How to integrate Expense Management into your existing workflow
Expense management has led many corporates and business to boost their revenues and minimise losses. Expense management has the chief goal of streamlining the process by which expenses incurred by employees are reliably and accurately remitted to employers. Typically, companies stand to incur huge losses if these transactions are recorded incorrectly; on the other hand, it is often difficult for employers themselves to record these expenses due to clumsiness and lack of usability of the system. A needlessly complicated system that promotes errors on both sides needs to be replaced with something better than brings new functionality while at the same time increasing the ease with which such a system can be operated.
This is where expense management systems come in. here are a few tips on how you can integrate expense management into your existing workflow and business model so that it does not interrupt the well-established processes that have proven efficiency. These systems are mostly situated as interfaces between human players where they take input data and process them accordingly. Therefore, by locating them at the most strategic positions, we stand to maximise the potential gains that might be obtained from their use.
- Build an employees portal for logging expenses.
A dedicated piece of software in the form of a web application or a mobile application that is purpose designed only to make logging expenses as hassle free as possible. This is usually a major point of contention with employees that the expense reporting process is difficult to use. Increase the usability of the software by implementing features like taking pictures of invoices instead of requiring employees to mail them in. this greatly reduces the amount of work the employees are responsible for and makes it much more likely that misreporting of expenses do not occur. Making the process paper free speeds up the process and also makes management and verification easier.
- Collate employee data and send directly to approving authority
Using software, you can automate the process of categorising the expenses because the employee has already filled in the relevant information while reporting the expense. This makes it really easy for the software to collect similar entries together and compile them into an easily usable spreadsheet for approval from the appropriate authority. Because there are no intermediaries in this process that might introduce fraudulent entries or other errors, the need for verification or checking is reduced by many times. By installing the appropriate software infrastructure, you can delegate human resources to other relevant tasks or simply terminate any unnecessary redundancies.
- Directly release funds post approval of expenses
Because the entries have been recorded and verified by this point, reimbursements can be directly credited to the employees accounts after the entries have been authorised by the appropriate authority. This method eliminates logjam and does not introduce any additional methods into the existing process, making it easy to implement. Since detailed records are kept for each transaction, it is easy to trace every financial transaction to the record itself and attached proof so that future disputes can be resolved with little effort.
Therefore, we see that implementing expense management systems is a no brainer. They improve the efficiency of the workforce while at the same time, cutting down on unnecessary losses as well as boosting revenue and improve employee morale. It is a win from all perspectives.