Reimbursement of Employee Business Expenses

In order to be reimbursed for business related spending, employees are required to register receipts/invoices and fill the reimbursement form as defined by the employee expense policy.

Reimbursable business related spending-Expenses such as airfare, taxi, car rental, mileage, fuel, hotel T&L, business meals, per diem, conference fees.

Expenses must be supported by physical documents, such as invoices, sales receipts, etc. If cash is used to purchase items, it is especially important to ensure that a physical receipt is obtained.  If a credit or debit card is used, the merchant receipt, not the credit/debit card receipt must be kept.  Credit card statements do not qualify as a receipt.  Document should typically include the seller’s name, date of purchase and description of the item that was purchased.

The traditional expense reimbursement process is often time consuming and frustrating for both sides (employee/employer). Especially collection and differentiation from non-reimbursable expenses such as:  alcoholic beverages, upgrades to business class or first class airfare, entertainment – massages, mini-bar purchases etc.

Although in many cases digitalization has been partially introduced to elements of the expense process, it is still a burden for the employee, it impacts productivity at work, and delays the settlement process.

The Cube app (Cubecloud.eu), a state-of-the-art expense management solution, allows to fully digitize the process – from collecting, storing the receipts/invoices and easy search to full integration with expense solutions and HR systems such as SAP etc. on the employer side.

This should trigger process improvement, raise employees’ user experience, free their time for more creative and productive tasks.

Company Challenges addressed by Cube Solutions

If an employee forgets to take an invoice, or is in a hurry and doesn’t have time to wait in line to get an invoice, looses an invoice, or delivers his invoices too late to the accounting department to be accounted for, then:

The Cube App is the solution to such challenges. The application considerably increases the speed and efficiency of the whole expensing experience (from the collection of receipts, selection of reimbursable expense items to recording and finalizing the reimbursement process).  Cube app has an API that integrates with most finance, HR, DMS and accounting ERP system/ Central systems, and transfers electronic data transparently to the correspondent departments.

Often deductible company expenses are overlooked or missed, as employees are reluctant to gather all receipts, or just forget receipts.

Cube App registers all expenses, and can separate company expenses from personal expenses.

Additionally, each employee needs to spend many hours to prepare the expense reports, making this process quite expensive.

Cube App manages all the expenses without any additional need to make reports – less time, less cost.

Source, own publication Cubecloud based on market trends.