“No Expenses, No Experience!” Expense Reporting 2.0 with voya

Expense Management

voya now includes expense reporting: digital, simple, and secure

Anyone who has traveled for business knows what’s inevitably waiting afterward: the expense report. This usually involves a pile of receipts, followed by a submission and approval process that often includes several participants and can be time-consuming, with frequent follow-up questions. Overall, expense reporting doesn’t have the best reputation—it’s a necessary but unwelcome task that most people would rather avoid.

It’s no coincidence, then, that we’ve addressed this issue—more of a problem, really—by adding an expense reporting feature to voya. Integrated into the application, expense reporting is now possible via the mobile app (iOS and Android): receipts can be captured using the in-app camera, submitted, and approved digitally. In this article, we’ll explain how all participants benefit from this feature and what advantages voya’s expense reporting offers.

But first, it’s worth taking a look at our “Expense Reporting 101” (inspired by the HR platform HR-heute), which clearly shows how complicated the “traditional” expense reporting process can be—and how much simpler it becomes with voya.

What is an expense report?

Typically, every business trip incurs costs—for transportation, accommodation, and meals, for example. These expenses can be paid directly by the employer or by the employee and then reimbursed later. For transparency and accountability, the trip is documented, and the receipts for the expenses are collected. Ideally, companies have defined travel policies that are transparent and known to all employees.

Who is involved?

Besides the employee who documents the trip and collects receipts for reimbursement, expense reporting usually involves three other parties:

The manager, who controls the travel budget.
The accounting department, which ensures correct cost allocation.
The HR department and/or a payroll service provider, which processes the expense report and initiates the reimbursement.
What are the common challenges of expense reporting?

Paperwork and cost control: There’s usually a physical or digital reimbursement form used for documentation. Along with collecting receipts, this often results in a lot of paperwork, creating an administrative burden for the traveler and other parties involved in the expense reporting process. Additionally, there’s the need to ensure compliance with cost guidelines.

What’s the solution?

As in many other areas of (business) life, the trend is toward digitization. This means saying goodbye to paperwork, making the process as simple, fast, and secure as possible for everyone involved. The most practical approach is through mobile devices, as receipts can be captured during the trip itself.

The solution is: Expense Reporting with voya

Paperless, digital, secure, and always available: Businesses and business travelers both benefit

Because we understand the challenges of the traditional expense reporting process, we’ve tackled them head-on and expanded voya with the “Expense” module. This logical extension offers the following advantages and benefits for all parties involved:

Full Integration

The expense module is fully integrated into the voya platform. All known information about the traveler and the company, such as cost guidelines, is automatically incorporated into the report.

Easy Receipt Management

Once a trip is created in voya, all incurred expenses can be easily linked to it with a photo of the receipt. Additionally, all non-travel-related expenses can also be reported through the app.

GoBD Compliance Check

Each receipt is automatically scanned and checked for tax compliance by Numiga, the leading expense reporting specialist. Manual receipt management is now a thing of the past. Every receipt is recorded and processed in accordance with GoBD, making the voya expense reporting process paperless, digital, and legally compliant.

Workflow and Reporting

After entering all data and documenting the receipts, Numiga processes and digitally archives all information. A corresponding expense report is then generated, which can be sent, for example, as a PDF from the app to accounting and processed by a tax advisor. All reports can be retrieved at any time as PDFs through the voya platform or the Numiga archive, such as for an audit.

Sounds good—and most importantly, simple, right? It really is!

Would you like to take a closer look and see if voya’s expense reporting is a good fit for you and your company? Feel free to explore it further. We’d be happy to present the expense reporting feature in an online meeting. You can easily book an appointment by clicking the link or by sending an email to support@3.126.249.245. We’ll get back to you promptly.