It ensures that no incomplete claim or expense gets processed without fulfilling all the necessary details in every single transaction. Having a submission policy saves time and money. Using our policy, you set permanent conditions such as receipts, notes, accounting, and other custom fields. Is your finance team tired after running around employees for missing receipts and information on a reimbursement claim or a card expense? Our submission policy easily solves this pertinent issue and allows admins to set mandatory validation fields on any card expense, claim, or payment made by employees. Here’s how you can use these workflows for different kinds of approvals: This feature is useful for mid-market and large companies where a lot of flexibility is required when creating approval workflows. This way your teams don’t have to worry about going over the budget. This ensures that only valid requests reach the final decision-maker that is worth their time.Īnother way to create an approval workflow is the spend-centric approach, where you can set different approvers for different amounts of spending. For example, if you are creating an approval workflow for the marketing department, then you can set multi-level approvals with dedicated approvers. You can create an approval workflow specific to a particular team. The approval policy can be customized in two ways:
It is particularly beneficial for businesses that require different approvers for different spending limits within different teams. Our approval policy feature is used by companies that juggle a lot of teams and cost centers. In case of suspicious fraudulent activities, you can easily block or freeze your card to prevent it from being used. All our cards are VISA-powered and 3DS secure so all your payments are safely processed. Eliminate duplicate costs by assigning one card to one vendor with a dedicated cardholder. For your regular subscriptions, use recurring cards that get replenished with a set limit each month for as long as you need them.
#Track expenses software trial
Want to use SaaS on a trial basis but don’t want to share your business credit card information? Volopay’s unlimited virtual cards offer burner cards for those one-time expenses that expire after use. By bringing all your subscription payments onto our platform, you can experience a holistic view of all current subscriptions, eliminate duplicate or unused subscriptions and simplify your tech stack. Volopay solves your SaaS problems with effortless subscription management.
Furthermore, if your teams are building their tech stacks with duplicate subscriptions, that is quite frankly, an expensive waste of time and money. As a business owner, it is important to spend money on these subscriptions wisely as they can rake up quite a big expense. These SaaS-based tools are often offered on a subscription model.
#Track expenses software software
Whether you are a small business owner, a finance manager, or an entrepreneur, this article provides valuable insights to help you make an informed decision about the right software for your organization.Ĭompanies today are relying on SaaS-based tools to run their business. All approved claims get reimbursed immediately or are scheduled to be paid at a later date directly to the employee’s bank account.Īlso, check out our comprehensive article on the best expense management software to know the handpicked selection of the top expense management software solutions available in the market.The finance team analyzes the report for any non-compliance and use receipt management for faster reconciliation.In case the claim is accepted, it moves on to higher-level approvers such as the finance team.In case the claim is rejected or halted due to insufficient information, the concerned employee is immediately notified.After necessary checks, they approve it, reject it, or ask for more information. Our push notifications alert the first-level approver of the expense report.They submit one or more expense claims together through automated expense reporting.The employee takes a picture of the receipt as proof of purchase, which immediately gets captured, collected, and categorized automatically.The employee makes an expense and pays it using their funds.Here’s how employee expense management works in the Volopay application:
#Track expenses software manual
By removing the need for manual processes, you too can set up an efficient travel and expense management system. Using expense software for business is a surefire way to save time and money.
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