Expense reimbursement software for businesses
Volopay provides Indian businesses with the employee expense reimbursement software they require. Instead of stacking a big pile of receipts and claims, employee reimbursement software allows you to automate the entire process.
It merely takes one click to upload a receipt, which is then approved quickly. Your employees will be able to manage their business spending properly without having to wait months for payment.
Trusted by finance teams at startups to enterprises.
Faster expense reimbursements
With expense reimbursement software, businesses can expedite the reimbursement process significantly. The traditional manual process of sorting through receipts and paperwork is tedious and time-consuming.
When using an employee reimbursement tool, this process is replaced by an automated system, leading to faster approvals and reimbursement claim processing. This not only improves employee satisfaction but also boosts overall operational efficiency.
Actionable insights into expenses
Expense reimbursement software offers analytical tools to gain insights into the spending patterns of employees and expense trends within different teams across the organization.
These data-driven insights enable businesses to make informed decisions, identify cost-saving opportunities, and optimize expense management effectively.
Automatically enforce policy compliance
Volopay's employee reimbursement software can help finance departments ensure that expense policies are followed even when out-of-pocket expenses are incurred. Expense claims that are not in compliance with the policy will be immediately refused.
Additionally, you may create required fields for employees so that the approval process is not slowed and information is provided to the relevant approvers.
Experience hassle-free reimbursements
Auto-expense categorization
Automated expense categorization is a valuable feature of reimbursement software. The employee submitting the reimbursement does not have to manually choose a category anymore.
By using AI-powered algorithms, the system can automatically categorize expenses into different cost centers or accounts, saving time for both employees and finance teams. This enables accurate tracking and better financial analysis.
Receipt auto-capture
Gone are the days of manually attaching receipts in an expense report for an employee reimbursement.
Expense reimbursement software can automatically capture data from receipts through OCR (Optical Character Recognition) technology by scanning the receipts and filling in the necessary data.
This eliminates the risk of lost or misplaced receipts and ensures all the important information is recorded for reimbursement purposes.
Real-time notifications
The uncertainty of when an employee will get their funds back and how far the processing has reached is a major issue for many people. Employee expense reimbursement software provides real-time notifications to keep employees informed about the status of their expense reports.
Additionally, finance managers are promptly notified when reports are submitted, making it easier to track, review, and approve expenses in a timely manner.
Streamlined expense submission
With expense reimbursement software, businesses can expedite the reimbursement process significantly. The traditional manual process of sorting through receipts and paperwork is tedious and time-consuming.
When using an employee reimbursement tool, this process is replaced by an automated system, leading to faster approvals and reimbursement claim processing. This not only improves employee satisfaction but also boosts overall operational efficiency.
Automatic expense report fraud detection
Expense reimbursement software incorporates fraud detection mechanisms to flag suspicious transactions and potential reimbursement frauds.
There may be situations where employees knowingly or unknowingly submit expense claims that are not permitted under the company’s expense policies.
The software system ensures that the reimbursement process remains secure and helps safeguard the company's financial resources.
Detailed audit trail and reporting
Having a detailed audit trail is crucial for compliance and financial transparency.
Employee reimbursement software creates a comprehensive record of all transactions and approvals, allowing businesses to maintain a transparent and accountable expense management process. This also helps in conducting smooth internal and external audits.
Financial stack for business
No more switching between multiple bank accounts and tools to run your smart business. We have combined great software with every service you are using a bank for, to produce a state-of-the-art financial platform.
Empower your employees with physical and virtual cards
Manage and track every dollar that leaves your company
Open a global account with multi-currency payments.
Manage vendors, approve invoices and automate payments.
Save hours daily, and close your books faster every month.
Integrate with the all the tools and software that you use daily.
How to shorten the reimbursement cycle?
Continuous process improvement
Different organizations have different needs. So regularly review and improve the reimbursement process to identify bottlenecks and implement efficiency-enhancing measures.
Streamline payment methods
Adopt faster payment methods like electronic fund transfers to reduce processing time. Having a standardized payment system will help keep things simple and avoid any confusion.
Set and enforce policy
Standardizing the submission process will help maintain a structured way of going about reimbursing employees.
Clearly define reimbursement policies, including submission deadlines and eligible expenses, and enforce them consistently.
Minimize manual data entry
Use expense reimbursement software to eliminate manual data entry and reduce paperwork.
