Technology is constantly evolving in business. Companies are looking to save valuable time and money, in as many ways as they can, by improving outdated way of working.
This new easier way of working is largely made possible by the cloud and other online tools. Employees are able to work collaboratively from anywhere in the world, introducing a new world of possibility.
It seems reasonable to assume then, that when it comes to claiming expenses, most employees would be afforded the same luxury of saving themselves time, and improving their overall productivity?
Sadly it seems though, that this is not the case. Manual paper-based systems are still being used by thousands of organisations, involving reams of paperwork, receipt gathering, waiting on postage times, and obtaining relevant authorisations. Expense management is quickly becoming the Achilles' heel of many organisations, who are struggling to cope with inadequate systems in their growing business.
This is even more prevalent considering the increasing complexity of expense claims. It is not just the meals and stationary which employees look to be reimbursed for, and the time now taken to check these individual expenses can take hours! This in itself brings extra hidden costs for many companies, who will need to pay for the time taken to process the claims.
In summary, an outdated expense management process is costly, time consuming and completely unnecessary.
Expense Management can be much simpler and cost effective
If the whole process above sounds all too familiar, then perhaps it is time to consider the alternative?
A technology focused approach to expense management will ensure that your processes are not holding back your employees, and ultimately your company. So what is it that needs to be improved?
- Make the process easier for the employee - receipt collection & submission of the claim
- Allow authorisation to take place in minutes and hours, instead of weeks and months
- Allow claimants to track their expenses from submission to payment
- Reduce processing times in finance departments, with automated checks
With an expense management system, employees can easily photograph, and then bin their paper receipt. They can submit their claim, from anywhere in the world, with an internet connection - either online, or via a mobile app. The claim is sent instantly to whoever needs to authorise. From that point, the employee can then track their claim through its journey to payment. The ease of expense claiming should not be underestimated when looking at retaining good employees. When employees are regularly forking out for business expenses, they will become disgruntled, especially when they are made to wait weeks for reimbursement.
The authorising manager, is able to check and approve or deny claims, at the touch of a button. No need to wait for postage times and trawling through endless paperwork.
The Finance Team
Hours can be saved checking claims, simply through automated checks, and no paperwork. Once payments have cleared the final checks for compliance, and the payment batch is created, employees can expect to be paid much faster. The whole process also offers better levels of security, less chance of human error, and excellent reporting features, which will aid compliance with bodies such as HMRC.
Adopting new expense management technology will achieve all of this and more besides.