Tom travels frequently and incurs considerable T & E expenses.
His assistant, Mary, prepared his expense reports in excel, and
Tom had to spend time reviewing allocations, assigning proper deal
codes, and correcting inaccuracies. Once the report was submitted
to Accounting, there may be several weeks before the information gets entered to the GL and and the company can recover these expenses from the target deal or other entity.
TripsWare allows Tom to focus on deal-making,
while Mary prepares his expense reports easily and more accurately.
He can view his reports online and sign off, knowing his expense
reports are complete and on time, and that reimbursement and recovery will be prompt.
To prepare Tom's expense reports, Mary had to sift through paper
receipts, enter each item into excel and type in the expense category
and billable entities. A single report could take over an hour to
complete and would likely have inaccurate allocations.
With TripsWare, most of Tom's expenses
can be uploaded automatically and added to expense reports with
a click. Mary can assign expense items to drop-down categories and
let the system do all necessary calculations. She can now complete
an expense report in minutes and submit it online for approval.
Mike used to manually enter every expense item into the company's
accounting software, an error-prone and inefficient task that required
several hours each week. The task of consolidating billable expenses
and creating invoices for portfolio companies involved complicated
and cumbersome spreadsheets. The firm was always several months
behind in billing back.
TripsWare's accounting integration
feature eliminated the tedious manual entry of expense data. At
the click of a button, Mike can now import all employee expense
report data to the company's GL accounting software. Thanks to the
improved capture and tracking capabilities of TripsWare, Mike can
now generate invoices in seconds.
Jane's firm recently underwent SEC registration. To maintain compliance
and stay prepared for periodic audits, she needed immediate visibility
into spending, Accounts Receivables, and closing deal fees. With
her existing accounting tools and GL configuration, Jane simply
did not have the transparency required for the new regulations.
With TripsWare's reporting tools, Jane
can now run spending reports by employee, portfolio companies, funds,
or other entities. She has real-time visibility into company spending
for cost control, budgeting, and compliance.
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Video tour - See how easy expense reporting can be with TripsWare.