How to Reimburse When Employees are Traveling Overseas?

Life seems to have returned to normal in some countries. With indoor dining, cross-border traveling, and the option to not wear masks it seems that the world has loosened its restrictions on the COVID-19 pandemic. With restrictions loosened now is the time when business meetings are no longer online and employees are allowed to gradually resume their business trips.

Reimbursement is Key

One of the main reasons business trips are popular among employees is the fact the company will reimburse all expenses spent by the employee. The problem with this is in the case of an international company comes the question of: Should they reimburse with the functional currency as their company or foreign currency that they are located in? If we follow this process manually the steps for reimbursement go as follows.

• The employee keeps all the physical receipts or fapiao (Supporting) from their transactions.
• The employee fills out the reimbursement forms for each of the Supporting.
• The employee submits the form and Supporting to their employer for approval after?the international trip.
• The employer submits the form and Supporting to the accountant after approval.
• The accountant looks up the exchange rates of?each?Supporting at their date of issuance, records them in the books, and pays the employee.

The process listed above is both time-consuming and confusing. Some of the problems that show up are that since it is manual the employee will have to make sure to keep every single receipt that they receive during the trip. Losing the receipt means that the product purchased can not be reimbursed.

Time is another huge factor in this process, most of the time reimbursement does not immediately go to the bank account of the employee. Even if the employee submits the reimbursement with supporting documentation the minute they finish the trip it will still take several days or weeks to process the reimbursement. Time is also important to the accountant processing the reimbursement, as currency rates between counties change every day it is very time-consuming for accountants to calculate these rates if they change every day.

??: Mediamodifier on Unsplash

Digital Reimbursement

CanCan understands how annoying and time-consuming manual reimbursement can be so we have digitalized the reimbursement process allowing you to focus on other more important tasks. With just a few clicks, employees can apply for reimbursement anywhere and anytime.

We also integrated Artificial Intelligence in our reimbursement module to help you save time:

• Click ‘FaPiao Recognition’.
• Take a picture of the fapiao you intended to apply for reimbursement.
• Click Recognise.
• The Description, Date, and Amount will be automatically extracted from the FaPiao.

We further built-in a foreign exchange feature where employees can speed up the reimbursement process. So far we have embedded more than 15 currencies for employees to choose from, these currencies are updated on a daily basis.

The built-in foreign exchange feature ensures the accuracy of the reimbursed amount as well as transparency of the entity, allowing the managers and owners to understand the costs.

Multi-currency is supported everywhere on CanCan. Some of our features include billing customers with foreign currency, booking with foreign currency, and viewing consolidated financial data that have different functional currencies.?Our system also will automatically calculate the exchange rate through the translation of foreign currency-denominated balances.

??: Austin Distel on Unsplash

Who are We?

CanCan cares about its customers which is why we seamlessly consolidate multiple entities and support multiple currencies allowing you can track your companies accurately whether you are inside or outside of China. Some of our services include cloud-based fintech for cross-border business owners and instantaneous recording and reporting of each subsidiary's combined data, through this, we make business owners’ lives much easier as they can receive important data in a timely matter.?We also provide information on the most relevant accounting standards, corporate laws, and regulations, and conduct an analysis of the resulting impact faced by the company.

For more information, please contact us:?https://en.cancangroup.com/about-us/#contact