Poor expense management could cripple your business; from incorrect claim forms causing time delays and over/under-payment, to fraudulent claims; there are many potential pitfalls to employees and business owners alike.
Some important questions to consider regarding expense management are:
- Do you know how much individual employees/departments are claiming and does this adhere to budget?
- Are employees claiming legitimate expenses and are payroll paying them the correct amount?
- Has the correct paperwork been filed (including receipts) to keep the taxman happy and enable your company to maximise VAT returns?
the greenest office is an online expense management system that will answer these questions and will make the expense claim process more efficient and less tedious to employees, management and payroll staff.
Benefits to employees of online expense management:
- Take a photo and attach the digital receipt to the claim – helps reduce human error and settles any disputes on what was claimed
- No more paper requests that can get lost/misplaced/ignored – all relevant users are notified via email of approvals/rejections
- Claim expenses from anywhere with an internet connection or via your smartphone
- Download expenses from your debit/credit card directly into our system
- Claim and processing times are reduced considerably and this means you are reimbursed faster
Benefits to management of using an expense management system:
- Set expense claim limits, record them in the clearly visible expense claim policy and track any violations – travel and entertainment claims in particular will decrease
- As everything is recorded in an audit trail, any problems can be quickly resolved
- High level of customisation with an individual approval process
- Maximise your VAT returns
- Track and act on fraudulent claims: “Why did John claim £500 for mileage when he usually claims £100?”
- Negotiate better rates with suppliers based on spending patterns
- Run pre-defined expense reports that will give you a real-time view of spending
- ‘One-click’ integration with accounting and payroll packages – this reduces processing time considerably