News & Views from MyExpensesOnline

Have You Outgrown Your Expense Management Procedures?

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 ones!

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 rates

 

 

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.