Expense Report Approval Process. Streamline the expense report approval process and improve the review and approval flow between departments. Expense fraud costs us companies $2.8 billion per year. Any kind of chaotic behavior in expense workflow can cause lots of ripples in your business process because when expenses are not approved in time by the managers, team leaders or finance team, it tends to delay the work of.
The following process is an example of the expense management workflow for an expense report. The average expense report takes 20 minutes to process.
It specifies that expenses less than $50 are automatically approved, expenses $50 and over require manager approval, and expenses over $5,000 require additional approval from two vps.
Take advantage of the cloud for an easy platform to securely mobilize the online submission and approval of expense reports. Select the approval process for expense report which you are currently using. On the other hand, you can implement a review and approval process that makes work easier for the finance team. It further leads to delay in reimbursement, causing frustration among employees.
