Date post: | 22-Jan-2018 |
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Business |
Upload: | sap-concur |
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A story about busy employees and hard-working finance teams
Employee expenses: How to tame the monster that’s eating
up valuable time and money
Every business needs to manage and monitor
employee expenses.
overwhelming.But sometimes the process is
“I’m travelling to Manchester at short-notice for a meeting with
a potential client.”- Emma
Take Emma for example...
Emma’s expenses are pretty standard:
Train fare: £75
Taxi: £8
Hotel: £90
Coffees: £7
Meals: £30
And the result? Emma seals the deal.
But...
Great news!
Racking up expenses is the easy part.
90 secs Booking train online10 secs Paying taxi driver120 secs Confirming the hotel40 secs Buying 2x cappuccinos100 secs Paying for 2x prawn linguine
6
MINUTES TOTAL
That’s how long Emma spent:
• Gathering her 5 receipts
• Submitting them
• Correcting errors
• Chasing approvals
• Sighing a lot
3.5
HOURS
If only processing these expenses was just as easy.
• Rekeying Emma’s receipts
• Checking receipts and amounts match up
• Ensuring they’re HMRC compliant
• Watching out for errors
• Checking against company policy
• Chasing manager’s approval
And it’s a pain for the finance team too.
It’s no wonder it takes Emma 9 days to be paid!
(She could have walked to Manchester in that time.)
9
In fact, 89% of finance departments
face challenges with their expense process.*
*Source: Vanson Bourne data conducted in 2016 among 500 senior UK finance leaders
But why?
Well, there are
of the expense process that every finance team
needs to tackle.
6 key stages
Problem #1Submitting claims
90% of finance leaders say their employees face problems when submitting expenses.
Lost receipts Late
paymentsManual data entry
Wasted time
Confusion over rules
No delegation when out of office Query hassles
Compliance confusion
Paper-based systems
Lack of notifications
Problem #2Manager approvals
33% of finance leaders feel managers don’t approve expenses quickly enough.
Rekeying data
Inadequate checking
Paper processes
Manual spreadsheets
Huge batches of claims
Slow sign-offs
Problem #3Data processing
If you don’t have the right tools, then the workload can become unmanageable – fast!
Policies broken Duplicates accepted
Open to fraud
Errors approved
Regulations contravened
Money wasted
Problem #4Auditing and complianceNearly one third of UK businesses are dissatisfied
with how they audit employee expenses.
And if you think payment means job done, think again.
Problem #5Reimbursement
Employees like Emma don’t always get their money back on time.
And can you accurately report on company-wide spend that drives better decision-making?
Problem #6Insight and reportingAre you confident you have an up-to-date paper trail when HMRC pays you a visit?
For many businesses, it’s a
missed opportunity...HUGE
Without the right tools you can miss out on a wealth of
amazing
insights
• What do we buy? • How much do we spend? • Which suppliers? • Are they compliant? • Could we get a better deal? • Could we reclaim VAT?
Insights like...
How can employee expenses be tamed for good?
Here’s some great news...
It is possible to transform every stage in the process
• Small changes can make a big difference
• Get rid of the hassle
• Save time and money
The answers are within easy reach
What next?
See how to streamline each stage in your expense process.
You can also call us on 01628 645 100 or visit concur.co.uk
Download your free whitepaper today.