Expense Modules

Many systems focus only on capture, rekoop® is an end to end system that automates the entire workflow

rekoop® Expense solution is a full expenses capture and workflow environment that is designed to integrate with existing financial systems across all key areas of your business. The system is comprised from the following key modules;

Expense Entry

The end user can easily input expenses via a mobile device as they happen or later at the desk via a standard web browser. This vastly reduces the administrative burden at the end of the month.

The system is fully customisable to your business. Depending on the level of complexity rekoop can support custom input fields, VAT / Foreign Tax, Multi Currency, Mileage (with rates & bands), and can even split expenses by users, departments, cost centres, or clients.

Submission

Expense entries are submitted to the nominated approver. The system is intelligent enough to route cross charged expenses through to appropriate departmental approvers. Escalation polices can be set if the normal approver is out of office or on holiday.

Approval

rekoop's flexible and freely configurable approval framework works within the boundaries set by each organisation.

The approver at a glance can see:

All transactions go through the approval framework within rekoop but may also be monitored at user level if an organisation has reason to suspect fraudulent claims are occurring
The approval framework acts as the "gate keeper" within rekoop - depending of the business workflow, rules and policies that have been applied - rekoop's approval framework will take care of the expense submission process
Managers are alerted whenever they have reports that require attention, therefore making the whole process seamless and effortless
Secondary approval can also be configured where further rules and sign off need to exist
Submission age (How long has this report been waiting)
Person submitting the expenses and the value of the report
Each expense items value, expense type, date incurred, client / matter, status and currency
Any other information inputted on the expense form as notes.

rekoop offers a fully automated approval and escalation process. Approvers can also set themselves "Out of Office" and designate a colleague to approve on their behalf, making the entire system work for any business.

Reconciliation

The system can have an optional reconcile stage before payment is authorised. Receipts can be compared to the employee's expense report to make sure they are accurately claiming. The reconciliation workflow makes this a quick and simple task. The same approve, query or suspend facilities as the expense approver are included here also. This is offered a new process within company expense procedures, that can help reduce and spot fraud quickly before payment.

rekoop is designed to facilitate and automate this as much as possible, providing flexibility for part payment to be paid on a bulk of a claim even if parts are still in dispute.

Payment

Expense claims that have successfully passed through the approval & reconciliation workflow are queued for payment. rekoop can support BACS, CHAPS, cheque or cash repayment methods. rekoop also takes care of any pending adjustments (adjustments to previous expense claims) or cash advance transactions ensuring repayment is accurate and quick.

Nominal Posting

rekoop is configured to your nominal structure and can handle multiple ledgers and various complex configurations. For example you could;

Populate multiple ledgers for clients or office expenses
Analyses your expenses by department/location/cost centres and categories
Integrate into multiple accountancy packages, each ledger can target a separate system.
Reflect employee payments from your bank account or other control accounts
Follow cash advance spend and ultimately cash repayment in the ledgers

At each stage in the expense/cash workflow the system will reflect this in the ledgers.

Expense Policies

Every company has an expense policy and these policies can be quite complex. rekoop is very flexible around this issue and can handle various policies ranging from required information on capture, special approval routes, auto approval limits, mileage rates and many other configurable elements.

rekoop can also offer business consultancy and project management to ensure process and systems are fully aligned and integrated.

Tax Management

Receipts are the backbone of every expense report. But without proper verification, the receipts your employees submit might not be accepted by your auditors or government agencies.

In the event that questions arise about authenticity, your organisation could face additional costs and delays as the audit process drags on while each receipt is verified and validated by costly auditor resources.

rekoop's tax engine provides all the tax rules for any expense type from around the globe
rekoop calculates the tax at source meaning every expense transaction will be completley accurate
Transactions can be reconciled by exception, enabling administrative staff to put their time to better use

Reporting & Analysis

Delivering data, visibility and control, rekoop has a suite of "standard" reports focused upon expense and time. We know that you are unique, so we provide access to a virtually limitless number of reports using our report builder, enabling you to model your business around it's own KPIs.

IT staff are free to focus on core mission-critical tasks knowing that timely and meaningful access to powerful reporting and analysis capability is available throughout the organisation - an ROI within itself.

rekoop can also be accessed via Excel and you can create live pivot reports on you data using our optimised Data Warehouse.

Analyse billable time and expense transactions - providing bottom line revenue into your organisation
Track time spent against client projects
Report on projects over and below budget - both on value and time
Finance can uncover departmental spending patterns
Analyse non-billable/internal time and expense transactions - giving you an accurate picture of how much it actually costs you to acquire and service a client
Department managers can get timely visibility into spending, enabling more effective management of budgets

All this and many more ways of reporting and delivering reports within your organisation,

Cash Advances, Approvals, Monitoring

Cash advances and expenses typically go hand in hand and this is the approach that rekoop takes. Cash advances are requested, approved, assigned and spent all through rekoop. If a cash advance is not spent or partly spent then the money can be reclaimed back automatically from the employees next expense claim.

As with the expenses, this is tightly reflected in the nominal ledgers so every penny is accounted for.