Part 6: The Struggle with Expenses Management

expenses

Part of running a successful business is not being stuck in your ways and being open to new ideas and methods of doing necessary tasks. One such area is that of expenses management. Businesses have always had to have some sort of expense claim process and policy in place, but these have not always been easy-to-use and as straight-forward as we would hope. With an increase in business travel and mileage claims in recent times, how can you be sure that your expense management process is working in an effective way? Is is possible to streamline this into a user-friendly system? Are you paying out more than you should be?

This process can be made efficient, easy and accurate with the introduction of an online Expenses Management solution, whereby your policies can be applied more effectively and you can access real time reporting. There are SaaS companies that offer these benefits with no need to download software, as all the data is stored in the cloud and hosted by the provider.

Issues with Expense Claims

Let’s have a look at some issues facing companies when tackling expense management, and how the solutions provided through new online applications can assist in making things easier all round, for the claimant as well as your finance team.

Mileage Verification

When manually filling out expense forms, it is often easier for the claimant to “round up” their miles, which in turn can become an unnecessary pay-out from your budget, especially if this occurs multiple times. Have you ever wondered how much you might have unnecessarily paid out for claims that have been submitted in this way? 

By implementing an online expense management solution you can not only save time for your users, but also prevent exaggerated mileage claims. 

Receipts

Many of us have been in that situation, where you have taken a train for a meeting, and come to do your expenses only to realise that you have lost your receipt. And how much time is taken up after returning from your journey in filling out your claim? By adopting an online expense management solution, you are able to take a photo of a receipt to use for your claim. Some companies such a webexpenses, also support a mobile app, whereby you can start your claim on the go, saving time and making it so much easier. 

Correct VAT Reclaim

Rules for reclaiming VAT can be complicated and certainly not something most employees would be familiar with.  With an online tool this is automated ensuring both compliance but also a full reclaim of allowable VAT.

Policy Reinforcement

In your organisation, you may well have an expenses policy document, but how many people actually know what they can and cannot claim for? This can often mean that unsupported claims can be submitted and may slip through the net, costing your business. 

By adopting an online expenses management solution, your claimants can be reminded about your policy at the point of submitting a claim, ensuring that only authorised claims are submitted.  There is also the option of setting spending limits with clear flags showing any ‘out of policy’ claim items. This will save you time, eradicating the need for checking and double-checking that claims are valid.

Efficiency is at the top of the list

We have touched on just a few of the benefits that an online expenses management solution can offer your business. It is definitely a pioneering way forward with any business, not only making things easier for your employees who are submitting claims, but also for your finance team, who have to deal with and process these claims. If you can save time in your business you are onto a winner, and these applications can be customised to any sized business.

There are many solutions out there, but we have found webexpenses to be the solution of choice for our business. If you would like to find out more about webexpenses you can visit their site here.

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