Credit Card Transactions and Expense Reports
Like many expense reporting solutions on the market, web2expense TE (w2e TE) is equipped with tools to integrate your company credit card transactions into your employees’ expense reports. In addition, Accounts Payable Manager Role users can integrate your credit card transactions into w2e TE.
It is imperative to note that w2e TE is impartial in terms of credit card data.
When it comes to expense reporting, an enterprise-grade expense reporting solution like w2e TE has numerous advantages over expense reporting systems that rely solely on credit card integration:
- Cash transactions with receipts – in w2e TE cash transactions with receipts can be recorded into the same expense report where users enter their credit card-based transactions.
- Adding receipts at the line item level – when an employee spends money using his/her company credit card and moves that transaction into an expense report, w2eTE can enforce your company’s expense policy for receipts at the line item level.
- Users don’t have wait for their credit card transactions to show up in their account. They can file an expense report immediately.
- Employees can have up to five company credit card accounts; in addition, all of those accounts can be linked into an employee account for reporting purposes.
- Per Diem expenses and personal car mileage expenses are other types of expenses which cannot be entered using credit cards.
When it comes to choosing an expense reporting solution, choose a solution that fits your needs for the long term. At web2expense you can track more, and spend less.
Approval Management
In web2expense TE (w2e TE) there are two basic types of documents, namely Travel Authorization Request (TAR) and Expense Report (ER). Both documents can be managed using built-in approval management functionality.
Following steps are required when configuring approval management functionality:
- Setting up users with proper roles. There are three approver roles built into the system.
- Manager Role – Manager Approvers can approve or reject TAR and ER document if these documents are within their approval limits.
- Executive Role – Executives are manager approvers with very high approval limits. If a document’s total amount exceeds all the approvers’ approving limits before them the system directs the document to executives for approval.
- Accounts Payable Manager Role – AP Managers are the final approvers both for TAR and ER documents. When TAR document approved by an AP Manager the employee gets their final approval for travel. Final approval for an ER document triggers a payment event.
- Identifying users as approvers. In w2e TE a manager, executive and AP Manager Role assignments require an explicit approver assignment.
- Designing and configuring workflows with approval limits.
- Designing and configuring an organizational hierarchy.
- Assigning employees and projects to organization groups.
- Designing and configuring a customer hierarchy.
- Creating projects for customers and assigning organization groups who can create expense reports for that project.
Approval management is one of the most powerful aspects of w2e TE, and it is available in at no additional cost. Your employees, managers, accounting department and executives can benefit from our paperless expense reporting process by saving time and money for your company.
For more information or to schedule an online demonstration you can contact us at 1-866-WEB2EXPENSE or visit our website.
Itinerary Management | web2expense
Travel itineraries play a vital role in web2expense TE (w2e TE).
When a user creates and uses an itinerary our application automatically applies suitable Per Diem expense rate(s) for the city, county, state or country with applicable travel date restrictions.
Additionally, users and management can track the amount of days spent in any one state. This calculation is imperative for accurately determining the employee’s income tax obligations.
w2e TE comes with built in expense policies; in addition, one can assign policies at the organization or individual level:
Actual Expense Policy – To track actual expenses
Federal Expense Policy – To track employees who are working on federal contracts and using GSA rates
High Low Expense Policy – To track employees who are using IRS high low per Diem rates
There are two additional expense policy types for the US Department of State and the US Department of Defense. Both of these options are configurable options for custom implementations on a per-project basis.
Using w2e TE organizations can also define their own per Diem rates to control the travel expense costs for their fixed price contracts.
For more information visit www.web2expense.com
Improving your bottom line through reducing expense reporting costs
Many companies across different industries face a common problem in this economy. The main question is “How can we grow in a shrinking market?” In companies today, large investments and product developments are carefully undertaken; furthermore, the general attitude is to not heavily expand operations or output. As a result, many companies are just too afraid to invest into potential revenue generating projects or products. So how can they improve their bottom line while remaining profitable within their current operations? The answer is quite simple. Instead of expanding operations in this tough economy where people’s spending is heavily reduced, focus on managing your expenses effectively and keep them as low as possible.
This can be done one of two ways. The first method is to increase your accounting department’s manpower and workload. The second easier method is to buy a comprehensive expense management product.
This sounds simple, but the truth is that there are few, if any, expense management products out there that are transparent about what they offer and what they charge. Oftentimes, this leads to businesses who wish to automate their expense management business processes to pay high rate fees towards a product they’re not fully comfortable with yet.
With web2expense TE, we promise that we will always be clear about what we offer and what we charge. Everyone is welcome to sign up for a Free Trial (90-day period / 3 whole months) in order to feel fully comfortable that our product is what you, as a business, are looking to buy. Additionally, our prices are listed here. Our lowest price is $5 per user/per month, not many in this industry are so open to displaying their prices, but then again, we’re not them are we?
So try us out, see if you like our product, and we’ll do our best to help you out with any problems or questions you may encounter. For help or more information please visit www.web2expense.com, call us at +1-866-WEB2EXP, or send us an email at support@web2expense.com
More info: Free Trial | Visit Website | Pricing | FAQ
Smart business and the challenge of staying successful
All businesses wish to succeed. Smart businesses understand that success is achieved through costs being kept low, and business processes running smoothly. Businesses of all sizes are constantly looking for that elusive ‘competitive edge’ through automating tasks that would otherwise require hours of work and effort. One of those tasks is expense management.
At this point you may be asking yourself, “I already automate my expense management through using XYZ expense management software, why should I be worried about changing?” The reason is quite simple, how can one ever be sure that one is receiving the ultimate value? In idleness, businesses are missing out on better products, and new opportunities to use those better products and services that would otherwise allow them to gain a new undiscovered edge.
This is where web2expense TE comes in. I can sit here and type all day about all of the points that make our product better. However, that will probably not entice you to try our software. Instead, ask yourself this, “Can I afford to miss this opportunity? Am I so successful that I do not need to look at any alternative solutions for automating travel expense management?” And with this I leave you to make your choice.
What is a “Per Diem” and why does it matter to you?
“Per Diem” is the Latin for “per day” or “for each day.” It refers to a defined sum of money that an organization allows an individual to spend daily, covering his/her living and travelling expenses. These living expenses have to be directly correlated to either the business or the work that a person performs when away from home (for more info: please refer to IRS Publication 463). A “Per Diem” is sometimes defined as the allowance given to the employee/worker for completing a task; however, this definition can sometimes lead to confusion since the actual travel cash allowance paid to employees is to cover their travel expenses.
In web2expense TE, per diem refers to the sum of money that an organization allows an individual to spend per day. Allowance refers to the amount of money an organization pays to an individual before travel, and accounts for that money after the trip. These definitions are in accordance with United States Internal Revenue Service (IRS) definition as defined in publication 1542.
Generally, handling per diem expenses in an expense report is a difficult and tedious task. Recently, the US General Services Administration (GSA) created a web service to fetch these rates for individual cities so that individuals or organizations can use these rates while preparing an expense report. Even with this service in place, creating an expense report with several per diem cities will still cost you a couple of hours.
A video showing how to reduce that time spent in creating an expense report will be posted soon.
For more information about this or other functional aspects of web2expense TE visit www.web2expense.com, contact us at 1-866-WEB2EXPENSE, or email us at support@web2expense.com.
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