Importance of Employee Expense Tracking
Time is money. When it comes to employee expense management, that’s especially true for you and your business. The days of sending receipts to be checked one by one are long gone – you need an automated solution to streamline your processes and set your accounts department free to perform value-adding tasks. The adoption of an employee expense management tool is crucial for your business’s continued growth and ability to scale effectively. As an expert in employee expense management systems, SCP has the answer to every question you might have. Here, we’ve put together a short guide that explains the benefits of an automated employee expense management system.
Employee Expense Management
A multi-step process from top to bottom, employee expense management is the process of tracking your business’s employee expenses, and defining how your company will deal with claims for reimbursement. Your employee expense management also applies the policies and procedures in place around employee expenses, finding discrepancies and alerting you when your attention is needed. You don’t have time to review every expense report, and even when you do, it’s tough to know which areas should get the most attention. Using a system like SAP Concur – which SCP is a licensed partner of – can reduce errors and help identify areas of excess expenditure by your employees.
How Does Employee Expense Management Work?
Employee expense management is a multi-step process that captures and submits expenses, which includes turning in reimbursement claims, approving or denying those claims, scheduling the claims for payment, and, finally, reimbursing the employee. Employee expense tracking can assist with both normal employee expenses and employee travel management. An automated employee expense management system can store images of receipts and automatically add them to an expense report, eliminating the need for employees to manually fill out documentation upon their return. The system flags any unauthorized expenditure and alerts you to the exact issue that has been identified, allowing you to direct your energy and focus to the places they are needed most.
For instance, an employee claiming an expense that was incurred on the company credit card or a staff member flying business class without prior authorization would be flagged when the employee expense tracking system digitally checks the receipt. This process can be challenging to implement effectively if it is done manually – receipts are often missing, submitted expense reports are not thoroughly examined, and the entire process is often held up by a backlog of claims. Employees can be left in the lurch with regards to their expense claims checks, and their reports can still be stuck in the system while they are racking up expenses to be claimed at the next deadline.
Why is Employee Expense Management Necessary?
Although adoption of cloud-based technology is accelerating, a recent survey by Tallie shows that 46% of organizations don’t track the cost to their business of processing expense reports, and a whopping 43% still use manual employee expense tracking and management systems. For your business to leap ahead and greatly accelerate growth, you need to have an automated employee expense tracking solution. This gives you greater control over employee spend, and provides you with easily accessible oversight of all your employee and travel expenses.
The automated process, implemented by a system like SAP Concur, even sends errors and issues to the relevant people in your workflow, reducing unnecessary go-betweens and aiding you in making quick and effective decisions that best benefit your business.
We at SCP are experts in employee expense management systems, and can help you find the employee expense management solution that is perfect for you. We know that your biggest priority is finding the advantage that will make your business soar, and we are here to provide it for you.