How to overcome the 3 common expense claim Challenges?
Manually processing, creating and publishing expense reports creates huge complications for many businesses. It also creates extra work for payroll administrator/accountants as they need to crosscheck physical paper receipts and claim forms of each expenditure with company policies. It makes things harder for your employees, who have to fill up paper claim forms and pasting receipts to get expenses reimbursement.
In today’s fast-paced business environment, you know that time has changed and so has technology. Technology applications and automated processes can help alleviate these problems.
Effective expense claim management is crucial for business operation efficiency. From the employees, the claims can vary from compensation to benefits. Handling such issues on your own without any automated processing tools can be quite expensive and time-consuming.
Below are the 3 key expense claim regular challenges based on Rose-Marie Nathan’s observations.
It is hugely time consuming if businesses still doing claim processing using paper forms/spreadsheets and reconciling expenses on pieces of paper with stapled receipts, and then manually entered into one or more systems.
Our tip: Do away with paper and spreadsheets and let technology do the heavy lifting for you
Capture all staff expenses claim in one system that gives a clear view that can improve control on what you’re spending. Compiling this information can be time consuming if it is not automated.
Our tip: Start automating your expenses claim electronically and gain real-time visibility on your expense spend to enable you to make better decisions.
No, managing your business expenses is easier than you think. You are not a Fortune 500 company, so you shouldn’t have to pay a fortune for a business system. Choose a software provider that specializes in small businesses as they are more aware of your unique needs at an affordable price.
AutoCount Cloud Payroll system comes with e-claims and e-leaves modules. It is one of the most cost-efficient payroll system in Malaysia as the charges are based on per employee user. So you pay for only what you use for each month.
Our tip: Set up a free account with AutoCount Payroll to experience the benefit of automated payroll that comes with e-leave & e-claim modules.
There is nothing to lose in setting up a free account if you want your business to reduce manual processes, capture all of the expenses spend in one place to improve visibility and control and also free up administrative processing time to focus on growing your business instead.
Sources: Rose-Marie Nathan. “3 Expense Challenges and How To Overcome Them” 14 September 2015