Handling Employee Expenses in Bear Trax

Bear Trax simplifies and streamlines the expense management process for both employees and managers, allowing for efficient tracking, submission, and approval of business-related expenses. Here’s how the system manages employee expenses:

Expense Categories and Types

Bear Trax provides a set of standard expense categories while also allowing the creation of custom categories:

• Standard Categories: Common expense categories include Travel, Lodging, Meals, Office Supplies, and Business Services.
• Custom Categories: Admins, Managers, and Employees (with approval) can create custom categories to fit specific needs. These can include subcategories and monetary limits.

Expense Submission Workflow

Employees can easily submit expenses through Bear Trax by following these steps:

1. Select Category: Employees choose from predefined categories such as Travel or Meals, or from custom categories set by the company.
2. Input Details: Employees enter the expense details including:
   • Amount: The total cost of the expense.
   • Date: When the expense was incurred.
   • Vendor: Where the expense occurred.
   • Payment Method: How the employee paid (e.g., company card, personal card).
   • Business Purpose: A short explanation of the business reason for the expense.
3. Add Receipts: Employees can upload receipts in various formats, attaching them to their submission.
4. Line Item Breakdown: If an expense has multiple components, employees can break it down into line items, each with its own name, price, and tax details.

Receipts and Line Item Tracking

Employees can attach receipts to each expense submission. The system allows:

• Receipt Upload: Receipts can be uploaded as images or PDFs.
• Line Item Tracking: Expenses can be broken down into individual line items with separate prices and tax calculations.
• Receipts Comments: Employees and managers can leave comments directly on the receipts for better clarity and transparency.

Expense Approval Workflow

Once submitted, expenses go through an approval process:

• Managers Review: Managers review submitted expenses, checking for accuracy and policy compliance.
• Approval or Rejection: Managers can approve or reject expenses, adding comments or notes as needed. If rejected, employees can adjust and resubmit the expense.
• Approval Logs: Bear Trax logs all approval actions, providing a detailed history for audit purposes.

Policy and Limits

Bear Trax allows companies to enforce expense policies through customizable limits:

• Expense Limits: Admins can set maximum allowable amounts for each expense category (e.g., $100 per meal, $500 for lodging).
• Per Diem Rates: For travel-related expenses, admins can set daily per diem rates for meals and lodging, which are tracked automatically by the system.

Reimbursement Tracking

Bear Trax tracks the entire reimbursement process:

• Submission Status: Employees can view the status of their expense submission, including whether it is pending approval, approved, or paid.
• Reimbursement History: Bear Trax maintains a detailed history of all reimbursed expenses, making it easy for employees and managers to track previous reimbursements.

Flags and Violations

The system automatically flags any expenses that exceed policy limits or are submitted late:

• Exceeded Amounts: Bear Trax highlights any expenses that go beyond allowed amounts.
• Duplicate Submissions: The system checks for duplicate receipts or double submissions, preventing accidental or fraudulent claims.

By handling employee expenses efficiently and transparently, Bear Trax ensures that businesses can maintain accurate financial records while providing employees with an easy-to-use expense management tool.