It goes without saying, that most businesses now take advantage
of the advancements in technology, which make their processes easier and more
efficient. Yet still, in many companies, expense management is an area which is
struggling to keep up!
What do we mean by outdated expense management processes?
Typically, a manual expense process, which involves many
different stages for both the claimant, and the payer – perhaps this sounds
Staff are completing a form, or writing their
expenses on spreadsheets
Remembering to keep hold of all those receipts,
and locating them when needed (making sure they are still legible)
Recording mileage for every journey – including the
ones they forgot, so checking on Google maps, or just taking a wild guess (adding
a few miles in their favour)
Packing up and sending the expense claim and
accompanying receipts to the finance department for processing (another expense
claim next month for the postage)
And this is only the beginning of the process. From then
on, the finance team have the extraordinarily time consuming task of checking
Matching up the receipts (despite the coffee
stains and crumpled bits of paper)
Checking for any reclaimable VAT
Ensuring management authorisation for each claim
Returning unauthorised claims
Then last, but not least, the claims must be paid, which
is most likely costing the company more than it should due to over inflated
When we are all constantly looking for ways to reduce
costs and time in all of our processes, expense management is not to be overlooked,
when there is an alternative!
MyExpensesOnline have for many years now, been providing
an alternative solution to assist businesses with the expenses, and improve in
the following areas;
The entire process is handled, from the employee
claiming, to the checks and authorisation required, to the payment being made.
A claim can be started by an employee from anywhere in the world and can be
completed in a matter of minutes. Claims are sent to the correct person for
authorisation and then to finance. Once the claim is ready; batch payment files
can be created to export into your accounting software.
Your software will contain inbuilt policy rules (set by
you). If the claimant has broken one of these rules, they are required to
change the claim before they can submit. Mileage is tracked accurately using
postcodes – no more guessed mileage.
VAT is calculated automatically, and inbuilt OCR software
can speed up the process even further
Submitting expense claims has never been simpler. Queries
about expense claims are vastly reduced and your staff are able to monitor the
progress of their expense claims at every stage.
Automating your expenses is crucial to eliminate the
problems caused by a manual process. Contact our team to find out how
MyExpensesOnline can help you.