Most firms collect paper receipts from their employees, consolidate them and hand them over to the accountant at the end of the month. Any delay in submission would create a domino effect – the books of accounts would be inaccurate, the lack of real-time data will impact your client’s decision-making process and limit their visibility into the business finances.
It all hits you at the month’s end when you scramble to fill in for lost receipts during reconciliation. This is just one example, the limitations of managing travel expenses manually don’t end here.
Does it have to be this way?
You need a system that would help your clients take care of both travel expense management and accounting needs. Here’s the solution – integrating the accounting software with an expense management system. Out of the several hundred applications in the Xero App Marketplace, choosing Zoho Expense would be an outstanding move. It is an out-of-the-box travel expense management application that can be customised based on your client’s requirements.
Xero – Zoho Expense integration to the rescue!
Capturing expenses the right way
Around 80% of Zoho Expense users prefer the mobile application while they’re on the road. They no longer hold on to receipts but simply take pictures of them. The OCR pulls the necessary data needed for accounting purposes. No more worrying about missing receipts or missing codes which makes things harder for the employees and accountant alike.
Mapped card feeds
Reconciling corporate card expenses can get tricky. You would need receipts from your clients with the purpose stated for each expense. If these expenses date back to several weeks, there’s a possibility of lost receipts or forgotten expense information. To avoid wastage of time for both parties, your client can simply export card feeds recorded in Zoho Expense to Xero in a few simple steps. It takes a massive burden off your shoulders and you can carry on with your accounting tasks.
Track expenses efficiently
The tracking categories from Xero are brought into Zoho Expense as tags to track expenses across multiple locations and cost centres. Using this, you can create reports to provide recommendations on areas to cut costs.
When an expense is approved by your client in Zoho Expense, it is simultaneously updated in Xero and categorised under the correct expense account. This ensures that your client’s financial statements are generated correctly. Lastly, data is automatically synced between the applications once every day so you will always have a current picture of your client’s business finances.
With Zoho Expense and Xero, you can focus on actual accounting work instead of chasing receipts and help your clients stay compliant and audit-ready.