Expense management software to digitize & automate expenses
The best expense management software in India to transform your accounting department by automating your entire business expenses. Take control instead of chasing lump sump payments and paperwork at the end of the month. With corporate expense management solution tailored to your business needs, you can automate, simplify, and streamline your financial processes.
Departments and financial teams spend a lot of time approving expense claims. Equip your staff with smart corporate cards that are integrated with your expense management software instead of tracking every penny spent from a single account. These cards have their own ledger categories so you can readily categorize them as soon as a card is swiped.
Manage online payments by creating unlimited number of virtual cards. Customize to a vendor, an employee, or even a department. These cards have the same functionality as physical cards, with the extra benefit of being immediately useable. Limits can always be set to keep your spending under control.
Issue customized physical cards to your travelling employees. With built-in expenditure rules, you can keep track of every payment and automatically collect unpaid receipts in real time.
Simplify the dreaded reimbursement process for employees with the expense management software. Employees who make one-time out-of-pocket payments can submit reimbursement requests immediately through the platform.
Approvers can promptly authorize an expense claim by attaching receipts and details. Employees can also get reimbursed for their mileage!
Our expense management software India option will allow you to manage global subscriptions. SaaS payments are significantly easier to administer remotely using virtual cards. Cards can be generated for both one-time and recurring payments.
Simply load the payment gateway and enter the card number. These cards keep track of spending as they happen and can be refilled as needed. With individual cards for each subscription, accounting becomes even faster.
Set up unique, multi-level permission policies on Volopay expense management software to get rid of all of it. Maker-checker systems allow you to set up multi-tier approvers (up to five tiers) to ensure that spending is tracked.
For requests above a specific amount, auto-decline rules can be defined. Furthermore, these approvals can be done remotely and instantaneously, reducing the amount of time spent waiting.
Stop expecting your end-of-month statement to surprise you. Sync expenses in real-time to keep track of your spending as soon as a payment is made. It might be from one of the AP accounts or a card.
For better expense reporting, expenses are logged quickly and synched to the ledger. Transparency regarding payment frequencies and amounts becomes much easier to implement.
Forget about having to overpay. Specific controls and expense policies allow you to keep track of your spending before it happens. The only expense management software in India to give you the option to set company-wide spending policies, with departmental customizations.
Payments that exceed specific thresholds can be subject to auto-decline restrictions. Multi-level approvers also allow you to delay and double-check payments before they go through.
Control and policy awareness go hand in hand with better expense management software for business. Allowing approvers, policies, and live-tracking of all expenses makes it easy to secure your company's funds.
Your employees, too, have a certain level of accessibility. Receipts can be directly submitted to the site, and reimbursements can be claimed. Employees can request funds for their cards at any time and from any location.
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.
The major pre-requisite for budgeting is real-time visibility and tracking abilities. Volopay comes with a dashboard that displays up-to-date payments for admins and finance teams to review.
Expense policies are made to regulate employee expenses related to the business. But some employees voluntarily misuse this to gain more. Having a transparent payment system helps in preventing such instances. Your money won’t be wasted and employees will know the repercussions of surpassing a policy knowingly or unknowingly.
Duplicate payments are the same payments that are made twice. Such payments will be a common occurrence if you don’t have expense management software. It’s even harder to recognize them when they happen. Volopay gives a real-time view of your payments. Also, the whole invoice processing is automated, leaving no way for a payment to get duplicated.
Small businesses are always prone to both internal and external payment fraud. It’s either an insider who tries to attach falsified records and process payments higher than required, or an external vendor sending invoices for goods that are never delivered. To save your business from perpetrators, you need an extensive expense management application, which makes Volopay the right choice for your business.
Maintaining a good relationship with suppliers is necessary for your business continuity. An expense management platform not just aids this by expediting vendor payments but also contributes to vendor evaluation. Measure your vendor’s performance (quality of goods, customer service, cost, financial stability, etc) against the payments you make and decide the effectiveness of your partnership with Volopay.
Certain suppliers still send manual invoices to their clients. If you are one of those clients, fret not about how the software can accept your input.
Our software comes with an AI-based technology called OCR (Optical Character Recognition) that recognizes your manual document, fetches the data, and uploads it into the expense management system.
It’s not possible for your employees to remember the entire travel spend and expense policies. But the system should be careful enough to only let through expenses that meet your company policy.
Volopay does real-time policy checks and only processes expense reports that match the updated guidelines.
For employees who travel frequently, reimbursement and expense reporting are a major concern.
Help your employees submit one-click reimbursement requests and upload scanned receipts right there. Volopay lets them do this anywhere, even when they are traveling through the desktop suite or mobile app.
When a request is submitted by an employee, it automatically gets transferred to the first level of approval.
Upon single or double authorization, it further travels and makes it to the settlement stage. Approvers are notified to promptly authorize the request waiting in their queue.
Be proactive about your employee expenses and save time that’s wasted on request raising and approvals. Set pre-approval policies and approve definite expenses before even they happen.
This will require your employees to share the expense report with you before they go on the business trip. It also prevents employees from wasting money on non-eligible items.
There are a few expenses that don’t require approvals at all. Under the pre-approval policy, they qualify for the direct settlement of payment without going through approvals.
For starters, you can add categories, spending amount, authorized person/department to spend, and duration till which they can be auto-approved.
This is the ideal policy for small businesses that want to double-check and ensure details before settling claims or credit requests.
