Approvals

What are Approvals?

Approval is verifying and authorizing a timesheet or expense report before it is processed for payroll or payments. A supervisor or manager typically handles this process, but an automated system can also manage it.

There are few reasons why approval is important:

• It helps to ensure that the timesheet or expense report is accurate.
• It helps to prevent fraud and abuse.
• It helps to ensure that the company complies with labor laws.

There are a few different ways to approve timesheets or expense reports. One way is to have a supervisor or manager manually approve each timesheet. Another way is to use an automated system that allows employees to submit their timesheets for approval.

If an employee’s timesheet or expense report is not approved, they may not receive payments for the time they worked or the expenses they incurred. Sometimes, the employee may be required to repay the company for the costs.

Benefits of Approvals

Here are some of the benefits of approvals:

• Accuracy: Approval helps to ensure that timesheets and expense reports are accurate. This is important because inaccurate reports can lead to financial losses for the company.
• Error-free:Timesheets and expenses that have been approved are less likely to contain errors. Error-free timesheets can lead to accurate employee payments and proper invoicing to clients.
• Fraud prevention: Approval helps to prevent fraud and abuse. Because it requires a second person to verify the information on the timesheet or expense report.
• Compliance: Approval helps ensure that the company complies with labor laws because it requires the company to have a system in place to verify the accuracy of timesheets and expense reports.