5/8/2023 0 Comments The expense![]() These errors come to your attention only when you review them carefully.īased on a report by GBTA, on an average, 19% of the submitted expense reports are ridden with errors. For example If the employee has included $250 dry cleaning charges as a part of lodging, it is an unreasonable spend that should be discouraged and rejected. It is unwise to process the payment without reviewing the expense report. This translates into additional work for the finance folks.Īfter submission, all the expense reports come to the finance executive’s desk, waiting to be processed and reimbursed. As a result, the finance team has to send multiple emails to remind them of expense submissions. Often, salespeople forget to submit their expense reports on time, keeping it for later. Therefore, timely submission becomes important. The finance team has to account for all these expenses to keep track of the T&E expense budget and allocation. Employees travel from one end of the globe to another, meeting clients and closing deals. Things to consider while designing an expense approval workflow Why is it necessary to review and approve expense reports?Ī growing business has an innumerable amount of business travel expenses. When should your business move out of Excel? Further, we consider the key factors one must keep in mind to efficiently review and approve expense reports submitted by traveling employees. In this article, we discuss the importance of expense report review and approvals. Although the mistakes in expense reports doesn’t seem like a big deal initially, it could lead to a massive loss of money for the company in the long run. When you are reviewing and approving heaps of expense reports daily, you may overlook a few violations here and there. Among such tasks, usually, expense report reviews are down the priority list. You need to prepare the financial statements, handle budget planning, prepare revenue forecast and so on. If you are still doing it on paper (which you shouldn’t,) a signature is all it takes.Īs a finance executive, you are already knee deep in paper-work. The secret lies in a click of the button. SFS creates an expense line for each item brought in from “My Wallet.Expense approval seems effortless on the surface. Select the charges to be moved into your expense report by checking the box in the "Select" column.Ĭlick “Import.” The “My Wallet” window closes and you are brought back to your expense report. Click the "New Expense" checkbox, then click on the magnifying glass to select the appropriate expense type and then click "Assign." If you have an unspecified charge you must assign an expense type. When meals are charged to your T-card, they are specified as “Return to State Charges” in “My Wallet.” Once imported, you need to offset the charge by adding an expense line with the correct meal per diem expense. It can be accessed from Create Expense Report tile or Expense History tileĭate - charges from “My Wallet” automatically populate the date the charge was posted to Citibank. The “My Wallet” feature in SFS stores all your pending T-Card transactions which must be imported from “My Wallet” into your expense report.Ĭlick on “My Wallet” to see all your pending travel card transactions. When you are finished editing or reviewing your report click "Done.".Once you have added your attachments, a Report ID will generate.Travel End Time - enter your “End Time” for the last day of travel.Travel Start Time - enter the “Start Time” of travel on the first day of travel.Travel Date To - Enter your “End Date” by clicking on the calendar icon which will give you a pop-up box to choose your date.Travel Date From - Enter your “Start Date” by clicking on the calendar icon which will give you a pop-up box to choose your date.Out of State - click on the slider if the travel was out-of-state.ZIP/Postal - enter the zip code for your ending location.Destination Location - enter the address where you are traveling to.ZIP/Postal - enter the zip code for the starting location.Starting Location Address - enter the address where you left from to begin your trip.Official Station - this is prefilled by your agency Employee Data Administrator (EDA). ![]() Type in the state’s 2-letter designation, followed by a space, and the first few letters of the city. ![]() ![]()
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