Adding to its advanced features, Gorilla Expense introduces the “Enriched Vendor Feature”, an AI-driven automation that standardizes vendor data identifies variations and aliases, and links them to unique identifiers.
This feature streamlines processes related to vendor management and seamlessly integrates with your expense reporting and invoice systems. It enhances the expense management process by providing deeper insights and capabilities related to vendor interactions and transactions. It also consolidates vendor spending across multiple platforms like expense reporting, credit cards, and ERP.
Through this blog let us explore the Enriched Vendor Feature in detail.
This feature entails the following characteristics:
Vendor Information Standardization: Standardize vendor information text-matching or natural language processing techniques, to identify and consolidate vendor data using AI algorithms. For instance, it appears to recognize variations like “American Airlines, Inc.,” “American Air,” and “American Air” as referring to the same vendor, which is “American Airlines.”
Matching to BC Vendor ID: Associate the standardized vendor name with a unique identifier, such as, “BC Vendor ID 9999 – American Air.” This association helps in tracking and managing vendor information efficiently with Business Central.
Expense Reporting Integration: When a user creates and submits an expense report in Gorilla Expense, the feature can identify expenses related to the vendor, such as “American Airlines,” and associate them with the standardized vendor name and ID as maintained in Business Central.
Streamlining Purchase Invoice Process: The feature extends to the purchase invoice screen in a system like “Business Central”. When the approved expense reports get exported to Business Central as Purchase Invoice, the integration will populate “Vendor 9999” (referring to “American Airlines”) in a custom field on the invoice line. The same field gets auto-populated on the invoice lines when a Purchase Invoice is created manually within Business Central. A consolidated vendor spend report can be then run which reads this field and reports spending by vendor more accurately.
Be it advanced analytics, seamless integrations, or enhanced customization, the Enriched Vendor Feature translates into enhanced efficiency, informed decision-making, and improved customer experiences.
Unlock a new era of possibilities and advancements in expense management with Gorilla Expense. Spend less time on manual tasks and let the AI-powered vendor management help your team get the most value from the vendors.
Learn more about our 30+ best-in-class features that help make expense management a smooth and hassle-free experience here.
Picture this: You’re an organization on the move, constantly traversing the globe to expand your business, meet new and existing clients, and make million-dollar deals. Your employees, your greatest assets, are the ones frequently jet-setting across time zones, navigating unfamiliar territories, and dealing with the unforeseen. Now, as much as you trust your team to represent your company with excellence, you also bear a responsibility – a responsibility to ensure their safety, security, and compliance with your financial rules. That’s where the intersection of expense policy creation and travel risk management becomes crucial.
Connecting the Dots: How Your Expenses Shape Your Safety
Here, two primary objectives take center stage: compliance and risk mitigation. Your expense policies and travel risk management strategies, when aligned seamlessly, can forge a powerful shield against the uncertainties that often accompany business travel.
Expense policies are the backbone of financial prudence, setting guidelines and limits to manage your company’s financial resources efficiently. They ensure that expenses are documented, controlled, and conform to regulatory standards. But what if we told you that these very policies can also serve as the foundation for safeguarding your employees during their travels? That’s right! The overlap between expense policies and travel risk management is more significant than you might imagine.
In this blog, we’ll dive deep into the symbiotic relationship between policy creation and risk management, highlighting their common objectives and exploring how they can work in tandem to create a safer and more accountable travel environment for your team.
Expense Policies as the Basis for Travel Safety Guidelines
In the wild world of corporate management, expense policy creation and travel risk management share a fascinating common ground. Both disciplines revolve around three key pillars: compliance, transparency, and control.
Compliance: Expense policies, the rulebook of financial conduct, ensure that your organization’s spending habits dance gracefully within the boundaries of regulations and guidelines. Travel risk management, on the other hand, is the safety marshal ensuring your globetrotting employees adhere to safety protocols and legal requirements. Picture them as two sides of the same coin; when they come together, you forge a shield of compliance, reducing the risk of non-compliance issues.
Transparency: Expense policies promote financial transparency by requiring employees to meticulously document their expenses, making it easy to track and account for every dollar spent. Travel risk management enhances transparency by providing visibility into the whereabouts and safety of your employees while they travel. When both aspects are aligned, you get a comprehensive view of your organization’s activities, financial health, and the safety of your team members.
Control: Expense policies are all about controlling spends and managing budgets effectively. They empower your organization to allocate resources efficiently and prevent overspending. Travel risk management, likewise, focuses on control, but in a different context – controlling potential risks and hazards. When these controls are harmonized, you not only safeguard your financial resources but also protect your employees from unforeseen dangers during their journeys.
Covering All Bases: How Comprehensive Policies Keep Finances and Safety in Check
Your organization’s expense policies can serve as the cornerstone upon which you can build a robust framework for travel safety guidelines:-
Expense Categories and Safety: Expense policies categorize costs, like accommodation and meals. Now, extend these categories to cover safety-related expenses. Allocate a safety budget within your policy to cover emergency medical kits, travel insurance, or secure transportation options.
Pre-Approval and Risk Assessment: Ever thought of extending your pre-approval process to cover safety too? Before an employee embarks on a business trip, let the travel risk management experts assess the journey. Based on safety criteria, they grant pre-approval. This way, your employees are suitably equipped, and potential risks are minimized.
Reporting and Incident Management: Expense reporting and incident reporting can share the same stage. When an employee encounters a safety-related incident during travel, they can report it through the same platform. It streamlines reporting and ensures safety incidents are addressed with the urgency they deserve.
