Expense management allows you to see and control every dollar, no matter where it’s spent or who swipes the card. Increased visibility into your expenses helps you make informed choices that fast track your business goals.

An expense management system tracks each and every expense incurred by your business, from the swipe of the card to the expense report categorization.

Expense reports are submitted to the finance department by employees who make purchases on behalf of the company. Expense reports should include the following:

• Employee Name
• Department
• Budget or category for the purchase
• Item(s) purchased
• Date and time of the transaction
• How the transaction was paid
• Total amount spent
• Vendor
• Approvals

Expense categorization needs to be clear and simple, so that everyone knows exactly where the money is going—from employees recording business expenses to the finance team utilizing accounting software. Common expense categories include payroll, rent or mortgage, and travel, but you’ll need to tailor expense categories to your business needs.

The sooner you submit an expense report—the better. Expense reporting traditionally takes between 30 to 90 days from point of spend to reimbursement. That’s why BILL’s platform creates expense reports automatically so no spending is entered at the last hour, pushing you over budget.

It generally takes employees around 20 minutes to submit an expense report, and can take up to three months for the transaction to be fully recorded—unless you use BILL. With BILL Spend & Expense your expense report is automatically generated and submitted with one click, right when the transaction is made.

Budgeting is the road map you create for your business, planning how much money will go to each expense. Expense management is your budget in action. Expense management is the recording and tracking of every expense incurred by your company, which in turn can inform your budgeting process.

Yes! You and your employees can use tap to pay options and the wallet of your choice.