Approval Workflow: A predefined sequence of steps that an expense report must go through for review and approval, often involving multiple stakeholders.
Audit Trail: A record of all actions and changes made to an expense report, providing a history of who did what and when.
Authoring or Expense Delegation: The option for employees to delegate expense report creation, editing, submission and approval (if necessary) responsibilities to colleagues in their absence.
Automated Approval: The process of using predefined rules and thresholds to automatically approve or flag expenses for further review, reducing manual intervention.
Cloud-Based Expense Management: A system hosted in the cloud, accessible from anywhere with an internet connection, offering scalability and flexibility.
Compliance: Ensuring that expenses adhere to company policies, tax regulations, and other relevant laws.
Corporate Credit Card Integration: The ability to link corporate credit card transactions directly to the expense management system, simplifying expense tracking.
Cost Center: A specific department or project within an organization to which expenses are allocated or charged.
Currency Conversion: The feature that automatically converts expenses in foreign currencies to the organization's base currency for reporting and reimbursement purposes.
Expense Allocation: The process of distributing expenses across different cost centers or projects when multiple departments or activities are involved.
Expense Analytics: Tools and reports that allow organizations to analyze spending patterns, identify cost-saving opportunities, and monitor compliance with expense policies.
Expense Auditor or Accounting User: An individual or team responsible for reviewing and verifying expense reports for accuracy and compliance.
Expense Category: A predefined classification or grouping of expenses, such as travel, meals, office supplies, or entertainment.
Expense Dashboard: A central hub within the system where users can view and manage all their expense-related tasks, including creating new reports, reviewing approvals, and tracking reimbursements.
Expense Management System (EMS): The software or platform designed to streamline and automate the process of recording, tracking, approving, and managing expenses within an organization.
Expense Policy: The guidelines and rules established by an organization governing acceptable expenses, spending limits, and reimbursement procedures.
Expense Report Policy Enforcement: Automatic checks and validations in the system to ensure expense reports adhere to established policies.
Expense Policy Violation: Instances where submitted expenses do not comply with the organization's expense policies, leading to rejection or correction.
Expense Reconciliation: The act of balancing and verifying all expenses against the organization's financial records and accounts.
Expense Rejection: The action taken by an approver to deny or reject an expense report due to policy violations, errors, or incomplete information.
Expense Report: A detailed summary of an individual's or team's expenses, including receipts and descriptions, submitted for approval and reimbursement (if applicable).
Expense Report Aging: Monitoring the time it takes for expense reports to move through the approval process to ensure timely reimbursements.
Expense Report Approvers: Individuals with the authority to review and approve or reject expense reports based on company policies.
Expense Report Analytics Dashboard: An advanced analytics tool that provides in-depth insights into expense data, facilitating data-driven decision-making.
Expense Report Currency Exchange Rates: Real-time or predefined rates used to convert foreign currency expenses into the organization's base currency.
Expense Report Data Export API: An Application Programming Interface that enables the integration of expense data with other business systems.
Expense Report Duplication Detection: A feature that identifies and prevents the submission of duplicate expenses within the system.
Expense Report Export: The feature that allows users to export expense data in various formats, such as PDF, Excel, or CSV, for further analysis or sharing.
Expense Receipt Matching: The process of cross-referencing submitted receipts with corresponding expenses to ensure validity.
Expense Report Status: Indicates the current stage of an expense report in the approval process, such as "Submitted" or "Approved."
Expense Report Submission Reminder: Automated notifications or reminders sent to users when their expense reports are approaching the submission deadline (upcoming feature)
Expense Report Submission Attachments: Supporting documents, such as contracts or project approvals, that can be attached to expense reports for context.
Expense Report Submission Comments: The ability for users to provide additional explanations or justifications for specific expenses within their reports.
Expense Thresholds: Specified limits or caps on expenses, often based on categories, job roles, or project budgets, to prevent overspending.
Expense Trends Analysis: Examining historical expense data to identify patterns, anomalies, and potential cost-saving opportunities.
Expense User Training: Training programs or resources provided to employees to help them effectively use the expense management system.
GDPR: GDPR stands for General Data Protection Regulation, a European law for protecting personal data.
Integration: The ability of the expense management system to connect with other financial and accounting software, such as ERP systems or payroll software.
Mileage Tracking: The capability to record and calculate expenses related to business-related travel based on the number of miles driven.
Mobile App: A mobile application that allows users to capture expenses, submit reports, and track reimbursement status on their smartphones or tablets.
Mobile Expense Capture OCR: Optical Character Recognition technology used in the mobile app to automatically extract data from receipt images.
Multi-Currency Support: The system's ability to handle expenses and transactions in various foreign currencies.
Per Diem: A fixed daily allowance provided to employees for meals and incidental expenses when traveling, instead of reimbursing actual expenses.
Permission Set: A Permission Set is a way to grant customized access to users in a software system.
Receipt Capture: The feature within the system that allows users to upload and attach digital or scanned copies of receipts to their expense reports.
Reconciliation: Reconciliation is the process of comparing and aligning financial records to ensure accuracy and consistency.
Recurring Expenses: Expenses that are incurred on a regular basis, such as monthly subscriptions or utility bills, which can be automated for convenience.
Reimbursement: The process by which an employee is refunded for expenses they have incurred on behalf of the organization.
Split Expenses: Dividing a single expense into multiple categories or cost centers, ensuring accurate allocation of costs.
Tax Compliance: Ensuring that expenses are recorded and reported in accordance with tax laws and regulations.
User Profile: Individual user accounts within the system, each with its own settings, permissions, and access levels.
Vendor: A vendor is a business or individual that supplies goods or services to another entity.