Claims processing: put receipts into your records quickly and correctly with these 4 tips

Claims flow in through various channels. When you receive them in the finance department, you naturally want to put them into your ERP system. But processing expense reports can be quite time-consuming. After all, if you do it manually, you have to retype all the data. Moreover, documents can get lost, so you lose the overview. How do you solve that? OCR software offers a solution. When employees submit an expense or travel reimbursement, for example, the software recognizes the data on the claim, such as the amount and the employee who submitted the document. If you also use workflow software, you can then circulate the claim for approval. The document is then automatically processed in your ERP system. Convenient, because that way you don’t have to do any repetitive work around processing expense reports!

Automating claims processing: how do you benefit as a financial administrator?

Want to process expense reports with an automation solution? There are several advantages to doing so. We list the most important ones for you.

You always maintain an overview. In the finance department, you do a lot of administrative work. With expense reports and invoices piling up on desks and physical folders growing in cabinets, it’s easy to lose documents. But if you automate claim and invoice processing, this is a thing of the past. That’s because you collect these types of documents digitally in one central location. As a result, you can always find them in an instant.
You always process incoming receipts and expenses quickly. With the right OCR and workflow software, you save a lot of time because you automate many manual tasks related to processing and approval. You can spend the freed up space on challenging tasks that add more value for the organization.
The error rate goes down. An over typo lurks in a small corner. Making mistakes is human. However, if you use OCR software, it automatically fills in the data on the claim for you. All you have to do is check it. That’s how you minimize the error rate!
You easily look up claims in a digital archive. Looking up an already processed claim because there are questions about it afterwards? If you run a paperless administration, you have a digital archive where all processed documents (including declarations) are stored. You can find them at the push of a button.

4 handy tips for processing expense claims quickly and properly in the finance department

Do you want to process expense claims in a fast, correct way? And are you thinking about using an automation solution to do so? Follow these four tips and lay a solid foundation for an efficient claims process.

1. Create a complete, unambiguous claim form

It is important for employees to be able to submit a claim form that is as complete and unambiguous as possible. First, work for one document type (for example, avoid separate forms for expenses and travel expenses). That way, recognition will be smooth. In addition, make sure all relevant fields are on the form, such as name, amounts and VAT. When employees are in the ERP system, the OCR software will recognize the data and fill it in automatically.

2. Ensure a streamlined approval process.

Who are the people responsible in the approval process? This should be clear internally. For example, make certain employees responsible for a specific general ledger account or cost center. Then choose reliable workflow software that allows you to automatically route expense reports past the appropriate approvers. That way you get a streamlined approval process that runs smoothly for everyone.

3. Keep expense reports in a digital archive

If you process expense reports digitally, you obviously don’t want to store them physically. So make sure you have an ERP package in which you can store digital expense reports. In addition, work with an automated link between the receipt, processing and archiving of your claims. Smart OCR software ensures that expenses claims are automatically entered into your financial system. Afterwards, you can retrieve them at the push of a button. Follow the rules about digital archiving!

4. Think about reports in advance

Initially, you want to process incoming claims. But maybe at a later time it is important to report on them. For example, it might be useful to itemize when you need a cost breakdown for each project. Perhaps you want to know exactly what each employee spent on fuel. Think early on about what you want to see in reports about expenses. Then you can immediately ask employees to put the correct information on the claim form!

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The benefits

Make fewer mistakes
Work more efficiently
Save a lot of time

Easily process expense claims?

Want to learn more about expense claims processing with Whitevision? Request a no-obligation demo with us. We would be happy to tell you more about our solution.

Schedule a demo Or call directly to (+31) 076 - 560 78 20

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