Learn through this article how to manage your company's expenses.
💡The Expenses feature provides the information for all expenses of a user.
First Set up Expenses and then, in this article, learn how to manage the expenses.
Where can I find My Expenses?
- Head to My Expenses
How Do I Add an Expense?
There are two ways to add expenses: automatically or manually.
💳 The expenses you charge to your Factorial Card (plastic or virtual) will automatically be reflected in your profile under My Expenses. The expense will have the status Draft because you need to add a photo of your receipt in order to send the expense for approval.
- Head to My Expenses
- Klick on the expense that was automatically created
- You will not be able to edit the supplier, category, amount and date.
- If you want, you can edit the VAT amount and add a description or an internal reference.
- Scroll down to files and add a photo of your receipt.
- Click on Send for approval.
⚠️ Employees must add a document (photo of the receipt) to send it for approval. Until then the expense will stay in draft status.
- Click on +Add an Expense
- Fill in the information about your expense
⏩ If you are not ready to send it for approval, save it as a draft.
- The expense will be created on the My Expenses table and can keep on editing all fields and documents whenever you want.
- Once it’s ready, you can send it for approval. After this, you won’t be able to make more changes.
- Approvers will receive a notification to approve it.
- By clicking on the arrow (->), you will be able to access the details of the invoice and the information concerning the expense.
Create Expenses using Smart Document Scanning (OCR)
Until now you needed to complete each expense form field one by one. With the Smart Document Scanning (OCR) you can reduce the time of reporting an expense and filling manually all the fields, and avoid mistakes in the process.
🔥 OCR technology reads PDF, PNG and JPG and recognizes the information in the documents.
- Head to My Expenses
- Add new expense expense
- Upload or take a photo of the document
- Smart document scanning creates a new expense as a draft with the information from the document.
- Users can edit and add more info.
- Save your progress as a draft or send it for approval.
The fields that our smart document scan recognizes are:
- Vendor’s name
- Document currency
- Document total amount
- Document date
- VAT amount
- Document type (coming soon)
❗️Review all the information is correct, in case that it is not correct, edit it.
🚨 Companies should keep and store physical documents depending on the country's law.
💰You will have two different types of expenses : Manual and Factorial card. You will have a selection of 6 different filters for expenses ranging from Status to Expense Type.
- Manual Expenses are all those that are made by imputing the data of the expense in the system manually. If they are made with the economic advance of the worker, the company must pay that money in the most convenient way and without having a negative impact on the worker.
- Card Expenses (e.g. automatic) are those that are made using the Factorial card and with which it will not be necessary to impute manually. You just have to attach a receipt to the expense and the process will end when the approver has reviewed the expense. There is no need to make any type of return of the money because money from the company is used.
How to add an expense from another currency?
Now you can select any currency when reporting a mileage expense or a regular manual expense. This currency will also be visible on the Expense table, dashboards and reports.
- Head to My expenses
- Click on the +Add expense
- Select the type of expense: Mileage or Regular expense
- Fill the information
- In the Currency field, select the expense currency
- Finish the process and select send for approval
The status of an Expense
An Expense can have different status. There are:
- Draft = The expense was created automatically or manually but is not ready to be approved. The employee can still make changes.
- Pending = Is the status after draft. The expense is ready to be approved and can not be edited anymore.
- Approved = The expense has been approved.
- Rejected = The expense has been rejected.