Introducing Reimbursements: Quickly pay employees worldwide for out-of-pocket expenses

With workforces becoming increasingly distributed, managing employee expenses has become a significant administrative burden. Expense management can be the biggest hurdle businesses face when starting to scale globally. Employers may only choose to provide a few key employees with corporate cards for business expenses, so having a fast and efficient way to reimburse employees is paramount. 

However, reimbursements today is an inefficient process with many challenges:

• Global expenses, slow reimbursements: With inconsistent international payment processes, businesses are forced to use separate and sometimes manual workflows. This delays reimbursements and creates a frustrating experience for employees.

• Manual and inefficient processes: Manual data entry, lost receipts, and unclear approval processes create a time-consuming and error-prone system for both employees and finance teams.

• Reconciliation challenges: Disparate systems and manual reconciliations with existing accounting software add to man-hours and are prone to errors like missing (or over) payments  

To overcome these challenges, Airwallex is introducing an automated and seamless reimbursement solution that simplifies it all. Our solution enables employees to submit expenses in multiple currencies and get reimbursed quickly to their local bank account, while employers gain complete visibility via automated reports and customizable approval workflows.

Airwallex expense management solution enables global businesses to manage all types of employee expenses be it with our Borderless Cards or out-of-pocket employee expenses, helping businesses save costs and time via one unified platform.

Fast and reliable reimbursements, globally

Airwallex's new reimbursements solution enables employees to submit their out-of-pocket expenses in multiple currencies and receive funds directly in their local bank accounts in 110+ countries, within the same day. Airwallex's efficient payment rails ensure fast and fee-free reimbursements for your employees.

The new solution helps streamline reimbursements for employees by offering time-saving features:

• Automatic receipt scanning: Employees can automatically scan receipts and populate expense data to avoid manual data entry.

• Submit expenses on the go: Employees can choose to submit expenses via the Airwallex mobile app. 

Gain real-time visibility into employee spending across your business entities

Airwallex’s reimbursement solution helps businesses get a real-time overview of all company spending on one platform. Businesses have the option to view all expenses from a single dashboard and easily filter by status. When it comes to helping your team spend responsibly, admins have the ability to customize multi-layer approval workflows by spend threshold. 

For growing businesses that have multiple entities and employee bases, finance teams will be able to approve and track reimbursements across their entire operations from one platform versus, having to maintain a separate process for each entity. 

Close your books faster with automated accounting integrations

If you’ve connected your Airwallex account to Xero or Netsuite, reimbursements created in Airwallex can be coded using your imported accounting data. Once reimbursements are approved and paid out, all data is synced to your accounting software to speed up the monthly reconciliation process.

Get started with Reimbursements today

Whether you are already using Airwallex Borderless cards and need a simple way to reimburse employees for out-of-pocket expenses or need an end-to-end expense management solution, Airwallex enables you to simplify the management of global employee spending with customizable approval workflows and greater visibility into employee spending. Click to learn more or get started with Airwallex today.