How to simplify your company expense report process

Key takeaways

• A clear company expense report process saves time and frustration. Standardising templates and policies helps employees submit accurate reports and finance teams approve them faster.

• Automation drives accuracy and insight. Automating data capture and approval workflows reduces errors and provides real-time visibility into spending.

• Airwallex simplifies the process. With built-in Expense Management and multi-currency Corporate Cards, Airwallex helps businesses manage, approve and report expenses easily

Company expense reporting is a tricky business. It can be time-consuming and frustrating. Clunky processes often lead to a delay in reimbursing employees, which can put them under financial pressure. They can also blindside managers with a deluge of claims at the end of the month, disrupting operational planning.

Expense reports don’t have to be an administrative nightmare. A well-designed, simple, fair and clear expense report process can give you and your team a huge boost; here are the essential elements. 

Simplifying expense reporting at a glance

In this guide, you’ll learn how to:

1. Standardise expense management templates – Create clear, consistent templates that capture all the required information and help employees report accurately.

2. Create an effective expense policy – Define what’s allowed, set spending limits, and ensure everyone understands how to follow the process.

3. Automate your expense reporting tools – Use software to capture data, streamline approvals and reimbursements, and improve accuracy across the organisation.

By following these steps, you’ll reduce manual work, improve accuracy, and create a more transparent expense management system across your organisation.

1. Standardise expense management templates

Whether or not you're using expense management software, it’s important to create standardised templates to make the expense reporting process more efficient. That way you can avoid missing details or duplicated entries, find the information you need quickly, and ensure you are compliant with regulations. 

There are ready-made templates you can use if you have accounting software or an expense management platform, or you can create your own. Just make sure it’s clear, consistent, easy to fill out and has space for all the information you need.

Here’s a checklist of considerations when developing a standardised template for your company’s use:

• Include all essential fields, for example, date, amount, vendor, expense category and purpose. You will need to customise the fields for the specific needs of your organisation, and ensure that all information needed for compliance is included.

• Design the template in a user-friendly way, with clear headings, simple language, and intuitive layouts.

• Consider creating both categories and subcategories if needed for expense tracking and financial analysis.

• To promote adherence to guidelines, you could integrate reminders into the template to remind users of company policies related to expense reporting.

2. Create an effective expense policy

You can have the world’s most well-organised expense reporting process in place, but if employees don’t know how to use it properly, you’re still going to run into problems. Set aside the time and resources needed to create a well-designed expense policy and train staff on any new processes that you decide to implement.

When designing an expense policy, you need to state clearly what expenses are allowable and align them with the organisation’s goals and values. Allowable expenses may include business travel, equipment and supplies, and client entertainment. Other work-related items such as business clothing and transport to the office are often not covered. It’s prudent to set spending limits for different categories of expense; and you may want to impose an overall monthly spending limit as well. Don’t forget to explain how the approval process works and the steps that must be followed to report expenses.

Training and communication are crucial

Once the policy is in place, consider strategies to ensure this information is absorbed fully, such as regular workshops, easy-to-understand guides, and accessible support for queries. Continuous communication is crucial in ensuring compliance and ease of use, and ensuring that expense reports are processed promptly and correctly. Some companies use communication tools or platforms that allow instant messaging, so that any problems can be quickly cleared up. 

You should also make it clear what will happen if employees fail to comply with expense management policy. If employees are correctly using expense management software, you can build rules into the process, which leaves less room for error or violation. If employees are submitting reports to you manually, on the other hand, take some time to think about the process for identifying and dealing with any violations of policy.’

Review and improve your process

Don’t just set your policy and then forget about it. The policy and expense reporting process may need updating as the needs of the company evolve, and in response to user feedback or analytics. To forge a culture of continuous improvement, use surveys, regular meetings or suggestion boxes to gather employee’s thoughts and suggestions. Analytics and reporting can also be assessed to evaluate the performance of your expense management system, and changes made accordingly.

3. Automate your expense reporting tools

Automation is probably the most impactful change you can make to take the sting out of company expense reporting, and it will have bigger benefits the more claims your company processes. A 2023 survey¹ showed that just over a third of large companies were still manually reporting expenses, using spreadsheets and paper forms, but the majority had switched to automated systems.

The writing’s on the wall with automation; it transforms the expense management process into something sophisticated and streamlined, bringing these benefits:

• Real-time visibility: Managers access up-to-date insights on company spending, enabling more accurate, data-driven financial decisions without waiting for end-of-month summaries.

• Better compliance: Automated systems apply expense policies consistently, strengthening adherence to regulations and internal standards.

