Paycor today announced the release of Paycor Expense Management, a new solution that simplifies the expense process. The new offering makes it easy for employees to enter expenses for managerial approval, and for payroll specialists to reimburse employees– all through the same system used to process payroll. Paycor Expense Management also allows employees to upload receipts and enter expense data from either their web or mobile devices, for a more fully integrated solution that flows smoothly to payroll.
As employee wellbeing, motivation and loyalty are closely linked to being paid accurately and on time, solutions like Paycor Expense Management will help to alleviate the stress of overseeing this highly challenging and essential process.
“As companies continue to struggle to keep up with shifting workforce dynamics brought on by the continuation of the Covid-19 pandemic and coupled with The Great Resignation, reducing inefficiencies will be key to succeeding,” said Ryan Bergstrom, Chief Product Officer at Paycor. “By streamlining time-consuming and manual HR tasks like expense management, we empower leaders to invest more time and resources into developing their teams.”
Key features of Paycor Expense Management include:
- User-Friendliness: Allows employees to easily submit expenses on the go, all from the same place they go to view their pay, track time and view their work schedules, see their benefits, or use any of the other tools that Paycor offers. Employees can take photos of receipts directly from their mobile phone and save them either directly to a report or to a gallery to be used later.
- Customizable Policies: Leaders can build company policies into the system. Per diem meal caps, the minimum needed to need a receipt, and other policies, can be entered directly into the system, and employees are notified in real-time of potential violations before submitting. Administrators can create, edit and remove expense categories and set up different rules for different categories or selected users, to align with specific policies, and help track expenses for each.
- Robust Reporting: Enables leaders to track expenses with easy-to-read reports. Create reports by category and user so you can see where your money is going and make more informed decisions. In addition, the solution provides an exportable GL report that users can download into their accounting systems.
Paycor Expense Management is also fully unified and highlights line items that are out of policy in real-time.News Source: Yahoo Finance