By infusing safety considerations into your expense policies, you craft a holistic approach to corporate travel that prioritizes both ease and employee well-being. This isn’t just about safeguarding your employees; it’s also about showcasing your unwavering commitment to their welfare, which can lead to happier, more dedicated teams.
Taking Flight: Inspiring a Safer, More Accountable Travel Culture
A well-rounded corporate policy isn’t confined to financial regulations alone; it embraces safety as an integral part of its framework. Comprehensive policies strike a balance between fiscal responsibility and employee protection. Here’s how they do it:
Clear Guidelines: Comprehensive policies are crystal clear. They lay down the law for your employees, detailing expense limits and safety protocols without any ambiguity. When employees grasp the financial and safety dimensions of their travels, they’re more likely to stay on the right path.
Education and Training: These policies are not just words on paper; they’re educators. Employees receive training on financial best practices and safety measures. They become adept at recognizing potential risks and handling them like seasoned adventurers.
Flexibility: Comprehensive policies aren’t rigid. They understand that one size doesn’t fit all. So, they offer flexibility for unique circumstances. An employee traveling to a high-risk zone might have different safety requirements than someone on a bleisure trip. These policies adapt without losing control and compliance.
Aligning expense policies with travel risk management isn’t just about bridging the gap between two distinct areas of corporate management. It’s about creating a unified strategy that promotes compliance, transparency, and control while ensuring the safety and security of your most valuable assets—your employees.
By recognizing the common threads that tie these disciplines together, your organization can embark on a journey towards a safer, more accountable, and financially responsible approach to business travel.
Gorilla Expense works tirelessly to provide its customers with seamless and efficient features that will help mitigate errors and increase productivity.
To learn more about the features offered by Gorilla Expense, click here.
Dividing costs among several departments and cost centers is challenging. But not when you have Gorilla Expense’s Split Feature. This feature allows you to split a single expense into multiple expenses for different expense types and departments, cost centers, or projects.
It also enables the user to split either by amount or by percentage as per the requirement of the user. This makes expense management a hassle-free process for the user and the management team.
Check out ‘How to use Split Feature on Web Application’ here.
Gorilla Expense aims at fulfilling the needs of its client by introducing seamless, efficient, and accurate features, thereby being committed to its mission of helping its client stay ahead of the curve.
*ting* You received a notification from Gorilla Expense! Put behind the hassle of constantly checking and re-checking the status of your reports or timesheets. Get notified immediately by receiving email or text message alerts when:
Your timesheets or reports are accepted or refused
Credit card expenses are imported
Your reports are exported for payment
Get instant reminders to submit and approve reports and timesheets, as well. Gorilla Expense’s expense reporting solution keeps you informed every step of the way.
Simplify your workflows and see how we can help you manage your expenses with ease. At Gorilla Expense, we work tirelessly to provide our clients with the best-in-class features that help boost productivity.
Are spending limits and policy compliance being followed throughout your organization? If not, then get ready to break free from the shackles of complex expense policy and take control of expense compliance with Gorilla Expense’s Expense Policy capabilities. This feature allows you to:
Set Spending Limits For Different Categories
With our Expense Policy feature, you can easily define spending limits for different expense categories, ensuring compliance across the board.
Explain Flagged Violations
If a user exceeds the predetermined limits, our system flags it as a violation. The user provides an explanation, promoting transparency and accountability.
Get Instant Alert
Approvers are instantly alerted to violations, allowing them to review explanations and make informed decisions on expense approvals.
Customize Limits, Getting Ultimate Control
Gorilla Expense gives you ultimate control with customizable limits. Set amount limits for each expense and require additional approval for larger expense reports.
Set Budget Limits
Take it a step further with budget limits at expense type and project levels. Ensure spending aligns with your organization’s goals and budgets.
Switch to Gorilla Expense and experience a seamless integration of expense policies that help organizations combat fraud and errors by enforcing compliance. Join the League of Businesses empowered by Gorilla Expense and reconstruct your expense reporting and expense management systems.
Gorilla Expense works tirelessly to create features that lessen your burden, reduce errors and fraudulent activities that occur due to manual reporting.
With the ‘Gorilla Expense’s Advanced Algorithm’, bid adieu to manual data entry, data repetition and other related issues. Seamless, effortless and efficient as we call it, this technology helps take hassle out of expense management. This feature allows you to code expense fields for expense types, departments, merchants and more, based on historical coding or admin codes.
Based on historical and merchant data, the algorithm fills primary data and detects anomalies like duplicates, thereby eliminating the risk of errors.
At Gorilla Expense, we believe in stamping out difficulties that hinder employee productivity and thereby company performance. Reconstruct your expense reporting and expense management systems with us and help boost productivity of your employees.
Is your budget on track? Are your expenses within your budget? If your answer is NO, then this blog is for you.
With Gorilla Expense’s top-of-the-line features, empower employees with an easy-to-use expense submission system that ensures compliance.
Manual expense reporting results in errors, thereby overwhelming your employees with rework. Eliminate the high risks by automating expense policies, reducing errors and the burden from your employees.
Streamline business processes by reducing expense processing time. Ensure all expense reports are in sync with your company rules with automated expense policies that simplify your expense reviewing process.
A major factor in combating fraud is ensuring that your policies are followed and understood. This is achieved when your expense policies are seamlessly integrated and automated, therefore mitigating room for errors and frauds. Gorilla Expense offers various types of limits throughout our application. Such features along with the corresponding details are listed below –
Gorilla Expense is a leading provider of Expense Management Solutions, serving users in 40+ countries. With a focus on innovation and customizable solutions, Gorilla Expense offers a range of product features designed to help businesses improve their expense management efficiency and unburden finance teams.
