Don't Get Crushed by Your Work From Home Expenses

Don't Get Crushed by Your Work From Home Expenses
Contents

The Problem is Expense Reports

Before the COVID pandemic, most of your expense reports came from a few big spenders. Expense reports were never fun. But at least you could count the number of people you needed to chase down on one hand.

Today, your entire company is submitting work from home expenses. (If you’re not reimbursing them yet, you will soon.) 

Most of them have never used your expense management system before. This means more incorrect expense categories. More missing receipts. More people to chase down. 

It all adds up to more admin for your team during the month end close.

The Solution is Lola.com

The spend management solution that saves you time and money on your business expenses.

With Lola.com you can roll out work from home stipends in minutes. 

Every business expense will be on budget and in policy, guaranteed. And you can do it all without expense reports and reimbursements.

Your employees will love it. And your finance team will love you for it.

Back in April ‘20, we used our software to roll out our own remote work stipend. 

Here’s how we did it:

Create a Program Budget

With Lola.com, you enforce budgets in real-time. Your program is guaranteed to stay on budget. And you don’t have to scare employees straight with the threat of non-reimbursement.

Build a Policy

Your policies work in real-time too. You can set transaction limits, and restrict spend by expense categories. More “home office furnishings” and less “fine wine boutiques.”

Side note: Cash stipends need to be reported as taxable income on W2s. We chose to gross up our payments to cover taxes (so a $150 stipend is actually $150 in our employees’ pockets). 

Allocate Work from Home Stipends

Virtual cards are easy to create and even easier to use. You can grant everyone their own physical corporate cards too. Our software verifies and reports every transaction in real time. You're always in control.

Automate Expense Reports

Our software categorizes your expenses so you don’t have to. When you create a budget, you can map it to a general ledger account and expense category. We combine this with “merchant category codes” provided on every transaction.

Lola.com maps every transaction for you. Now your employees just have to add a receipt. When you're ready, click a button to sync expenses to your QuickBooks Online account.

Save time and money on your business expenses

Lola.com makes your work from home stipend feel like a perk, not a chore. 

Your employees aren’t spending their own money.

You have peace of mind that every transaction is on budget and in policy.

You’re not playing “bad cop” and threatening non-reimbursement.

You aren’t spending days on expense reports and reimbursements.

It saves us time.

And its saving time for finance teams at Privy, Giddy, Cantina, Predictive Index, Compound Growth Marketing, and more.

Lola.com saves you time and money on your business expenses.


About the Author: Sagar Velagala
Sagar is the Director of Growth at Lola.com. Before this, he worked in analytics, finance, and operations roles at companies like The Boston Beer Company and HubSpot.