While managing a business, there are a lot of things one needs to take care of. You need to make processes and set-up systems for all the employee related services. One such process is reimbursement. MobiKwik with a goal to quicken the entire reimbursement process and make it easier for both the employee and the employer set up on a journey to create a path breaking product called ‘Magic’. A one stop mobile application for all the reimbursement needs, Magic not only streamline the process but also speed it up significantly.
Reimbursement plays a major role both in employee acquisition and retention. It’s also a deciding factor when it comes to joining a company. But reimbursement is a hectic process mostly resulting in delay in payments and employees tend to switch jobs, if they are not reimbursed on time. They need to collect the bills, fill up various forms, take approvals from their manager, submit to HR or finance and then wait. Sometimes it even takes up to 45 days to get the reimbursed amount. That’s not all though. Reimbursement also causes a lot of trouble for employers as they need to set up a team to collect all the forms and verify the reasons, amount, etc. resulting in increase in cost and wastage of manpower.
With Magic, an employee just needs to scan the bills, enter the purpose and he is done. In case of taxi services like Uber and Ola, the bill can be directly forwarded to the app through mail. All the information provided by the employee can be reviewed by the manager on his Magic dashboard from where he/she can directly approve or reject the bills, basis the company policies. The employee is notified if the bill is rejected, so that he can make the necessary rectification. As soon as the bills are approved, the reimbursement amount is updated in the employee’s MobiKwik wallet.
As a result, it benefits employer by eliminating printing, electricity, verification and storage costs. For employees, they don’t need to waste an entire day for just filling up the forms, taking approvals and going through the entire verification process and they get their reimbursement on time. We have packed in a lot of benefits with this feature like easy approvals, fast turnaround, self-service tracking, etc. Magical isn’t it?
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