News & Views from MyExpensesOnline

Cloud-based Expense Management: 5 reasons to upgrade from paper-based expenses to an online expense management system

 

1. Policy compliance

The finance department does not have enough time to manually check every employee expense sheet for company policy and compliance.

With expenses software you can simply reject out of policy claim lines/amounts or configure the software to allow these exceptions through but alert them to the authoriser.


2. Access your expense claims on the move

The majority of employees dread routing through their expenses at the end of the month, hoping to remember and find each item they have paid for.

With expense management software you can enter, approve or review your expense claims through your mobile device or laptop anywhere in the world as long as you have an internet connection. And rather than finding your receipts at the bottom of the washing machine, or a long forgotten suit jacket, you can take a photo of your receipts as you are given them and attach in the system.


3. Accurate mileage calculations

In the hurry of submission employees can attach the wrong amount of miles, over-inflate their claims, or have the wrong mileage rate applied.

With online expenses software the system will automatically check mileage calculations through the postcodes entered and validate employee journeys and rate of payment.

You can also create ‘favourite’ or frequent journeys that are regularly visited, making it quicker and simpler to enter.


4. Automatic VAT reclaim and HMRC compliance

The sounds of a HMRC audit make’s many organisations nervous, as the financial department attempts to rearrange paperwork that has been gathering dust or buried in filing cabinets.

With online expense management the whole process of recovering VAT is made simple and you will no longer be scared of the more frequent HMRC spot checks. It not only clearly identifies non-compliant spending but shows any recoverable VAT owed to you simply and easily through a click of a reporting button.


5. Reduced processing costs

In today’s environment it is important to save every penny, reduce operating costs and streamline processes.

With expenses software you use Software as a Service (SaaS), an online, cloud based management system. Entering your expense data online automates the process, saving time and reducing business spend.