Reimbursing Employees Faster
Manual processes often cause lengthy delays in reimbursing your employees creating tension and fostering bad relationships. Implementing a solution that your teams are familiar with facilitates an easy transition. Approval workflows are fully automated which helps push claims down the funnel quicker.
Finance teams can monitor the status of claim submissions and prompt approvers if delayed. Throughout the process employees are notified on the status of their claim, keeping them in the loop and building more transparent relationships.
Overcoming Data Errors
A big challenge for finance teams is data discrepancy caused by manual entry or missing documents.
65% more errors occur in businesses that process expenses manually versus those that automate their processes
With an automation tool, your employees can collect receipt images, upload them and store them online. Once uploaded the data is extracted, ready to be added to an expense report to be approved.
Adopting an expense management system ensures your employees are following the correct reimbursement processes. It helps overcome data errors by removing much of the manual processing.
Improving Visibility & Forecasting
It’s often difficult to gain a clear insight into employee spending. It can be a time-consuming task to collate the data and analyse it effectively in real time. This can lead to mistakes in budgeting and resource allocation.
34% of businesses revealed that they lack visibility into their overall spending.
Using software to navigate and analyse employee spending can be beneficial for businesses managing large amounts of expense claims. It provides real-time and historical data for comparisons and spending forecasting, helping with cash flow management. With an all-in-one solution, finance teams have a clear overview of all money leaving the business in one place.
Implementing an expense management system doesn’t need to be a complex process. Rather than opting for an additional app to manage this process, investigate if your existing accounts payable software offers expense management. This will be beneficial to your finance team who can continue using a familiar system and your business's bottom line. The extra time given back to your finance teams can be used to undertake more strategic tasks.
Key Takeaways
- Bring your employees along on the journey. Show them the benefits of an expense management system.
- Create standardisation across your processes that are clear for employees to follow.
- Understand and analyse your employee spending better to help make more informed business decisions.