A business expense is defined as the cost report associated with a service or project assigned to a company’s partner. The expense statement serves the company in controlling and managing its expenses but at the same time, it is required by any project client who wishes to control the project costs charged. Any partner (administrative or project partner) who has agreed with the company on travel and travel expenses compensation is obliged to draw up an expense statement including all expenses (amounts and documents) in cash and credit and by category. In most cases, a composition of business expenses is being done on a monthly basis.
What does it contain?
The categories and the different expenses contained in a business expense are:
- Date
- City
- Car Fuel
- Meals
- Tolls
- Hotels
- Tickets
- Car Park
- Car Wash
- Clothes Wash
- Taxi
Moreover, attached to the business expense there is a pivot table with a summary of all the expenses. All expenses must be accompanied by physical evidence of the transaction. These are the receipts. The finance department is in charge of gathering all that information later on and booking it to the ledger.
Easier And Faster
The process of the business expense is pretty detailed and straight forward. It has been like this for many years since there is not so much room for improvement. In Klippa, we understood that early, when we started experimenting on how to get this process easier and faster. We came up with innovative software which allows the finance department to receive all the aforementioned information in a digital form instead of hard copies. With the Expense Management partners can take a photo of the receipt and submit it for compensation. Our OCR engine extracts all the information that is needed. The finance department receives both the data and the photo of the receipt. In less than 10 seconds of workload and 2 clicks, they can upload the appropriate accounts in the ledger.
International brands find value in our products because they save a significant amount of time for employees but also simplify the business expense procedure. If you are interested, you can see how our product performs through a demo below. You can also contact us via mail at [email protected]
