Product Overview: ExpenSee
What is ExpenSee?
ExpenSee is a comprehensive expense management software designed to streamline and automate the entire expense reporting and reimbursement process for businesses. This platform aims to enhance efficiency, accuracy, and transparency in managing employee expenses, making it an essential tool for organizations seeking to optimize their financial management.
Key Features and Functionality
Automated Expense Capture
ExpenSee allows employees to capture receipts using their smartphones, leveraging Optical Character Recognition (OCR) technology to extract key details such as merchant names, dates, and amounts. This auto-scanning feature eliminates the need for manual entry and reduces the risk of lost receipts.
Centralized Dashboard
The platform provides a centralized dashboard where all employee receipts and expenses are tracked and compiled into reports. This centralized system ensures that all expense data is easily accessible and manageable.
Auto-Categorization and Itemization
Expenses are automatically categorized based on predefined rules and vendor data, simplifying the tracking of expenditures by sorting them into relevant categories such as meals, travel, or accommodation. Employees can also itemize multiple expenses within a single receipt, applying the correct tax rates to each line item.
Integration with Corporate Credit Cards
ExpenSee integrates seamlessly with corporate credit cards, allowing for automatic logging of expenses and reducing the need for manual reconciliation. This integration also helps in enforcing spending limits and company policies.
Approval and Compliance
The system automates the approval process, routing receipts to the appropriate approvers and flagging any expenses that need additional attention or violate company policies. This ensures compliance and reduces the risk of fraudulent or unauthorized expenses.
Mileage and Travel Expense Management
ExpenSee includes features to record mileage expenses, integrating with GPS tracking to calculate distances traveled. Employees can log their mileage expenses for multiple stops in a single day, making travel expense reporting more accurate and efficient.
Automated Reimbursement
Once expenses are approved, the system initiates reimbursement automatically, typically depositing payments directly into the employee’s bank account. If an expense is denied, the employee is notified and can make necessary corrections and resubmit the expense.
Customizable Workflows and Policies
The platform allows companies to customize workflows and approval processes to align with their specific business needs. It also enables the documentation and management of spending limits and company policies, which can be adjusted as necessary.
Integration and Auditing
ExpenSee integrates with broader ERP systems and accounting software, eliminating redundant data entry and ensuring that expense reports are submitted quickly and accurately. The system also supports auditing processes, allowing for random samples to be checked for compliance and accuracy.
By offering these features, ExpenSee simplifies and automates the expense management process, enhancing productivity, compliance, and control over business expenditures.