The Client:  The Always Busy Agency
The Problem: A perpetually busy agency’s accounting department (party of three) is struggling to implement company-wide expense management standards. The accountants barely have time to reconcile accounts and run reports every month, let alone track down receipts or make sure appropriate expense submission workflows are being followed.

 

MANY EMPLOYEES, NO STANDARD EXPENSE PROCESS

Even though our featured agency has expense workflows established, they aren’t enforced. With some employees using company credit cards and others using their personal cards, the accounting department is constantly bombarded with new expenses on various accounts. To stay organized, the accountants have a list of all the employees and departments with a company card but have to rely on individual employees using a shared card or personal credit card to submit their receipts or invoices in a timely fashion.

WORKFLOW HEADACHES ARE ONGOING

Employees using shared cards or their own cards are supposed to have the expenses they charge approved by their department head, but often receipts are forwarded without it. Sometimes the expense has been verbally approved, but there’s no record of the approval forwarded to accounting, so they end up with various expenses submitted directly by the employees and have to follow up to confirm the charges were approved.

There’s also no consistency in how approvals are tracked. Some managers initial the paper receipt; others send an email. Occasionally employee’s get distracted immediately after a purchase and forget to forward an invoice altogether. It was an ongoing expense management nightmare. Fortunately for our busy agency, one of the accountants stumbled across an advertisement for Itemize Team and decided to give it a try.

ITEMIZE IS THE PERFECT TOOL FOR EASY RECEIPT TRACKING AND WORKFLOWS

Itemize is easy to use and mobile friendly, so every employee downloaded the app on their smartphones. With the proprietary OCR (Optical Character Recognition) technology and Machine Learning environment, employees can simply snap a picture of their receipt immediately after making a purchase, and the financial data (including tax and VAT information) is read and extracted with 99% accuracy. Then Itemize creates a searchable record of that expense and can even match the transaction to linked bank or company credit card accounts. What’s more, with Itemize’s built-in workflows, employee expenses are automatically directed to the appropriate department head for approval before being submitted to accounting. And for employees using their personal accounts, Itemize allows fast and easy one-click reimbursements through Venmo.

FINALLY, AN EXPENSE MANAGEMENT SOLUTION THAT ENCOURAGES CONSISTENCY

With their new Itemize Team subscription, the busy agency has at last found a hassle-free way to enforce accounting processes – and it doesn’t require any extra time from the accounting department. Now there’s less data to enter manually, accuracy has improved, workflows are effortlessly enforced, and the accountants can spend substantially less time reconciling accounts and hunting down receipts or approvals. It’s a win-win for everyone.