According to a recent survey conducted by Barclaycard, UK workers are losing out on £962 million, because of misplaced receipts and unclaimed costs
Anyone whose job requires claiming expenses from their employer will tell you that the whole process is tedious, and can be more trouble than its worth.
The average claim for expenses takes up to 25 minutes to complete, and then there is the waiting game for approval and finally payment, so it's no wonder employees are fed up with these archaic systems. Barclaycard actually put together a list of things people would happily rather do than claim back expenses!
- Take care of the weekly shop
- Go to the gym
- Take the bins out
- Clean the house
- Weed the garden
- Visit in-laws
- Speak in front of a crowd
- Clear out the loft or garage
- Go to the dentist
For this reason, 37% of those surveyed said that low value expenses will go unclaimed, simply because the they cannot be bothered with the hassle!
Furthermore, 33% has just lost the receipt, and 48% of employees were found to still be using personal funds to cover these expenses, meaning slow expense claiming processes contribute to financial hardship whilst waiting reimbursement.
Improving the Statistics
A good expense claiming process goes a long way to keeping employees happy in their roles. It would be a shame to lose good workers, due to inadequate systems for reimbursing them.
meo-business aims to take away the problems associated with expense claiming, and this can be beneficial to employees in a number of ways:
- As soon as an expense is incurred, employees can photograph the receipt, and then bin it. Uploading the receipt with our app, means its there and they can create a claim from this whenever they are ready.
- Once the claim is created and submitted, employees can track its progress, and see whom the authorisation is required from.
- There is no waiting time due to postage. Submission is instant, and can be done from anywhere in the world, with an internet connection.
- If there are any problems with the claim, it is returned to the employee with reasons for denial. They can adjust and resubmit.
- Once authorised the claim is then sent to the finance team, for final checks, and then the employee will be informed once a payment batch has been created. They will know when to expect payment.
Lots of very good reasons to think about automating your expense management process! Contact us to find out what other benefits can be had from such a system.