What will a firm do to record and store all the expenses of the employees? How can they easily reimburse the travel expense, purchase expense, and other expenses borne by an employee?
For ensuring the smooth operation of all expenses including the documentation of bills and receipts, timely approval of expense reimbursement requests, rejection, or approval of expense reports a proper system should be in place. Odoo 14 is offering an efficient Expense Management module to avoid all your apprehensions.
Here in this blog, let us discuss how Odoo Expense Management helps an organization.
Save Time on Expense Management
Odoo 14 Expenses management helps you complete your expense management task quickly. Instead of going around and collecting all bills and receipts and manually documenting it, Odoo helps to complete all the tasks effortlessly. With Odoo 14 Expenses, an employee can create expense reports and add all relevant documents along.
The report can be sent through the e-platform avoiding wastage of time.
For a manager, the approval or rejection of the expense report becomes simple as all the operations can be completed with a few clicks.
Avoid loss of receipts
As Odoo 14 supports the insertion of all receipts during the report creation stage itself, it reduces the chances of misplacing the receipt. Besides, Odoo supports sending expense reports and bills via e-mail to authority. This ensures long term storage and management of bill in the e-platform.
Manage expenses of team members with ease
A manager will have a number of team members under him/ her. This makes the management of expenses of the whole team a time-consuming affair if done manually. But with Odoo Expenses, all employees can submit their reports separately and the manager can view them together.
As Odoo provides a cloud-based platform and supports the integration of expenses with accounts and other modules, the division of labor is made possible. While the Employee files the expenses report with valid documents, the manager validates the request. He can also add comments and approve or reject the application. The accounts department, who are supposed to document all expense reports and attached documents, also get copies of reports and they can do the documentation and payment process.
Scope for integration with other modules
Odoo 14 can be integrated with the Employees module, Projects module, Invoicing, Human Resources, Accounts, Invoicing, and Fleet management. All business operations where documentation of bills and expenses are involved can make use of the module.
We can also discuss the key features of Odoo 14
Manage different types of expenses
Odoo supports checking expense reports. It also helps the employee and manager to add their comments and notes. The approval and rejection and the reason for the action can be mentioned in the remark column. Besides, the online platform helps to seek clarification for the report and collect additional supporting documents.
Keep Track of all expenses
The Odoo Expenses helps the user to keep track of all the expenses and manage the expenses without difficulty. The user can view all expense reports generated for a period and view the status. The speeding up of the approval is also possible.
Odoo offers a column to add remarks. This is beneficial when the employee or the manager has any comments to add. The reason for the refusal of the report can be done by giving an explanation.
Monitor status of the application
Odoo 14 helps to monitor the status of the application. Once the expense report is submitted the approval or refusal status can be viewed from the main menu.
Odoo supports you to add softcopies of the bills and documents easily. The copy can be attached by taking a snap of the bill using the mobile phone. A scanned copy can also be attached. The submission of a hard copy can be avoided if you are using Odoo.