In this new video from our series “T&E for Dummies”, we will explain what is an expense report and which benefits can automation brings when it comes to this document.
“A form completed by employees to itemize the expenditure for which they are requesting reimbursement”. Short and simple, that’s what an expense report is: a report classifying and giving details about the expense that the employee wants to be reimbursed for.
Companies receive several expense reports per month, therefore, to validate the authenticity of the expense, employees normally must attach receipts to the form as proof of the expenses. The importance of this process is because only through receipts the employer can examine the submissions for accuracy, validity and pays employees the requested amounts.
Besides that, the employer can record the reimbursed amounts as a business expense, which factors into the amount of accounting profit and taxable profit recognized.
Discover 5 ways to transform your expense reporting
download now, read later
Line by line expensing
Instead of having to wait an entire month to fill an expense report – and hope you did not lose any receipts in the meanwhile, Rydoo has a simpler solution: line by line expensing.
If your company decides to implement an expense management tool, is does not make sense to have the very same expensing process you had before but digital, right?
That is why Rydoo believe that eliminating expense reports and implementing a line by line expensing is the best solution if your company wants to save money and time.
Line by line expensing allows you to claims expenses on the go. with a smartphone in your hand and a simple click, our OCR technology will scan the most important information of your receipt and generate a line of expense for you. There’s no need to wait until the end of the month to be reimbursed when you can do it at your own pace.
Just Rydoo it!
We hope this video had clarified your mind and answered the initial question about “what is an expense report?”. If you want to find out more about the benefits of automation and line by line expensing, book a demo with one of Rydoo experts and start for 14 days free trial. Be ahead of the curve and ride this wave with us.