Your employees often have a lot of bills, which have to be reimbursed by the company as per the Income Tax law/ policy. These could be LTA, medical bills, children’s tuition fee, etc.
For approval, your employees need to submit all their original bills along with their completed claim forms, to be sent to their line manager as well as the final approval authority. For example, an employee may need to send his/her original travel bill along with the claim form to his/ her manager first. Thereafter, he/ she will need to send it for final approval to either the accounts personnel, the CFO, the finance head or the head office authority, who’ll authorize its reimbursement.
A long-drawn process
Now, this old method is a long-drawn process that adds costs, frustration and waiting time as:
- Your employees have to ensure that the original bills don’t get lost in transit while couriering it to their manager or finance approver.
- They need to wait for the original bills and claim forms to reach the desk of their manager and then from there to the finance approver! This can sometimes take days or weeks.
- This method adds petty and miscellaneous costs, such as courier charges that the employee or the company has to bear.
Your need defined
Don’t you wish that there was a way to bypass the courier and dispatch process and associated petty costs? Without wasting time, effort and making employees wait for approvals and reimbursements due to procedural delays?
Well, there is a way. One solution that addresses your concern!
Our easy-to-use solution
greytHR has added one more reviewer level. With this addition, you can define/ assign one more reviewer for each employee category, team or department. For example, for your sales department, if you had already assigned the sales head as the first-level reviewer, now you can assign your accounts personnel as the second-level reviewer.
And, then this is what unfolds in five easy and quick steps:
- All that an employee needs to do is upload his/ her original medical bills along with the completed reimbursement claim form.
- Save and submit it on greytHR.
- Immediately, the employee’s manager gets a trigger from greytHR. He/she reviews the original medical bills and approves this reimbursement claim.
- Immediately, greytHR will trigger a final review and approval request to the accounts personnel for the same claim.
- The accounts personnel can review the original medical bills and approve the reimbursement claim for quick disbursement/ credit of the said amount into the employee’s salary account.
Note: The approver can also download and print a copy of the original medical bills for record-keeping sake, if necessary.
Your benefits are multifold:
- No more reliance on external courier services or internal snail mails (with heavy attachments of scanned bills) to send original bills and reimbursement claims. No petty expenses or long waiting periods. No more ‘lost in transit’ claims!
- The icing on the cake is that your final finance approver/ accounts personnel can be located anywhere: either in your head office, registered office, either in the same city or another! As greytHR is on the cloud, there won’t be any delays due to distance and location constraints.
- All original bills and claims will be accessible always. This makes auditing a breeze for your accounting team
- Upload and submit.
- Review and send for final approval.
- Approve and reimburse.