Reimbursement Overview

Modified on Mon, 16 Oct 2023 at 03:24 AM

Reimbursement is the process of compensating individuals or organizations for expenses incurred, restoring financial balance. With Jack, requesting and approving reimbursement becomes effortless, as users can easily create and review multiple expense requests, streamlining the entire reimbursement process.

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Reimbursement in a Glance

Reimbursement Overview

Reimbursement refers to the process of compensating an individual or organization for expenses or losses incurred. It typically involves the repayment or provision of funds to cover costs that have been previously paid by the individual or organization, often as part of a pre-agreed arrangement or policy. 

Reimbursement can occur in various contexts, such as business expenses, healthcare costs, travel expenditures, or insurance claims, and it serves as a means of restoring financial balance by reimbursing the affected party for their eligible expenses. Some cases of reimbursement:

  • Taxi or online accommodation fee from office to client

  • Meal fee for entertaining client

  • Miscellaneous expenses for a company event

  • Parking and toll fee for a meeting with client

Reimbursement Process Usually Gives Headache

Requesting a reimbursement for expenses can often be inconvenient for an employee due to several reasons. First, the process itself can be time-consuming and bureaucratic, involving the completion of various forms, gathering receipts, and submitting documentation. This requires the employee to allocate additional time and effort to navigate through the reimbursement procedure. Additionally, there might be delays in the reimbursement process, resulting in a prolonged wait for the employee to receive the funds they are owed

Moreover, if the reimbursement request is not properly supported with the required documentation or if there are errors or missing information, it may lead to further back-and-forth communication with the finance department, adding to the inconvenience and potential frustration for the employee. Overall, the cumbersome nature of the reimbursement process can be a hassle for employees, creating an extra administrative burden and impeding the swift resolution of their financial matters.

Hassle-free Reimbursement Process with Jack

Request Reimbursement for Multiple Expenses Easily

With Jack, there won't be a need to request reimbursement through emails or manually. As a Drafter, you can create a reimbursement request for up to 10 expenses at once! Just upload your expense receipts, and Optical Character Recognition (OCR) will scan them and automatically fill in fields like amount, vendor name, and purchase date. You can review the details, and then submit the reimbursement request for approval by your superiors (Approvers) and the finance department (Releaser). You can check on how to request a reimbursement easily here!

Approve Reimbursement Requests Conveniently

Your reimbursement request will go through the secured approval workflow first before disbursing to your account. With Jack, the approval workflow for reimbursement requests is very  convenient. Whether you're an Approver or Releaser, you can easily review reimbursement requests, including details such as amount, vendor name, purchase date, and supporting documents, from both portal or application.This streamlined process allows you to seamlessly approve or reject reimbursement requests.

Scheduling Reimbursement Payments in Jack

Is your company's reimbursement policy set to pay out requests within a specific time frame, such as three days after approval, on particular days of the week, or on a specific date of the month? With Jack's advanced Scheduled Payment feature, you can easily manage your Reimbursement payments, as well as other Jack products, by selecting a specific date or creating a customized payment cycle. Learn more about how Jack's Scheduled Payment feature can streamline your payment processes in this article.

Curious how powerful our Reimbursement feature is to ease the life of your employees and finance department? Do not let it slide, start your journey with Jack, for free, by clicking here.

Competitive Advantages Paying Expenses with Jack’s Reimbursement 

There are multiple advantages in using our Reimbursement product:

  • Snap & submit receipt hassle free: submit single or multiple reimbursements, in one go, easily from anywhere and anytime. Snap a picture of your receipts and our system will do the data entry.

  • Simplified workflow for your finance team: simplifies the expense management process for both your finance team. easily review and track employee expenses, ensuring they align with company policies before approving requests.

  • Reimbursements on the go: submitting and approving any reimbursements can be done on the go via our mobile app. Approved reimbursement funds will be automatically sent to your team's account.

  • Lost receipts is a thing of the past: with the ability to submit reimbursements anywhere and anytime, you don't have to worry about lost receipts any more. Say goodbye to cluttered wallets filled with crumpled receipts.

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