Here you can set up to five levels of approvers depending on the severity of the expense. And there is no rule that you should choose a fixed number of approvals for all expenses.
This is an approver workflow where there will be a maker and a checker. The maker will be the person creating the request and the checker will be the reviewer and approver.
Any errors or policy violations will be caught by the checker and sent down for settlement or further processing.
Cut down the effort your finance team puts into creating spending reports and analysis. If they have the ready-made data in their hand, making analysis and financial decisions is easier for them.
Volopay can help them achieve this and generate up-to-date and accurate accounts payable data time and again.
Employees spend up to a day to get their expense reporting sorted after a trip. Following that, they have to get in touch with different teams to get status.
Instead of being clueless, they can use Volopay to submit expense reports in a few steps and track them periodically.
Accounting is constantly regulated by compliance and governance policies. For smoother tax returns, you need to stay compliant with your tax authoritator’s requirements.
Volopay helps you with staying compliant and updating any changes implemented.
Make your budgets work for you by practically connecting them to your expense management software. You can update your company budgets and track departmental expenses and make budgeting work in real-time.
With higher controls and limiting options, you can curb unnecessary expenses and open doors for a positive cash flow.
Happier employees lead to the happiest and most productive workspaces. If you could make reimbursements easier for employees, they can focus better on tasks that deserve their real attention.
They can submit reimbursement requests on the go and receive payments quicker. Corporate cards reduce the burden by facilitating pre-approved spending.
Volopay can be connected with any accounting software you use. This connection enables safe and encrypted data transfer from Volopay to the destined application.
Your accountants will no longer juggle multiple windows and transfer data manually.
Switch from having to use multiple tools and systems to a single, more modern, organized, and consolidated expense management software for business. Bring approvals, corporate cards, account payments, employee expense reimbursements, accounting automation, and many more under a single roof.
Multiple approvers ensure that no single individual is liable for an expense and that all payments are well-checked and thoroughly verified. Payments, reimbursement sanctions, policy enforcement, and card reloading can all be assigned to up to five approvers on Volopay.
Before approving, they can also seek information or flag errors to ensure that no data is missing during the accounting process. The only expense management software in India to redefine the way businesses gain complete control over every rupee being spent.
Enabling employees to request reimbursement for out-of-pocket expenses on the employee expense management software makes the process much easier to manage, rather than allowing them to be intimidated by week-long procedures.
They only need to file a receipt and include payment information; approvers must then check and approve the refund. Money is immediately transferred to their bank account, thereby making the entire process easy and quick.
Virtual cards can be generated for each vendor so that you can precisely allocate funds and identify who was paid how much money with just one glance at an expense report.
This also allows you to handle cross-border vendors and halt payments for subscriptions that have been forgotten. One-click solution to all SaaS subscription management situations that businesses struggle with.
Admins, accountants, and managers can see the movement of your business funds as they happen with real-time insight. You always have control over how your company's money is spent, so you don't have to worry about shocking expense reports or significant debt.
Before it's too late, know every detail of every rupee spent, approve it fast, or freeze it.
Starting a new business in India? Know in detail on how the new GST regime works and the registration procedure.
Know how a business expense management software like Volopay can help streamline your financial process and enhance spend visibility.
Finding it difficult to manage your T&E expenses? Automate your T&E expense management with a right solution to enjoy a seamless experience.
Read up on snippets of the latest news and updates on expense management in India.
Modern expense management tools with built-in AI powers will help eliminate in getting rid of spending issues that negatively affect the bottom line of the business.
1. Eliminates multiple expense policies, 2. Easy record-keeping for audit compliance, 3. Simplifies and automates documentation, 4. Helps avoid detailed reimbursement proceedings.
Some of the common challenges are 1. Vague T&E policy, 2. Lack of transparency, 3. Delays in reimbursements, 4. Data entry errors.
Expense reports helps in simplifying tax deductions, function as a base factor for budget creation, facilitates precise reimbursement, improves expense tracking and control.
Volopay's employee expense reimbursement is faster than the traditional and manual process of expense reimbursement. Employees submit claim requests for mileage or out-of-pocket reimbursements directly on the platform. There are choices to include the vendor's name, the reason for payment, and a receipt. The expense can be accepted as soon as an approver looks at it. The employee is immediately alerted, and the payment is completed. Instead of dealing with weeks of back-and-forth communication, approvers can request more information, which the employee can furnish when they receive the notification.
Use Volopay's corporate cards for subscription and online payments, by creating unique cards based on different spend categories and types. The assigned cardholder's card information can be saved on the vendor's site in the case of recurring payments. The payment will go through as long as the card is funded and valid either as and when required or by regularly reloading funds to the card. For improved reconciliation and verification, virtual cards allow you to create vendor-specific cards for one-time payments. This also allows you to keep track of missed payments and freeze a vendor card to cancel a subscription.
Our automated expense reporting applies expense policies, making compliance and spend analysis easier. The scanning of receipts and invoices allows for improved vendor management. Payments can be scheduled ahead of time to avoid late fees, and early payments might result in discounts. Forecasting and analysis demand less data collecting and data entry with the help of one-click report generating. Instead of unnecessary mundane effort and human intervention, expense reporting streamlines the entire financial operations and management process in your business.
Expense reports reflect all of the data you've filtered. The ledgers provide information on who made payments, from which account (wallet or card), and to which department. This payment is linked to vendor information, invoices, and receipts. You can filter information based on the type of cost report you want to create, but all of this information is available by default.