Cómo es la gestión de los anticipos de forma eficiente

How advance payments are efficiently managed

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How do you manage advance payments efficiently? First of all, it is necessary to keep a good record of every payment and collection that is made in the company in order to balance the accounts. And, therefore, one of the parts to be managed is that of advances.

Tips for a good management of advance payments

In this document we will clarify the system to follow to request the advance, thus optimising the company’s productivity by defining corporate expenses, adapting travel policies and financial objectives. Moreover, with OCR scanner technology, travellers do not have to justify expenses by hand any more, nor save tickets. The ticket or invoice information is saved in a matter of seconds and the expense is completed!

To optimise the management of the advance payment, there are a few steps that can be taken:

  1. Convey to employees what the procedure is both for requesting the advance and for justifying it afterwards.
  2. Be sure of the exchange rate of each destination country if you leave the country.
  3. Conduct audits on an ongoing basis.
  4. Automate the process of requesting advances with the digitalisation of travel expenses, thus saving time and reducing errors.

Previously, with the provision of travel advances, companies could lose control of cash flow, making it a tedious task to deal with the management of advances.

How do Xpendor advances work?
When employees travel for business purposes or have to make other professional expenses, requesting advances can be one of the options. With Xpendor’s advance management module, the employee enters the amount required, with the possibility of completing the information required by the company, such as the reason or justification for the cost.

Once the user has entered the request, it can be sent for approval at any time (daily, weekly, monthly). The approver will receive a notification that he/she has a request pending review. This can be approved or rejected, taking into account the company’s own advance payment process:

  • Payment maximum amount: Approve the expense only for the maximum amount of the policy, so that the employee will not be reimbursed for the full amount of the expense.
  • Total amount payment: Approve the expense for the total amount of the expense, without taking into account the maximum amount defined in the policy.
    If the amount requested by the employee has exceeded the amount of the rule, Xpendor will mark the expenses with an icon so that the user, approver or manager can identify them at a glance both in the mobile application and on the web.

As a benefit to highlight, Xpendor allows the introduction of advances in different currencies, indicating the form of payment in which they will be reimbursed (transfer, cash, cheque).

Thanks to this functionality, they can easily request cash advances and accounting departments have greater control over them.

Xpendor, your great ally when it comes to digitising business expenses

At XPENDOR we make it easier for the company to manage advances as quickly as possible. How does it work? It is very simple, it allows you to manage the request, review and approval or rejection of advances, thus controlling the expenses that are being made in the company, requesting advances quickly and from the application itself.

Do you have any questions about our Xpendor app? If your company does not yet have a digital solution, expense control app, call us on 919 917 009 or leave us your details here and we will call you back.

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Access the recording of the webinar "Efficient Expense Management", where you will see the use case of the Gastifácil App

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