Expenses' soft values that are visible at the bottom line
Posted by Hilde Espeland
In a 2015 report by Ruigrok, An international research about expense claims among professionals, it was revealed that there are major challenges tied to expense reporting and reimbursement. It is one of several reports that highlights issues around timings and the submission of expenses claims. Today’s fast-paced working environment, coupled with an employee’s desire to produce their best work, means that “personal tasks”, like making expenses claims, fall off the priority list, especially when making a claim is a long, arduous process. Ruigrok’s report indicates this problem is far from uncommon amongst the workforce, and it’s one managers should be more aware of.
The problem is, that time never comes! The odd forgotten £5 here, the odd receipt lost there, it all adds up; indeed, Ruigrok’s report argues that in the UK alone, non-refunded expenses amount to a huge £0.9billion a year - all because filing for expenses is such a time consuming process!
Whether it’s just the amounts are perceived as too small by employees, or whether they really are too pushed for time, this is a frustrating problem. 23% of workers claim they’ve faced issues with missing or late reimbursements, and this will likely impact their feelings toward their employer. Can ineffective systems for managing travel and expense actually weaken loyalty and increase the risk of losing talented employees? To answer this, we must look at the bottom line.
Offering a streamlined, easy-to-use process for filing travel and expenses claims is the answer. Today, there are systems that incorporate artificial intelligence alongside other modern technology to make large parts of expenses registration automatic. These systems not only improve the process for those employees filing claims on the move, but also for those that handle and approve reimbursements. The entire travel and expenses process is simplified, saving your business time and money, which directly impacts the bottom line. More efficient employees, and simpler billing of travel expenses in connection with customer projects, means more time for core business. A good expense management system delivers ROI inside around one or two years for low risk/quick win, and most likely happier employees - is this something you can afford not to consider?