Cash, as most people already know, is the bedrock of any business, and if there is a way to generate more income, locate more savings or improve your cash flow, most businesses will jump at the chance.
What is amazing is that one of the biggest lines in the P&L - i.e. expenses - is often overlooked, but accounts for £8.2bn per year.
The facts are startling. 75% of UK finance leaders wish they knew more about employee expenses and VAT reclaim… so why don’t more do something about it! Indeed, 74% of UK businesses are still using a manual process including spreadsheets and pieces of paper to manage expenses, which costs them 70% more to process than if they used an automated solution instead!
Like many people who have to deal with expenses, the chances are that the paperwork and processes involved in translating bits of paper and receipts into accurate, tracked payment straight into employees bank accounts is arduous and time-consuming. But what can businesses do about it?
There is a secret source of hidden cash in your P&L
Well, to start with companies can save nearly 20% of their total European travel spend by reclaiming VAT on expenses, which makes the finance team and company leadership happy. And because employees can save up to one entire day’s worth of time every three months by doing expenses using an automated expense management system they’re likely to be happier too. And when people are happy, studies have shown that productivity increases by 12%.
So how can businesses get started and realise some of these opportunities?
This infographic explains that there’s a better way to do expenses and leads to a tip sheet about ‘How to justify investing in an automated expense management solution: 5 top tips’ which describes the wider benefits that expense automation can bring.