantillas y fórmulas adecuadas se ahorra mucho tiempo en las hojas de gastos; recuerdo aún cuando se hacían a mano, no hace tanto de ello;

Es muy importante llevar un registro en planilla de cálculo, se puden clasificar los gastos de acuerdo a las cuentas contables y al asignar una fecha se puede hacer un corte mensual para llevar a la contabilidad.

Often expense reports are an after thought. Companies and specifically finance departments should be training users best practice in pulling together expenses as a short amount of training and upskilling could save hours each month end collecting in the missing receipts. The directors will feel the pain when it comes to delayed management information when at times they are part of the reason taking so long to complete expenses!

Si se siguen los pasos anteriores este paso no debe representar mucho tiempo. Es importante presentar la información según lo pida la política de cada empresa. Para esto ideal tener formatos ya estandarizados