If one team member is out-of-office, the report will be sent to the next supervisor up the chain. For instance, you can set up out-of-office contingencies. TripLog has many features that allow you to set up a highly detailed and customized expense approval hierarchy system. TripLog’s Automated Approval Hierarchy System Explained For example, if you are a company or team that has employees who use their personal vehicles for work, you could use a solution like TripLog. To set up an approval hierarchy system for your organization, first determine what your specific needs are. However, today, many automated expense approval management systems exist that make the process easier and more accurate.
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How To Set up an Automatic Expense Approval HierarchyĪs discussed above, manual expense reports can be a huge drain on companies of all sizes. Setting up an automatic expense approval hierarchy system can be a great way to avoid those time and money losses. These errors take around 18 minutes just to correct, costing an additional $52 per report.
In addition, the average cost of processing just one expense report is $58, and 19% of all expense reports have errors. Related: How To Prevent Fraud In Business According to a study conducted by the Global Business Travel Association, an expense report takes approximately 20 minutes to complete. In general, manual expense reports can cost companies more time and money than they realize. It’s also worth mentioning that TripLog can automatically flag over-reported mileage, making company mileage & expense approvals a breeze. Setting up a mileage & expense approval system through a product like TripLog gives companies significantly more oversight power. Around 40% of workers who admit to committing expense fraud say that they do so by over-reporting their mileage. Why Companies Need an Approval Hierarchy: The Dataīelieve it or not, over-reported mileage is where the highest percentage of all company expense fraud occurs. They give companies additional means to control their spending and ensure their employees are operating within set parameters.įor example, TripLog’s company mileage reimbursement solution allows businesses and teams to set up an expense approval hierarchy system for their mobile employees. Why Companies Should Set Up an Automated Expense Approval Hierarchy SystemĪlmost any company where employees submit expenses upstream would benefit from setting up a streamlined expense approval hierarchy. That supervisor could then submit the final reports to payroll for processing. Simply put, an approval hierarchy lets companies require expense reports to go through as many eyes as needed in order for them to be approved.Īn employee could send their expense reports to a manager, and that manager could gather and approve all of their team’s reports, and then submit it to their supervisor for final approval. Today, we’re going to explain what an automated company expense approval hierarchy is, why many companies need one, and the best ways to set one up. Up until recently, many aspects of company expense approvals had to be done manually, which can lead to significant amounts of lost revenue. If you have employees who need to submit their expenses to managers or supervisors, you probably already have some form of approval hierarchy.
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