What Is Expense Report Software?
An Expense Report Software is a solution that manages all the business’ expense reports containing the most important details about their expenses. This platform allows the organization to determine the ceiling limit of the amount that an employee is allowed to pay for the business expenses using his own money and document such expenses in detail in order to reimburse it to the respective employees and write it off on the business tax return. Such expenditure can be done while the employee is traveling for business purposes, entertaining the clients, or using personal transport for work.
What are the services you will get in our Expense Report Software?
We present all-in-one custom expense report software solution wired for your specific requirements, capabilities, and devices. It is safe within cloud infrastructure and integrated with APIs of the latest technologies viz. LBS, AI, ML, IoT, NFC, and everything possible with the latest web and mobile technologies.
Perhaps, none is capable of offering what we can at such price tags. Our prime differentiators are:
With factoHR’s paperless expense reporting process you can digitally manage all your expense documents along with giving access to only authorized person for security.
No time Waste
With the centralized system and mobile application, FactoHR provide seamless fast processing of expense filling and settling claims for it.
AI based Reimbursement
Our mobile application has AI-based Smart Receipt feature to let you capture bills and receipts in digital format and auto-fill the reimbursement application for further processing,
Real time expense logs
An Organization can easily monitor real-time expenses as soon as the employee makes an entry for any transaction on his business trip.
Efficiently manage bills and receipts for considering GST benefits while filing an income tax return at the financial endings. [Capture GST information/detail for filing GST return easily]
Why factoHR’s Expense Reporting Software is best in class?
With factoHR’s expense reporting software, you will get a system that will take care of all your needs regarding managing all the expense related compliances and reimbursement through a centralized system.
Following are the unique features that you will get in our expense report software:
FactoHR facilitates your company to moderate the amount of daily expenses incurred by your employees with authority of the approver to easily accept or reject the expense application.
Your employee can file an application for traveling allowance to go on a business trip which can be verified and approved by your manager or HR.
Allocate your employee with a lodging allowance according to the city they are traveling to like a rural, urban or metro city.
Let your company’s budget managing authorities decide how much miscellaneous allowance to be provided for an employee.
Strategically configure your multi-level approval hierarchy to define the approval authority assigned to various managers.
Expense Against Travel
The expense report software will check the expense claimed by an employee & will approve based on the city he/she has traveled to, their designation, time of the day & much more organization defined factors.
An Employee can upload a receipt or expense proof in any file format along with the claim application for authenticating an expense claim.
Paid by self / company
An employee can file an expense which might be incurred by him or paid through company funds on a business trip.
Our expense report system lets you explicitly define your employees’ expense limit which will notify him to spend accordingly.
Bulk expense submission
Employees can file all the expenses in bulk from our system which can also be bulk approved by the company’s HR or manager which eventually makes the process fast and practical.
Create business itinerary
With factorHR you can proactively create an itinerary for your business trips to efficiently plan out on time client visits and expected traveling expenses.
Receive application from your employees for advance payment while they are going on a business trip & approve according to their eligibility.
Approval work flow
Configure your organization workflow to define authorities for handling the expense approval process according to departments, categories, amount claim and many more factors.
Approve your employees filed expenses by cross-checking with the proofs submitted along with them like receipts, bills, memos etc…
Due date Reminder
Our reporting software will remind your employees for filling their expenses application and also remind approval authorities for any pending application which needs to be approved.
Configure your employees’ policy for providing eligibility of doing expense on their business trip according to the city, employee grade or designation, means of travel, the priority of client visit and many more.
You can frame a policy for your employee, which will allow you to specify the expense deviation which will be considered in reimbursement and how much part of it gets rejected.
The company can impose a cap on an employee’s expenditure like food, travel & miscellaneous in their business trip to restrict their expenses to be in company’s travel budget.
Company can make policy for allowing certain amount to be overspent in some situation like night travel, some places visiting charge, toll expense & various more like that.
Payment Batch Approval
FactoHR’s expense reporting system saves your managerial authorities time by allowing them to verify and approve a batch of expense claim application for further process.
SBU [Strategic business unit] Wise / Branch Wise
Your company can integrate and approve expenses of your various offices through our system, enabling you to verify and approve all expense claims from the centralized main branch of your organization.
Pay with salary
FactoHR facilitates companies to settle the reimbursement amount in employee’s payroll, cheque or any other method which is convenient to an organization.
Financial JV [Journal Voucher]
We have integrated the functionality of generating a financial JV for all your travel expense so that it can easily be used for accounting entries by your finance department.
Partial Payment Recovery of Advance
FactoHR’s expense report software will calculate advance payments against the expenses done by an employee for giving a valid amount to be reimbursed.
Proof Verification and Cancellation
An employee can attach a file in correspondence with the expense claim by which the transaction can be authenticated and if found biased, can be rejected.
Our system will notify your employees regarding the status of their reimbursement application through an email whenever the claim is approved or rejected.
FactoHR’s mobile application is embedded with AI Smart receipt feature which will capture an image of your bill or receipt to auto-fill required details in the reimbursement application.
Real time expense
With our mobile enabled expense report software solution, the company can track expenses in real time by getting notification of each and every transaction an employee’s files through his mobile device.
On the go filing
With on the go, mobile expense filling the approval authority can pro-actively work on reimbursement claims and can make the process execution fast.
Manage and share all your important receipts and bills digitally on a centralized file storage in a more secure and reliable manner as compared to traditional hard paper storage.
The company gets benefitted by compliancing GST with their bills and receipts of all incurred expenditures while filing IT returns.
Claim allowance reimbursement
Allow your employees to file a reimbursement claim according to their eligibility based on their designation, grade, category, time of business travel and many more.
Submit with proof
Avoid approving of any biased expense by making your employees submit receipts and bills as an attachment with their reimbursement applications.
An employee can now check the status of their reimbursement application in the factoHR’s mobile app and will be notified on approval or rejection.
Consider in income tax
The employee can file income tax for the amount they got in form of reimbursement or any kind of allowance.
Custom type of reimbursement
The organization is facilitated to do the employee’s reimbursement partial or full settlement in salary, cheque or cash.
Awesome features to make your organization more efficient
Address HR queries through the AI. Employees can get answer of their quires in easy intuitive way. Factobot will serve your payslip, attendance or leave balance request in no time.
Easily manage attendance by virtually fencing your desired locations and allowing punching only with in perimeter of marked area from mobile devices.
Increase your organization’s productivity through expense report software ‘s real-time tracking features for your employees and managing the same to get the most out of your time, effort and cost.
AI powered Smart Receipt
Digitally store and manage your expense bills through our Smart Receipts. Just capture image of expense receipt our AI enabled OCR engine will extract all relevant information for you. Punching and keeping hard copy of receipts are now days of the past.