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Expense Management

By 16/01/2015 February 22nd, 2021 Expense Management
NB Expense Management

You might be wondering why we include Expense Management as a module in our suite or what it has to do with HR software? However, as companies grow many will find themselves taking on a variety of software solutions for use by different business functions. This can not only be costly in terms of licencing and support but also burdensome in time it takes to set up the systems and administer them both initially and as employees join and leave or change manager. Additionally, you then need to either make sure that the two systems are integrated so these changes get reflected in real time or you need to remember to manually make the changes each and every time.

For employees, this means logging into multiple systems, with different usernames and passwords to remember as well as getting the hang of different user interfaces. At Natural HR our aim is simple – to reduce complexity, risk and cost. The complexity of having to manage and update multiple systems, the risk of forgetting to make changes at the right time in multiple systems and the cost both of “purchasing” the systems but also the costs of complexity and risk.

Expense Management

The employee already has access to self-service via our core HR system, and with the click of a button in our Enterprise version, they can also have access to our Expense Management module as well as Mileage claims in their existing portal.

At the same time as requesting time off work, your employee’s can also submit an expense claim. In the same way, that manager’s can view, approve or decline time off requests, they can also view itemised expense claims including electronic copies of the receipts before approving or declining them. You can also have a second approver set up so the manager could approve as the first approver and then it gets sent to Finance for final approval and payment. This provides your employees with a smoother and more efficient process in adhering to your company policies.

Expense claims via self-service

Employees can log in to Natural HR and enter expense claims directly using the same system and interface as they do for updating their details and requesting time off.

The employee enters an itemised report containing up to 50 lines with each line recording the expense type, reason, date, value, vendor and comments. Additionally, you can optionally require your employees to submit copies of their receipt images as part of the claim which is then stored in Natural HR along with the claim.

As well as claiming expenses, employees can also claim for business mileage. There is a subtle difference in the two processes – some companies reimburse employees on receipt of a fuel receipt, for example, and, in this case, these can be processed via expenses. However, if you reimburse your employees at a rate per mile or KM then you can facilitate this via mileage claims which capture date, too, from and a distance with no requirement for a receipt.

Once an employee enters a claim, the system will generate an email to the first approver who can then process the request – upon approving, the request can then be further sent to the second approver and finally, an email sent to the employee notifying them of the outcome.

Financial Reporting

When reporting on expenses there are two reports we offer for financial reporting.

The first is a report which allows finance to understand what needs to be paid to the employee – this lists the claim name, date and the total value.

The second report is a line item report which allows Finance to report on where expenses are being spent – for example, show all travel expenses with Virgin Trains between January and March. You get access to the standard report functions so you can group, filter, sort and so on and also export the data to CSV file should you then want to further process it or import it into a third party financial application.

Natural HR

About Natural HR

Natural HR is a cloud-based HR software company for growing businesses with 100+ employees. Since launching in 2010, we’ve been building a comprehensive suite of HR functionality that equips the small to medium-sized enterprise with everything needed to build an effective and efficient HR operation.