Monitor and control employee spending with online expenses software26 July, 2019 11:49 am
Signing off spending on expenses can be like shutting the stable door after the horse has bolted. That’s because the approver is joining the process when it’s too far down the line to change anything.
And that’s why the pre-approval Solo Expenses has introduced a Pre-Approval option in its already feature-rich online expenses software package.
It works like this. An employee who needs to spend money on the company’s behalf opens up the correct window in the software and adds details of how much they want to spend, and where they intend to spend it.
There’s then a window to explain in more detail why the spend is necessary.
Done correctly, that provides the approver with all the information they need to decide if the purchase or expense can be made. If so, one click will alert the requester that it’s OK to go ahead with the purchase or to start incurring expenses against the allowance, perhaps to fund an overseas sales trip, for example.
In the case of pre-approved expenses, every expense is recorded individually against the pre-approved total, which is always up to date in showing the unspent funds. A claim can be submitted there and then, or stored for submitting with others at a later date.
If not, rejection is just as simple, with one click on the red button. Of course, it’s likely to be a little more complex than that, since there will be a need to explain why the request has been rejected, and perhaps to adjust it.
But isn’t that the point of sophisticated online expenses management? To control and monitor spending as quickly and simply as possible, thereby allowing a company to run as cost-effectively and efficiently as possible? And in doing so, profitability must inevitably be enhanced since unnecessary spending is eliminated – quickly and easily, allowing a focus to return to generating and completing profitable business.
Find out how easy it is to operate the Solo Expenses Pre-Approval feature by looking at this short clip.