Product Overview: Webexpenses
Webexpenses is a comprehensive expense management software designed to streamline and automate the entire expense process for businesses, enhancing efficiency, compliance, and cost savings.
What Webexpenses Does
Webexpenses is tailored to manage all aspects of expense management, from submissions and processing to approvals and reimbursements. It helps businesses take control of company-wide spending, enforce expense policies, and reduce the workload of finance teams. With a global presence in over 70 countries and trusted by more than 2,000 finance teams, Webexpenses has processed over a billion dollars in expense claims and is loved by 300,000 users worldwide.
Key Features and Functionality
Automated Expense Management
Webexpenses automates the entire expense process, including submissions, claims, approvals, and reimbursements. This automation saves time, money, and reduces stress by speeding up expense reconciliation with features like simple receipt scanning, automatic calculations, and quick repayments.
Policy Enforcement
The software ensures employees follow the company’s expense policy by automating compliance checks, restricting non-policy expenditure, and allowing for easy policy updates to specific categories such as hotels, mileage, travel, and petty cash.
Invoice Processing
Webexpenses automates the supplier invoice process, eliminating up to 90% of manual accounts payable procedures. This provides greater control, visibility, and reporting on supplier spend.
Corporate Travel Management
The platform automates corporate travel expense procedures, offering precise mileage controls, greater visibility over corporate travel spend, and more accurate predictions of future corporate travel expenses.
Expense Auditing
Webexpenses manages the expense auditing process, ensuring company-wide compliance, eliminating expense fraud, and freeing up the financial team’s workload.
Receipt Scanning and OCR
Using Google-powered OCR receipt scanning, users can quickly build expense claims on the go, eliminating the need for paper receipts. The system’s intelligent receipt matching feature automatically matches claim receipts with corporate card purchases.
Mileage Tracking and Verification
The software provides point-to-point journey calculations via the app and desktop, enabling quick, easy, and accurate mileage reimbursement.
Real-Time Reporting and Visibility
Webexpenses offers an interactive reporting dashboard that allows users to quickly spot trends, inaccuracies, and report on business spend in real-time. It also includes real-time tracking of carbon emissions.
Integration and Support
The system integrates seamlessly with existing ERP systems, including Sage, Xero, and Netsuite. Users benefit from 24/6 support from teams in the UK, US, and Australia. The per-user pricing model ensures that businesses only pay for active users, with unlimited submissions at no extra cost.
Cost Savings and Efficiency
Webexpenses generates significant cost savings through credit card management, VAT reclaims, mileage controls, and man-hour savings. On average, customers experience a saving of three hours per claim, a 43% reduction in errors, and an ROI of up to 880%.
In summary, Webexpenses is a robust and user-friendly expense management solution that automates and streamlines expense processes, enforces company policies, and provides real-time visibility and control over business spending, ultimately leading to significant cost savings and improved efficiency.