ExpensePath Overview
ExpensePath is a comprehensive expense reporting and management solution designed to streamline the expensing and reimbursement processes for small to medium-sized businesses. Here’s a detailed look at what the product does and its key features:
What ExpensePath Does
ExpensePath is an all-inclusive platform that handles the entire cycle of expense reporting, from the creation and submission of expense reports to the review, approval, and reimbursement processes. It aims to simplify and automate expense management, ensuring compliance with company policies and reducing manual oversight.
Key Features and Functionality
User-Friendly Interface
ExpensePath offers intuitive web and mobile apps, making it easy for users to create, edit, and submit expense reports from anywhere. The interface is designed to be logical and user-friendly, facilitating quick adoption and minimal training.
Automated Expense Categorization
The software automates the categorization of expenses based on company policies, ensuring compliance and reducing the need for manual intervention. This feature helps in maintaining accurate and consistent expense records.
Customizable Approval Workflows
ExpensePath allows for flexible approval flows that can be tailored per employee, dollar amount, or project. Managers can approve expenses via email, mobile, or web, streamlining the review process.
Transaction Data Import
Transaction data can be imported through various methods, including direct bank feeds, individual corporate card links, or file uploads. This data is mapped directly to each cardholder, ensuring accurate and efficient tracking.
Credit Card Integration
Users can link their credit cards to their ExpensePath account, allowing for automatic or on-demand import of transaction data. This integration is read-only, ensuring security and preventing any transactions through the platform.
Receipt Capture and Submission
The platform includes integration with phone cameras for easy receipt capture, making the submission process more convenient. Each expense requires categorization, vendor information, and amount, with additional details depending on the expense type.
Policy Enforcement
ExpensePath allows for policies to be set specific to departments, locations, or seniority levels. Violations of these policies can be flagged or submission can be blocked, ensuring adherence to company rules.
Reimbursement Options
The software supports multiple reimbursement options, including initiation of reimbursement via payroll or accounts payable (AP) using direct integrations or export files.
Accounting Integrations
ExpensePath integrates seamlessly with various accounting systems, such as QuickBooks, facilitating efficient financial management and providing valuable insights into company spending patterns through real-time reporting and analytics.
Mobile Accessibility
The mobile app enables on-the-go expense management, allowing employees to manage their expenses anywhere, anytime, which enhances convenience and productivity.
Conclusion
In summary, ExpensePath is a robust expense management solution that automates and simplifies the entire expense reporting process, ensuring compliance, reducing manual work, and providing valuable financial insights. Its intuitive interface, customizable workflows, and seamless integrations make it an ideal choice for small to medium-sized businesses.