The procedures for checking and processing expenses often
start out perfectly adequately, but as a business grows and expands, the simple
task of processing expenses becomes more complicated and time consuming.
So, what are the signs that your business needs to review
their expense procedures?
1. Expense processing times increase –
receiving, recording and repaying employee expenses can become a drain on the
time of the finance team. As a result, expenses can take weeks or even months
to go through the system
2. Staff complaints – nobody wants to be
kept waiting to be reimbursed for expense claims
3. Increase in expenses fraud – Due to
delayed claims, it’s hard to monitor the genuine claims, and the more creative
4. Manual data errors – What used to be a
simple task of adding up a few expense receipts, has now become a much more
complex job, and there is greater room for error
5. Struggling to keep up with compliance –
HMRC have a variety of do’s and don’ts when it comes to VAT, tax and expense
These are just a handful of tell-tale signs that your
expense management procedures need to be reviewed. Continual monitoring can
also take up a lot of time and effort. An automated expense management system
can eliminate these problems and more, no matter how big the company is or how
many expenses need to be processed. Visit https://myexpensesonline.co.uk/ to
find out more.