Poor expense management procedures could not only be affecting your company's bottom line, but also your employee's wallet. This could be a costly mistake...
We frequently address the issues surrounding expense management from the employer or company's perspective. There is a growing need for employers to carefully monitor expense claims, making sure that their staff are not taking liberties and claiming more than they should. The mission at MyExpensesOnline is simple - regain control of expense claiming, easing the associated pains, and reduce processing times and costs.
It is important then, that we also consider the consequences for employees of poor expense management.
According to a recent survey conducted by Conferma, 1 in 3 employees have experienced cashflow issues due to slow reimbursements from their employers for their business expenses. They also calculated, from their findings, that employees in the UK alone are effectively lending their employers £321 million a month through expenses!
The same survey also found that 41% of employees admitted they would stop spending money on business expenses if they had to wait too long to be reimbursed. This would undoubtedly affect certain areas of an employees productivity, and ultimately have consequences for the business.
The Affect on Mental Health
Many different factors can affect mental health, but as employers we have a responsibility for the general welfare of our staff. Almost half of the employees surveyed by Conferma, in the 18-34 age bracket said that they admitted that cashflow concerns were a contributor to stress.
It goes without saying that happy employees are more likely to stay with your company. It would be a shame to lose good workers because they feel unhappy with the expense policy. Especially so, when there is an easy fix to poor expense management......
Automated Expense Management - MyExpensesOnline
If you are not already familiar with the concept, then put simply, automated expense management will bring many benefits to both employer and employee. Your expense process, becomes more effective and efficient.
For your employees, they are able to submit their claims, and monitor their progress through the system from submission to payment.
They can be assured that the rules of the expenses policy are being followed to the letter, and the delays usually associated with expense claiming (such as postage times, and manual checking) can be eliminated.