If accounting for and processing your expenses is taking a lot of time or if your expense information is not easily accessible for your business, then your business might be ready to automate your expenses.
Here’s a checklist to see if it might be time to consider automating your expense management process:
|Answer these questions:||Yes||No|
|1. Do you know how much your employees are spending on expenses?||x|
|2. Do you have an expenses policy?||x|
|3. Do you know whether your employees are complying with your expenses policy?||x|
|4. Do you know, or know how to find out, how much it costs your salespeople to win new business?||x|
|5. Are you reclaiming the maximum amount of VAT to which your company is entitled?||x|
|6. Do you find your finance team is spending an overwhelming amount of time manually entering or rekeying data from receipts, invoices and expenses?||x|
|7. Are your employees spending more time inputting expenses than necessary, and complaining that they’re not being reimbursed soon enough?||x|
If any of your answers have appeared in the boxes marked with an x, it might be a sign that your business is ready to automate its expenses management process.
Are you ready to automate your expenses? What are the benefits?
- Firstly, you get visibility of your expenses – to know how much your employees are spending, and on what.
- Secondly, automation helps ensure employees comply with your expenses policy (assuming you have one). If you don’t have an expenses policy – here’s a template to download , which includes HMRC requirements so you can keep the tax man happy.
- Time-savings are a big benefit of automating your expenses as well. Using an automated process, rather than a manual one, means that people have to spend less time typing in details and can even do their expenses on their mobile phone while they’re out of the office.
- And, let’s face it – employees might be tempted to exaggerate their expenses here and there. Having an automated system means that everyone knows where they stand, so there’s less risk of exaggeration – but employees can also be paid faster, so they’re not out of pocket.
With all these good reasons to automate it’s surprising that research says 41% of UK companies are still using paper-based processes to manage their expenses, but it turns out that there are a good few reasons why they haven’t got started with automated expense management yet. Find out what these reasons are: download the “5 Reasons Businesses Don’t Automate Their Expenses… and why they should” white paper.