Minimize Disruption: Implement Your Expense Management Solution and Skip the Training
Posted by Jessica Tatlow
Everyone hates doing business expenses, from keeping track of receipts and policy compliance to submitting reports. As a result, you and your colleagues in the finance department can end up having to sort out a real jigsaw puzzle. Tracking down elusive receipts, delays in employee reimbursement, clunky systems and impenetrable policies can make travel and expense management a painful process throughout any organizations.
In the finance department, you know how disruptive delays in expense submissions can be. Inaccurate expense reporting affects spend tracking and reporting, and clouds the vision of your organization’s overall financial situation. You may have no idea what business expenses are going to be claimed. Month- or year-end deadlines often bring a deluge of claims, resulting in unbalanced customer billing and inaccurately weighted expenses attributed to the end of your cycle. The enduring question is how to encourage your colleagues to submit business expense claims as they are incurred?
What if you could equip them with an expense management app, with built-in online expense tracking that captures receipts and streamlines submissions, compliance validation and reimbursement? What if it was intuitive enough that it could be pushed out and implemented without training?
Your finance department would have full visibility of your organization’s financial situation at any given time, with insightful analytics enabled, more balanced cash flow and much more. Here’s how:
- Easy, on-the-go reporting? There’s an app for that – Business expense claims often get delayed because users have to be in the office with a chunk of time set aside to reconcile and submit them, or because they need support from Accounts Payable. An on-demand expense management app available on your road warriors’ mobile phones means they will keep track of business expenses as they come up to save themselves time. Intuitive, easy-to-use processes mean that your finance team can focus on accounts payable duties, instead of providing monthly expense submission tutorials to users. Predictive and self-driving functionality like automatic mileage cost calculation on route tracking, and creating electronic receipts by uploading photos of paper receipts, frees your team members to concentrate on their core duties without the hassle of chasing down non-compliant expenses.
- Automatic expense policing – Tired of hearing “what expenses can I claim?” when reports are already near or past due? Between claim maximum overages and missing required information, your finance team is too qualified to be babysitting. With automated business expense policy enforcement, employees know where they stand, line managers don’t have to chase down employees to redo reports they already sent and Accounts Payable has clean claims to reconcile and a clear picture of global expenditures.
- Streamlined receipt verification and approvals – Without the danger of human error with manually policing claims, line managers can significantly reduce administrative workloads related to approving employee business expenses. Unit4’s Travel & Expenses expense management software verifies policy compliance based on your rules.
- Configure your system with relevant processes and intuitive UI – Internal employee reimbursement policies change and so do external laws and regulations. How can you communicate these changes to employees so they understand? A system with the flexibility to update business processes and policy changes means that you can make updates yourself and users are asked for the appropriate information by intuitive UIs; they don’t need to study up on the new policies before submitting claims.
Expense management doesn’t have to be the nightmare it often becomes for your organization. Mobile and other technologies are available to liberate your finance team to focus on accounts payable duties and employees and managers to focus on their own core functions. Visit Unit4 Travel & Expenses to learn more about how you can ease the pain of business expense management in your organization.