COVID-19 has caused rapid changes
in how organizations function. Undeniably, businesses must reevaluate and
re-model a few of their core processes to accommodate the "new
normal" of the working.
Employees and Finance teams may
no longer physically chase each other for expense report submissions,
clarifications on receipt compliance, or processing of employee expense
reimbursements. But, businesses must continue to reimburse employees and keep
detailed records compliant with all the regulations and rules set down by tax
jurisdictions.
Finance leaders have been
discussing the importance of corporate expense
management for some time. There's been a sharp growth in the number of
organizations switching into cloud-based expenses
management software and for exemplary reasons!
Listed below are six of the most important
reasons why investment management automation is crucial, particularly in such
unprecedented occasions:
Common and pragmatic application
of expenses procedures across the organization
Your employees are probably
already working from various parts of a state, country, or even continent. In
this a case, centralizing procedures and applying policies across the company
is a herculean job. Your investment policies should have or could want to
change due to the new character of business expenses. For example, remote work
presents new categories for employee expense reimbursements.
Strategizing and putting together
a fresh procedure is just half the challenge; the spouse is effective
communication of the same to all your employees.
Clearly defined policies and
processes are important because:
You continue to be accountable to
tax authorities.
You will need to maintain
accurate records for making strategic financial decisions.
You must ensure your employees
are updated on any changes that are new.
How expenditure management
automation can help:
An expense management program
simplifies any custom expense approval workflows, no matter how complex. This
makes it easy for managers and Finance teams to tweak/change procedures and
expense policies as and if necessary.
For example, you may wish to
reimburse internet bills instead of hotel expenses today that your employees
work from home. Just feed it in the policy engine, and also the program will
guarantee effective law with no requirement of manual intervention.
Once the claims are approved and
reimbursed, all expense report data is kept in a secure and merged cloud. This
would make it effortless for Finance teams to retain accurate records and get
them with ease.
Last, an AI-powered expense
management software brings all things expense direction to your unified expense
management dashboard. Finance teams gain 360degree insight into your company'
financial wellbeing, as well as in real-time.
Greater cost policy compliance
and worker satisfaction
However much you really pronounce
on calls and emails, a policy or 2 are bound to slide off your employees' heads
resulting included filing for non compliant expense reimbursements.
Here are some dangers manual data
entry and Labour Intensive procedures pose to compliance:
Workers are tasked with
memorizing policy nuances and reception safe keeping if they would like to maintain
for compensation.
Finance teams cannot process
employee reimbursements until they have true receipts and compliant cost
accounts.
From case a non-compliant
investment slips , it may start your business as much as a scheduled audit.
When multiple minor postings in
investment reports slip through, it results in long term financial losses.
Employee satisfaction and trust
in the organization takes a hit in the event of continued delays in expense
reimbursements.
Employee satisfaction and
confidence become especially vital in such hard times. While your employees
attempt to maintain your business operations ready to go, you must let them
know that you have their backs. An excellent spot to begin would be to devise a
hassle-free expense reimbursement procedure.
How expense management automation
might help:
A smart investment management
software optimizes policy authorities across your company. The computer
software raises flags for any noncompliant expenditure claims in the purpose of
expense creation and shows that policy that particular expense violates. The
employee may then make any corrections or choose to submit the expense with a
legal explanation.
Next, once a compliant expense
report is submitted, it is automatically forwarded to the assigned approver/manager.
This gets rid of the requirement for informing managers of cost report
admissions. Additionally, this results in quicker employee expenditure report !
Imagine how much time,
frustration, and also costs a simple flag helps rescue!
Remote and traveling employees
may incur both digital and physical expense receipts. A shoe shop for paper
receipts and screen shots all around the device gallery are not the very
effective methods of storing business expense receipts, are they?
Here are the problems workers
confront business expense tracking and submission:
Expense receipt safe keeping:
This is rather debatable to your home-based employees because it's for the
people traveling. Employees might have pets or kids at home, also "my kid
drew over my report " or" my dog ate my own reception" can be
very valid. Yet, no reception means no settlement.
Expense report submission: Right
now, your employees are changing lots of their day-to-day responsibilities to
make sure there is no disturbance work-wise. They consistently have some thing
more important to do than focus on an expense report.
How cost management automation
will help:
An expense management
applications tracks receipts from your own everyday apps like G-Suite, Outlook,
Slack, text message, or WhatsApp. In addition, it comes with a portable backup
scanner (OCR), which enables your employees to take a picture of their receipt
and save it safely from the cloud. Your employees can make draft reports as
they track expenses, and when they are ready, they could send it into the
approver with the click of a button.
This way, employees have more
time for you to concentrate on the more important job responsibilities compared
to juggling pesky expenditure reports.
Paid off turn-around time for
expense report Agreements and reimbursements
Managers are tasked with managing
budgets, making it very important to allow them to stay ontop of departmental/project
expenses and budgets. This may be quite time-consuming and stressful.
Some issues remote managers/Finance
teams face with expense report approvals are:
Lack of insight and visibility
into employee business spends.
Too much time manually verifying
worker expenses.
Multiple rounds of communication
on the status of reimbursements.
Having a cost management software
set up, approvers secure the true luxury of reviewing and approving expense
reports with just one click, even from their cellphones. They could focus on
enhancing remote work procedures instead of being stuck with reviewing human
expenditure receipts.
Today's expense management
software incorporates seamlessly with your own bank gateway and also the ACH
system. This provides you with the luxury to process several transactions to
different employee bank accounts in the centralized investment direction
dashboard. You can also track where the currency is moving in real time and
radically reduce turnaround time for reimbursements.
Added into making the lifestyles
of your direction and Finance teams easy, this boosts employee pride and
morale. In stressful times like these, your employees feel more motivated to
work if their organization ensures timely payments and reimbursements. Brownie
points to you!
