For organizations that do billable work, particularly time and materials contracts, the billing process requires the collection of both timesheet and expense data. Systems that make it easy for staff to complete their expense claims and timesheet together can simplify and quicken the billing process, improving the company’s cash flow.
Each organization has its own rules for handling different types of expenses, including mileage, subsistence allowances, and items procured for projects, etc. Data entry needs to be easy, with validation rules that detect erroneous entries.
The approval process for expenses also needs to be separate from that of timesheets, to give, for example, Finance the ability to determine how VAT and other taxes are to be applied.
How does Innate expenses tracking work?
Expense forms sit alongside the web based timesheet. We provide a grid view with similar look and feel to a spreadsheet. Each type of expense has its own rules, so that mileage entries will, for example, produce a running total as the number of miles are entered for a trip.
The rules can be as comprehensive as necessary and can support mileage rates based on engine size, which change as the claimed mileage increases. Other expense types include subsistence allowances, entertainment, and items purchased for a project.
The expenses approval process can be independent of timesheets, with different approvers if required. They can make appropriate amendments and Finance can have the final OK, using a simple workflow.
The Innate reports editor enables a wide variety of reports to be produced, from management information through to data export to Accounts for invoicing, via the billing process.
Expense claim recording and management is a core requirement for those organizations that do billable work. Innate makes it easy to track time and expenses together.