Are you tired of making employees remember to bring back receipts? What about reimbursing expense reports? Not to fear! Expense management is so much easier with Bento’s highly visible dashboard and real-time expense tracking.
As an in-house accountant, your job probably involves reconciling accounts, dealing with financial discrepancies, analyzing balance sheets, preparing year-end accounts and much more, all while ensuring your employer is complying with all local, state and federal requirements. Additionally, you are probably advising senior management of the current financial status of the company and any actions that might be needed.
That’s a lot to be dealing with on a day-to-day basis, and means that the extra headaches that come with a cumbersome employee expense process are something you could probably do without!
Common Problems with Employee Reimbursement for In-house Accountants
Employees forgetting to keep/losing receipts – Your organization might allow certain exceptions, such as accepting personal credit card statements as proof or letting small amounts go through without receipts, but it still all adds time onto the expense process.
Alternatively, if procedures dictate that you’re unable to reimburse an employee who can’t provide a receipt, all too often you’re the one who bears the brunt of an unhappy and out of pocket employee.
The Bento prepaid MasterCard removes the need for your fellow employees to pay for their own expenses. No employee reimbursement = no receipts! This all translates into cost and time savings, time that could be put towards productivity instead.
Employees overspending – It’s all too common for in-house accountants to hear employees say they didn’t realize there was a budget, or they didn’t realize they were overspending.
Unfortunately, once it’s done, there’s not much you can do about it.
Bento lets you set individual budgets on cards to make expense management much easier, and you can also set them up by function so they can only be used for a specific reason (gas, for example). Once the card has reached its allocated limit, or if the employee tries to use it for unauthorized purchases, any attempted transactions will be declined.
You are all to familiar with the time-consuming and complicated process – Employees have to fill in expense reports, remember to attach documentation, bring the reports to the accounting team, you then have to check that everything is correct (often going back and forth until it’s spotless for future audit), then do the reconciliation and finally reimburse the employee.
The Bento Solution Makes Expense Reports a Breeze
As well as providing real time tracking and valuable security when it comes to employee spending and expense management, Bento’s integrated system saves time and effort of what is all too often a long, complicated and inefficient process for in-house accountants. The Bento dashboard means you can control budgets and card functions, reload your account and turn them off and on at the touch of a button.
Not only will the Bento solution make your life easier, your senior managers will be delighted at the time saved – time that can be spent looking at cost savings and streamlining the business’s cash flow instead.