If you have employees with expense budgets, you probably have to create, review, and reconcile monthly expense reports, and then write a cheque for reimbursement. What seems like a simple process in theory can often spiral into a mess in practice. Paper-based reconciliations suffer a number of pitfalls: receipts get lost, reports don’t arrive, and both you and employees become frustrated. A better method exists with the help of digital apps that streamline the process. Among the many cloud-based solutions that help simplify expense reporting is Xpenditure, which easily integrates with small business accounting software to help ensure smooth and timely expense filings. Making life easier for employees and your payroll department, the program allows users to upload and store receipts that are systematically organized by category. You can automatically set mileage rates, configure spending policies, and receive notifications if employees violate those policies. The ability to link credit card and bank accounts with digital software eliminates the need to manually transfer data from one ledger to another. Many apps also work with mobile devices, a feature that resonates with employees such as salespeople who spend a lot of time on the road. The electronic process simplifies the completion and submission of Form T2200, which must be filed by the employee and certified by the business. Expense apps need to keep your employees and accounting team happy. You’ll likely receive little resistance from both parties when cheques are issued expediently and processing errors are effectively minimized.
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.