Compt Adds Expense Management to Employee Reimbursement Platform

Compt has added expense management to its employee reimbursement platform.

The new feature, which will be available to customers beginning April 1, integrates with leading payroll providers and simplifies expense tracking and management for both human resources (HR) professionals and employees, Compt said in a Tuesday (March 28) press release.

“We are excited to be the only comprehensive employee reimbursement platform where stipends, rewards and recognition, and now expenses can be easily managed — all at a fraction of the cost of a traditional and limited expense management platform,” Compt founder and CEO Amy Spurling said in the release.

PYMNTS research has found when it comes to better managing non-payroll spending, visibility is a key hurdle and manual data entry leads to data entry errors.

Forty-seven percent of firms currently face data entry errors when managing non-payroll spending, and 20% of executives cite it as the most important challenge, according to “The Financial Performance Quandary: Leveraging Automation to Better Manage Non-Payroll Spending,” a PYMNTS and Airbase collaboration.

The report also found that technology allows finance teams to get a better handle on the cash in and cash out of a firm, gives a real-time view of how effectively resources are being deployed and enables them to better manage wasted spend.

With Compt’s newly added expense management feature, HR teams can easily keep track of expenses and make timely and accurate employee reimbursements, according to the press release.

For employees, it provides a user-friendly experience in which they can submit expenses through the platform, upload receipts and documentation, and track their expenses in real time, the release said.

This new feature joins the Compt platform that enables benefits to be delivered through payroll, providing an easy and tax-compliant way to provide team recognition, anniversary, new hire and other stipends, per the release.

“At Compt, our mission is to be a best-in-class reimbursement platform that is not only compatible with HRIS and payroll providers, offers a quality user experience, and is compliant with prevailing security (SOCII and GDPR) and tax laws (IRS), but a singular solution that also offers a more inclusive and personalized experience for HR, finance and employees alike,” Compt Vice President of Product and Operations Joseph Alim said in the release.

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