Thanks to the software’s cloud storage facility, the data is accessible anywhere from a compatible device.
Train and encourage employees
Educate employees about the reimbursement process and encourage them to submit expense reports promptly.
This will help the finance team process them quickly rather than dealing with all of them at the end of the month.
Real-time expense submission
Encourage employees to submit expenses as soon as they are incurred, minimizing delays and improving accuracy.
Not only does this settle the claims faster but also keeps the employee’s morale high as they receive their funds back sooner.
Why should businesses start using Volopay?
1. Reduces the burden on employees
The traditional method of submitting reimbursement expense claims was extremely tedious and took a lot of time due to the manual work of filling expense reports with all the receipts.
Volopay simplifies the expense submission process, reducing the workload on employees and allowing them to focus on their core responsibilities.
2. Low chances of error
With automated systems in place, Volopay minimizes the risk of errors and inaccuracies in expense reporting, ensuring precise financial records.
Inaccurate expense details entered due to human error are negated when the system automatically scans the receipt using OCR technology for accurate data.
3. Easy integration for end-to-end accounting
Volopay natively integrates with accounting systems like Netsuite, Xero, Quickbooks, Tally, Zoho Books, MYOB, and Deskera.
It can also integrate with any other accounting software with the universal CSV function. This facilitates smooth data flow and eliminates the need for manual data entry of all reimbursements.
4. Auto reconciliation to speed up the accounting process
Reconciling all expenses that the accountants usually end up spending a lot of time on. The platform's automatic reconciliation feature saves valuable time for finance teams, accelerating the accounting process.
5. Customization for finance team control
Volopay offers customizable features that empower the finance team to manage expenses effectively and enforce policy compliance.
You can set up custom approval workflows spending on the payment volume for employees to make money transfers through Volopay.
6. Corporate card for payments
Volopay's corporate card streamlines payment processes, consolidating expenses and simplifying the reimbursement cycle.
Issuing corporate cards for your employees will also eliminate the need for employees to file reimbursement claims altogether.
You’ll also get to control the expenses by setting custom spending limits on each card that you issue.
Learn more about our employee reimbursement software
Volopay offers advanced invoice management, accounting integrations, smart corporate cards, and employee cost reimbursement features. You can get all of your financial requirements fulfilled in one place.
Multi-level approvals
You don't have to rely on late payments any longer. Our comprehensive approval workflows are ideal for Indian teams' who are in need of an expense reimbursement software.
Ensure that all data is reconciled quickly and in accordance with the company's expenditure policy.
Real-time visibility
There will no longer be any ambiguity. You may set up your expense reporting system so that you are aware of every detail of each transaction as it happens.
Know where your company's dollars go, why they go there, and when they go there. With real-time expense reporting and reconciliation, closing the books is much faster.
Corporate travel
Corporate travel has now become a lot less difficult. Volopay has collaborated with TruTrip to let you book all of your corporate travel, including flights, concierge, hotels, and taxis, directly from your accounts payable wallet.
Expense reimbursement software in India allows employees to claim money and mileage spent on company trips.
Accounting automation
Using a secure and simple accounting system, you can close your books faster. Integrate your accounting software with your Volopay account to ensure that all transactions are linked in real time and that you aren't wasting time manually entering information. Because of the two-way interface, all of your data is maintained up to date.
Customer stories
Volopay provides your business with the perfect financial control centre. Don't take our word, let our customers tell you how we empower their organisation.
Volopay helped BukuWarung in managing their expenses across different countries.
Volopay helped Deputy smoothly integrate with an accounting system.
Using Volopay, AdCombo eliminated the hurdles of cash flow management.
FAQs on employee reimbursement
Approvers can now detect duplicate claims and reject them before any funds are deducted. A thorough claims history also prevents duplication of claims.
Employee expense reimbursement software has an approval process. An employee can go to the claims section and start filing a claim with the click of a button. The vendor's identification, the amount, and a payment receipt must all be included. After it's been submitted, it goes via an approval queue. As soon as the final approval is received, the money is transferred to the employee's bank account.
Yes, all claims in the expense report and ledger can be reviewed using a filter. If you're an admin or approver, you may also examine the claims history in your notifications and alerts log.
Simply attach the receipt and the employee reimbursement software will decide whether it is legitimate or not. You have the option of adding more details to line items if the approver asks more information. In contrast, the claim method allows you to simply add a single receipt and the total amount.