• Fewer errors and higher efficiency: Automated data capture and processing minimises manual entry, reduces mistakes, and frees finance teams to focus on strategic analysis instead of administration.

For smaller companies with few expense claims, manual tracking might still suffice. But for growing organisations seeking accuracy, speed, and greater financial insight, automation provides a scalable and strategic advantage.

How can company expense reports be automated?

Cloud-based systems are king when it comes to streamlined expense management. They reduce employee workload and improve accuracy by offering:

• Receipt tracking: Users can simply snap a photo of receipts using a mobile app, and the system automatically extracts relevant information.

• Categorisation and coding: Machine learning can automatically categorise expenses based on predefined rules, speeding up processing and minimising errors.

• Approval workflows: Automated approval sends instant notifications for requests and shows where each claim sits in the process, providing transparency and clarity.

• Reimbursement: Automated systems verify details and process reimbursements instantly, eliminating bottlenecks and reducing the risk of human error.

What is a business expense report workflow?

A business expense report workflow is the structured process a company uses to manage employee expense submissions from start to finish. This process is designed to make expense management faster, clearer, and more compliant.

An effective workflow usually includes these key stages:

• Submission: Team members log their expenses and upload receipts through a connected platform or mobile app.

• Smart data capture: The system extracts details from receipts and automatically categorises them based on company rules.

• Manager review: Expense reports are routed to the right approver, who can quickly check policy alignment and accuracy.

• Finance verification: Once approved, the finance team reviews and finalises each claim for payment.

• Reimbursement and reporting: Approved expenses are reimbursed and automatically synced with financial systems for real-time tracking and audit preparation.

A modern expense management platform should connect each of these steps in one place, giving finance teams full visibility into company spending in real time. With automated notifications and centralised data, reports move smoothly from submission to reimbursement, reducing manual follow-ups and improving accuracy throughout the process.

Expense workflow best practices for financial services

Financial service companies operate under strict compliance standards, making structured workflows essential. Here are the key best practices to follow:

• Standardise templates and define allowable expenses to ensure consistency and control.

• Establish multi-layer approval workflows for high-value or policy-sensitive expenditures.

• Implement real-time analytics and exception reporting to detect unusual spending patterns early.

• Automate data capture and categorisation to minimise manual entry and reduce compliance risks.

• Maintain full digital audit trails for every approval, edit, and reimbursement.

• Integrate expense management tools with accounting and compliance systems for instant reconciliation.

• Schedule regular policy reviews and staff training to stay aligned with evolving regulations.

Following these practices helps finance teams streamline processes, minimise risk, and maintain high standards of transparency and control.

Make expense reporting effortless with Airwallex

By automating processes, standardising templates, creating clear policies, training employees effectively and committing to improving, it’s possible to take the sting out of company expense reporting for good. The resulting system should be efficient, accurate and user-friendly.

Choosing the right expense management software can also be transformative. That’s where Airwallex can help. With an Airwallex Global Account, you can instantly issue virtual and physical Corporate Cards for employee spending. These multi-currency Visa cards allow you to set a variety of spend limits or restrict purchases to certain merchant types.

When you activate built-in expense management, you can empower employees to seamlessly submit expenses on the go. Meanwhile, you or your managers can track, review and approve all purchases from a single dashboard, in real time.

Company expense reports: Frequently asked questions

What are approval workflows for expenses?

Approval workflows for expenses are structured processes that define how and by whom submitted expense reports are reviewed. They route expenses to the appropriate managers or approvers based on criteria such as amount, category, or department. These workflows ensure each expense is verified for accuracy, policy compliance, and budget alignment before reimbursement, helping organisations maintain strong financial control and accountability.

How can companies improve compliance in expense reporting?

Companies can improve compliance by setting clear policies, using automated tools to flag policy breaches in real time, and maintaining complete digital audit trails. Tools like Airwallex’s expense management make this process simpler by giving teams clear visibility into transactions and helping to enforce expense policies consistently across the business.

What are the benefits of using mobile expense management apps?

Mobile expense management apps allow employees to capture and submit expenses instantly, reducing lost receipts and manual entry errors. Real-time uploads help speed up approvals and reimbursements, while integrated solutions such as Airwallex’s mobile app offer finance teams greater visibility and control.

How often should expense policies be reviewed?

Expense policies should be reviewed at least once a year or whenever regulations or company structures change. Frequent reviews help maintain compliance, reflect new business practices, and ensure all employees follow up-to-date procedures.

Disclaimer: This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here.

1. https://www.businesstravelnews.com/Payment-Expense/Center-Survey-Shows-Manual-Expense-Reporting-Still-Prevalent-but-Shrinking