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Expense Re

Harvest simplifies expense tracking and reimbursement by allowing itemized entries and receipt uploads, reducing errors and saving up to $75 per report.

EXPENSE REPORT DRAFT

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Understanding Expense Reimbursement

Expense reimbursement is a critical business process where employers compensate employees for out-of-pocket expenses incurred during job-related activities. It's essential for maintaining accurate financial records and ensuring employee satisfaction. Automating this process can significantly reduce costs, with savings of up to 78% per transaction. Additionally, manual expense management often leads to errors; about 19% of reports contain inaccuracies, costing companies extra time and resources to rectify.

Despite these challenges, many companies still rely on manual methods. In 2023, 32% of companies use a mix of spreadsheets and paper for managing expenses. This is a marked improvement from 2021's 48%, highlighting a growing shift towards digital solutions. As more businesses adopt automated processes, the global expense management software market is projected to reach $17 billion by 2032, underscoring the demand for efficient, scalable solutions.

What Constitutes an Expense Report?

An expense report is a document submitted by employees to request reimbursement for business-related expenses. It typically includes details such as the date, description, and amount of each expense, along with attached receipts. Reports are crucial for maintaining transparency and controlling costs. In the US, reimbursements under an accountable plan are non-taxable, provided they meet specific criteria.

Harvest makes this process seamless by allowing users to itemize expenses and upload receipt images directly within the platform. This ensures that all expenses are verified accurately, reducing the likelihood of errors and misallocations. Administrators can create custom categories tailored to their industry needs, such as travel or client meals, streamlining the submission and approval process.

Streamlining Expense Report Submission and Approval

Timely submission and approval of expense reports are crucial for efficient financial operations. Delays can lead to cash flow issues and employee dissatisfaction. Experts recommend setting clear deadlines, such as a 30-day window for submissions, and aim to reimburse employees within 7-10 business days of approval.

In Harvest, expenses are submitted as part of weekly timesheets, integrating both time and expense entries for a comprehensive overview. This not only expedites the approval process but also aligns financial data within a unified system. By using Harvest, businesses can ensure real-time visibility into expenses, which 70% of finance teams identify as a top priority for better decision-making and budget control.

The Role of Automation in Expense Management

Automation transforms the way businesses handle expense management by reducing errors and lowering processing costs. On average, companies save $75 per report by implementing AI-driven tracking systems. Automated solutions can categorize expenses, extract receipt data, and flag potential policy violations, streamlining workflows and enhancing accuracy.

Harvest offers an intuitive platform where businesses can track expenses by project and category, allowing for precise financial oversight. Though it doesn't enforce policy compliance, its flexibility in manual tracking and categorization helps maintain clear financial records. This capability is crucial for adapting to industry-specific practices and addressing challenges such as hybrid work-related expenses.

Streamline Expense Reimbursement with Harvest

Explore how Harvest simplifies expense reimbursement with customizable categories and receipt uploads, ideal for businesses and freelancers.

Harvest dashboard showing expense reimbursement features

Expense Re FAQs

  • An expense report is a document used by employees to detail and request reimbursement for business-related expenses. It includes itemized entries with dates, descriptions, and amounts, accompanied by receipts.

  • To submit an expense report, gather all necessary receipts and details for each expense. Use a platform like Harvest to itemize entries, attach receipts, and submit them as part of your weekly timesheets for approval.

  • Typically, receipts are required to verify each expense, along with details such as the date, amount, and purpose. In Harvest, you can upload receipt images directly to the platform for easy verification.

  • Automation reduces processing costs and minimizes errors in expense reports. Companies save around $75 per report with automated systems, which can categorize expenses and flag policy violations.

  • Reimbursable expenses usually include travel, client meals, and marketing costs, among others. It's essential to adhere to company policy and ensure expenses have a clear business connection.

  • Harvest allows users to create custom expense categories and upload receipts, simplifying the tracking process. Expenses are submitted as part of timesheets, making approval streamlined and efficient.

  • Once submitted, expense reports are reviewed for accuracy and policy compliance. With Harvest, expenses are part of timesheets, allowing for integrated approval workflows that expedite the process.

  • Set clear submission deadlines and approval workflows to ensure timely reimbursement. Harvest facilitates this by integrating expenses with timesheets, providing a unified submission platform.

  • Digital tools like Harvest enhance accuracy, provide real-time visibility, and streamline the entire process. They reduce reliance on manual methods, cutting processing costs by up to 78% per transaction.