Effortless Expense Management: Streamline Finances with Xero Expenses

Many small businesses in Dubai struggle and waste time with manual processes which could be spent elsewhere chasing payments or generating revenue. Processing employee expenses is just one of these processes which in most cases cannot be avoided. From petrol, flights, meals, supplies, and everything in between – countless expenses need to be reimbursed to your employees. But it’s amazing how the simple task of reimbursing employees turns into a paper-filled/process-filled/follow-up-filled back-office nightmare. Not anymore, Xero Expenses helps you to tackle these issues all inside the Xero Accounting Software. Now you can access powerful analytics and flexible controls when processing expense claims. For example, employees can take photos of receipts and automatically create expense claims in Xero – without ever touching a scrap of paper.

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Xero Expenses can then provide reports and analytics to help better understand spending patterns. Some of the features of Xero expenses include a clean and easy interface, simplified workflows, powerful analytics, and – most importantly – integration into accounting with automatic journal entries and payment through bills. These robust features provide small businesses with all the tools required to process expense claims, analyze spending patterns, and communicate and connect with employees quickly and simply all on one platform.

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Easily capture and submit expenses

You will find automatic receipt processing in Xero Expenses. Small business owners can easily capture and submit expense claims through their mobile devices on both iOS and Android. Simply take a quick picture of the receipt and let Xero submit the expense claim. The design and workflow make it easy to capture and submit an expense claim without the paper chase or endless follow-up.

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Flexible controls and permissions

The user permissions model gives more flexibility and control to the right people at the right time during the expense claims process. This significantly simplifies the workflow and boosts efficiency. That’s because only appropriate people in the business can view, submit, approve or decline, and pay an expense claim. You will also find a highly-requested feature – the ability for a user (typically an accountant) to submit an expense claim on behalf of other people in the organization. The relevant folks will receive real-time push notifications on their mobile phones, which makes it easy for accountants, business owners, and employees to keep each other up to date.

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Other features include user settings at the organization and user-level which enables you to set defaults around tracking categories and expense accounts upfront – so those who are submitting expense claims won’t need to guess how their expenses should be tracked or coded. This will make it easier for employees to submit an expense claim with more accuracy and avoid time-consuming, frustrating, and costly rework for accountants and administrators.

Lastly, Xero Expenses includes a labels feature, which allows users to “label” and organize multiple expenses as a logical group without the hassle and rigidity of a full-blown expense report.

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Easy review and payment

You know all too well how difficult it is to review, approve and pay an expense claim quickly. But thanks to Xero, it can list views and drill down on expenses to save time and enjoy better functionality:

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• The expense claim list immediately gives you a high-level view of your own or your employees’ expense claims in easy-to-consume groupings, such as by status or by the employee. The most important information required for review, approval, and payment is available at a glance. These include status, amount, expense account, description, vendor, and date. From the list, just one click will let you drill down into the details of the expense – and provide a view of the receipt, tax details, tracking categories, and associated label.
• Actions can be taken on expense claims from the list or the details view, whether it be editing, approving, or paying. And because you can now view all of the expense claims that require review and approval in one list, batch approval is as easy as one click.
• You can view approved expense claims that are awaiting payment within bills. We’ll provide links to and from bills in Xero, so you can conveniently view bills associated with expense claim reimbursement side by side with vendor and supplier bills. This allows you to more easily decide who and what gets paid in one simple view.

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Expense analytics

Quite simply, you have to know how your staff spends money and if they follow established rules and policies. An exciting new feature gives small businesses and their accounting partners deeper insights into spending and expense claims that will provide actionable findings. Accountants and business owners have access to a real-time and accurate view of their expenses.

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If you would like to know more about Xero or would like to take up our free implementation offer, submit your contact details here and one of our consultants will be in touch.

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DISCLAIMER

This article is an extract from the Xero website and is written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of its contents.