Nothing adds value and credibility to a business better than having strong productivity levels, and it all begins with giving your employees the right tools and assets. Whether it is giving them the latest tablet device and smartphone or introducing new software for daily operations, it’s an area that needs continuous attention.
The incorrect documentation of employee expenses can often be a time consuming activity for all involved, with outdated manual processes usually being the primary cause. In order to be more productive, expense management is one process businesses should review, and if done correctly, can solve issues that regularly plague finance teams. Consideration should be given to a streamlined, automated expense management system, which in turn can improve efficiency across the board.
There are many features of an automated expense system that are beneficial. The eradication of paper receipts and manual input of data are some aspects that businesses can expect. Electronic receipt systems not only eliminate the need for manual expense claims, but offer real-time insights into company finances. Having this ongoing visibility on staff expenditure will ensure budgets are not exceeded and will relieve resources when end-of-month reporting is due. These systems also deliver benefits for both employees and employers by automatically populating expense claims with corporate card data that is inline with company policies.
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Moving to a system that incorporates e-receipts – digital versions of receipts that are delivered directly into an expense reporting system by the supplier – will be instantly rewarding. By automatically including e-receipts in expense claims, these systems eliminate the need to print documents and attach receipts. Where e-receipts are not available, it is also possible to take photos of receipts with a mobile device. The receipt images are then matched up with credit card or out of pocket expenses, automatically completing an expense claim.
Travel is and will continue to be an integral aspect of business growth. As employees spend more time out of the office, it is essential that this time is used wisely. Technology is making the possibility of the perfect trip more and more of a reality for any employee, allow them to reach their destination without any inconvenience.
When the right travel and expense solution is implemented, the frustrating aspects of travel will be left behind, including the need for queuing. Employees can upgrade their flight via an app on their mobile, avoiding busy information desks. They can book taxis as soon as they step off their flight to avoid the chaos that occurs outside the airport.
As automated systems become more common, employees who travel are now gifted with hours of valuable time which can now be used to the employee’s advantage to meet important deadlines, further boosting productivity.
A company that has overcome outdated and time-consuming expense management processes is MediMark International. The mobile staff of this specialist medical education facilitator based around Australia saw increasing issues with the manual expense system and it became too time consuming for all involved. Through the introduction of an automated process, there is now no need for spreadsheets, cluttered desks and manual input as staff can populate claims on the go. MediMark International receive completed expense claims, ensuring minimal time is spent on finance matters.
Businesses that embrace evolving technologies have a strategic advantage. Implementing change in an organisation is increasingly seamless as technology evolves in sophistication. Due to employees embracing technology at home and in the office, technology continues to be the answer to solving common productivity problems. In the fast paced work environment, efficiency and transparency across the entire business is essential. Incorporating new methods can ensure that valuable employee time is used well, whether they are in the office or on the road.