Claims are known to be a frustrating process all around. For employees, it's the long wait to the end of the month for the reimbursement to show up in their personal account. As for finance teams, it's dealing with the tedious process of managing unpaid invoices that pile up once the cut off date closes. This can double or triple in complexity for startups who have hit their Series B round and beyond, where there's typically a 50 to 100 headcount, which means there's an unenviable pile of unpaid claims to sift through.
The good news is that setting up a fuss-free claim structure is not impossible to do.
The process of reimbursing claims can be a smooth and effortless process altogether if you're using the right tools with smart automation capabilities. This frees up your workload, giving you more time to look at higher level spending insights that will grow the company instead of impede its growth.Â
To get you started, here's a rundown of the steps you need to take to get your claims process up and running faster than ever before.Â
Life hack: you can even reimburse claims with just one click!
Step 1: Centralize claim requests and expenses in an all-in-one platform
Now this is a lifesaver for finance teams who are struggling to keep track of claims. The importance of onboarding a software that not only tracks spending but auto-categorizes them into the different spending categories in your company can greatly reduce the risk of miscalculating spend or going over-budget, particularly if you're currently using manual workflows. In short, categorizing spend from the different teams under the right budgets is key to knowing how money moves in and out of your business.Â
That said, the Aspire account provides you with the bird's eye view you need to manage out-of-pocket expenses as well as control business spend without running multiple apps at once. Think of it as your ultimate finance control center for all things business finance. If you run the risk of overspending in certain categories, Aspire gives you the power to freeze or set new limits so you'll never have to worry about going over that department's budget. Easy peasy.
Pro tip: With Aspire's budgets feature, set aside budgets to track expenditure in real-time and never worry about over-spending by allocating spend limits.
Step 2: Ensure that your employee claims are synced with your accounting software
With your business finance in one place, you've successfully reduced precious man-hours for managing spending significantly. However, the next step to really amp up your finance team's efficiency is making sure that your spend management account is able to sync with your accounting software.Â
By doing so, you've successfully dodged an obstacle that is the hassle of business expenses mixed in with your payroll. What we've learned from step #1 is that categorization is key, and with your claims auto-categorized under the right budgets, you need not input the spending manually into your accounting software. Aspire facilitates a painless process that seamlessly integrates your go-to accounting tool the likes of Xero and Quickbook to save your finance team even more time.Â
Step 3: Approve and reimburse in real time
The end is in sight for your new and improved claims process. Now that you've categorized expenses under the right budgets and that your accounting software is linked to your business account, what's left to do is simple: approve the claims that comply with your company's expense policy and disburse it to the employee's account.Â
Depending on your platform of choice, this is where an integrated finance stack such as Aspire would pay off in boosting your finance team's efficiency. Built to solve common pain points such as delayed payments, Aspire gives you the power to approve and release disbursement to your team by clicking a button. Better yet, the payment will be reflected in their account lightning-fast. Gone are the days where one needs to wait to the end of the month for what could be done in real time.
Team reimbursements made easy, with Aspire Claims
Ready to streamline your employee expense reimbursement process for your startup? Let us help you get started.
With the Aspire Business Account, startup founders can gain access to a plethora of features that will help simplify the way you manage your business finances. Virtual corporate cards, accounting integrations, automated bill payments, expense reimbursement has never been this simple.
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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