What is expense claim?
Expense claim means that the expenses incurred by an individual due to handling company affairs or being assigned by the company to perform a certain business, the handler or the applicant shall reimburse the expenses to the company with the original documents (invoices) in accordance with the company’s regulations, and receive cash or bank transfer.
The importance of expense claim
Handling company expense claims is a highly repetitive, strictly regulated but simple financial task, and it is also a mirror of the enterprise.
A clear approval process, strict document standards and classification of related expenses can well identify whether there is private use of public funds, corruption and waste within the company, making the cost more transparent and the operational more effective.
Notice of expense claim approval process
- Expense claim
When reimbursing daily expenses, including travel expenses, transportation expenses, and business entertainment expenses, employees must obtain corresponding legal documents, and the invoice must have the date, unit, and signature of the person in charge.
- Fill out the claim form
It should be noted that the corresponding documents should be filled in according to the expenses, including the requirements of the documents, and the number of attachments should be indicated.
- Expense claim approval
After the claim form is completed by the applicant, it should be signed and confirmed by the supervisor in time. When auditing relevant documents, the accountant should pay special attention to the compliance of the invoice, check whether the claim amount matches the invoice amount, and if it exceeds the budget, whether there is a special approval, etc.
- Payment and storage of documents
After completing the procedures, the employee should go to the finance department to collect the expenses (usually in cash or with payroll) according to the approved and complete form. Relevant forms should be kept by the finance department to facilitate follow-up operations such as bookkeeping.
Workstem is a one-stop human resources management & payroll system, which has an expense claim module, including claim date, amount, reason and more details for supervisors/HR. The expense claim type can be customised and the application can be bulk imported/exported. Employees/supervisors apply and approve by one click in Workstem One App with all claim procedures managed on one platform.