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Financial Services


Industry: Financial Services

Revenue: $0-$5 M

Employees: 10-50

Challenge: A financial services provider that focuses on planning for its client’s monetary future was utilizing paper-based processes to manage expense reporting. The company’s management team was looking for an automated solution for expense reporting in order to focus on providing an excellent service to its clients, rather than shuffling papers back-and-forth between departments.

This company’s expense reporting process involved employees filling out an Excel spreadsheet with the spend information, attaching paper receipts to the spreadsheet and submitting to a designated approver. This process was time-consuming and tedious for employees submitting the actual report, as well as for management who is approving the expense reports and members of the accounting team who are in charge of confirming that the spend was within policy, approved by the appropriate manager and that the employee is reimbursed as quickly as possible. The company wanted a simple solution to automate the expense reporting process that was easy for all employees to learn and use.

Technical Needs: Upper management wanted to implement an easy-to-use software solution that integrates with the organization’s current accounting system. Along with that, the financial advisors who spend time traveling to various client offices see a need for a mobile app that can capture receipts, easily create line items, and route an expense report while on the go.

ExpenseWatch Solution: ExpenseWatch Expense Reports module was implemented in order to automate this organization’s entire expense reporting process. Key benefits the organization immediately experienced, included giving employees an easier way to submit expense reports, providing a streamlined way to accurately reimburse those employees in a timely manner, offering a mobile app that allows employees to submit and approve expense reports while traveling.

The Expense Reporting module has features that allow for the quick creation of reports, including:

  • Personal and/or corporate credit card feeds
  • A drag & drop interface with credit card data that auto populates expense line items
  • Ability to see the status of the report in the approval chain.

As for the approvers and those on the accounting team, the ExpenseWatch Expense Reporting module gives them the ability to customize their approval screen to see only the information that is important to their decision making process, a quick approve option for reports that are regularly submitted and policy flags as a signifier that a report is outside of company policy.

Instead of focusing on getting expense reports manually created and routed through the appropriate departments, the addition of ExpenseWatch has helped this company spend more time focusing on planning and securing their client’s financial futures.

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