5 Reasons To Go Paperless With Employee Expenses!

Covid-19 has created havoc amongst businesses.

Like all others, this too will pass, and the situation will eventually tend to normal. However, this will be the “new normal”, where social distancing, face masks, and above all the fear of being infected by Covid-19 or its variants, will determine people’s behaviour. Thus, making people cautious about many things.

For businesses to run effectively, there will still be meetings. However, these will be fewer and only for critical issues. As a result, amongst others, the employee expense process, which handle paper, will need to become “contactless” and “paperless”. Else, they will continue to create fear in minds of people who must handle paper submitted by others. In this case, expenses & receipts submitted by the claimant. The claimants worry will be getting in contact with their approver, and the approvers/finance worry will be handling that paper!

To address these fears, especially for employee expenses, automation will make this process “contactless & paperless”. The key to succeed in automating employee expense management and the compelling reason are:

  1. It is not as expensive and complicated as you may think:

Claimants and approver can use their existing mobile phones to submit and approve expenses. All of this sits in the cloud and accessible to finance form anywhere. There are companies who offer automation of expenses starting at £1 per user per month.

  1. It is simple & easy to implement:

It takes 3 minutes to on-board 4 to 5 claimants. Expenses and receipts can be submitted & approved from any mobile phone. And then paid remotely.

  1. It ensures social distancing and stops the spread of the virus.

Because there is no contact or touching of paper, the risk of infection is zero.

  1. It is robust and stands the challenge of time.

Access is password protected. Data is stored in the cloud, accessible 24×7 from anywhere. Tax authorities can go through expenses, fully supported by receipts, in minutes.

  1. Reduces fraud – saves time & money.

    1. Receipts have the longitude and latitude embedded in them. This captures the place of spent and ensures that fictitious expenses are not claimed.
    2. Duplicates are highlighted instantly to all stake-holders.
    3. Similarly, expense policy breaches are alerted and brought to attention of all stakeholders.
    4. Google Mapping service ensures correct distance is calculated, together with the map of the journey. This reduces checking. Customers save between 27% and 30% of what they were paying earlier.
    5. The Workflow displays to all stakeholders where each expense is in the process.
    6. Pre-approval ensure that every expense, before it is incurred, is authorised and with-in budget.
    7. These are few of the simple features. A few companies offer “pay as you go”, where you can only buy those functions that you use. And add more as the business grows via e xpense management software