News & Views from MyExpensesOnline

The Reality Behind Outdated Expense Management Processes


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What do we mean by outdated expense management processes?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 familiar?

·         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 the claims:

·         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 mileage claims!

 

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;

 

TIME

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.

 

COMPLIANCE

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.

 

EFFICIENCY

VAT is calculated automatically, and inbuilt OCR software can speed up the process even further

 

EMPLOYEE SATISFACTION

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.