Beanworks, an accounts payable automation software company, has announced the launch of its Expense Reimbursements feature to help businesses automate how they receive and process employee expenses.
The new feature allows employees to submit expense receipts online via the Beanworks app or website. Once uploaded, managers can review receipts and approve reimbursements from any location. The process is fast, accurate, and a much-needed solution as remote work becomes commonplace.
Traditionally, employees have had to save receipts, make photocopies of them, and fill out paperwork to send to finance departments. They would then have to track their requests and potentially wait for months for reimbursement. Beanworks’ new feature covers every step of the expense reimbursement process, from scanning receipts to receiving funds. Employees can upload receipts in seconds, while managers and finance teams can approve or reject expenses swiftly, making the process ideal for people on-the-go.
Nineteen percent of all manual expense reports include an error, which takes on average 18 minutes to correct. Beanworks’ expense reimbursement removes the need for manual processing altogether. The whole process can be handled digitally with minimal manual intervention, transforming how finance teams manage expenses and monitor employee spending.
It also paves the way for better employee engagement by removing tedious steps. Additionally, businesses can mitigate inaccuracies, fraud, and other risks associated with manual expense reporting. Employers can audit data instantly or track details online about the expense, such as the cost on the receipt or the day of purchase.
“Expense reimbursement is the latest addition to our AP tech stack that is going to improve the way companies engage with employees more dynamically,” says Catherine Dahl, CEO of Beanworks. “As companies ‘normalize’ a remote culture for staff, having the ability to submit expense reports online and receive payments electronically is going to further enhance the remote efficiencies of any business.”