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Taming the employee expenses monster

The expense process can eat up valuable time and money for business. What are the hurdles along the way facing finance and your travelling staff alike? We follow Emma on her expense journey to see where the biggest gremlins lie. Join us on this quick trip to find out.

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Taming the employee expenses monster

  1. 1. 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
  2. 2. Every business needs to manage and monitor employee expenses.
  3. 3. overwhelming. But sometimes the process is
  4. 4. “I’m travelling to Manchester at short-notice for a meeting with a potential client.” - Emma Take Emma for example...
  5. 5. Emma’s expenses are pretty standard: Train fare: £75 Taxi: £8 Hotel: £90 Coffees: £7 Meals: £30
  6. 6. And the result? Emma seals the deal. But... Great news!
  7. 7. Racking up expenses is the easy part. 90 secs Booking train online 10 secs Paying taxi driver 120 secs Confirming the hotel 40 secs Buying 2x cappuccinos 100 secs Paying for 2x prawn linguine 6 MINUTES TOTAL
  8. 8. 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.
  9. 9. • 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.
  10. 10. It’s no wonder it takes Emma 9 days to be paid! (She could have walked to Manchester in that time.) 9
  11. 11. 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
  12. 12. But why?
  13. 13. Well, there are of the expense process that every finance team needs to tackle. 6 key stages
  14. 14. Problem #1 Submitting claims 90% of finance leaders say their employees face problems when submitting expenses. Lost receipts Latepayments Manual data entry Wasted time Confusion over rules
  15. 15. No delegationwhen out of office QueryhasslesCompliance confusion Paper-based systems Lack of notifications Problem #2 Manager approvals 33% of finance leaders feel managers don’t approve expenses quickly enough.
  16. 16. Rekeying data Inadequate checking Paper processes Manual spreadsheets Huge batches of claims Slow sign-offs Problem #3 Data processing If you don’t have the right tools, then the workload can become unmanageable – fast!
  17. 17. Policies broken Duplicates accepted Open to fraud Errors approved Regulations contravened Money wasted Problem #4 Auditing and compliance Nearly one third of UK businesses are dissatisfied with how they audit employee expenses.
  18. 18. And if you think payment means job done, think again. Problem #5 Reimbursement Employees like Emma don’t always get their money back on time.
  19. 19. And can you accurately report on company-wide spend that drives better decision-making? Problem #6 Insight and reporting Are you confident you have an up-to-date paper trail when HMRC pays you a visit?
  20. 20. For many businesses, it’s a missed opportunity... HUGE
  21. 21. Without the right tools you can miss out on a wealth of amazing insights
  22. 22. • 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...
  23. 23. How can employee expenses be tamed for good? Here’s some great news...
  24. 24. 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
  25. 25. What next? See how to streamline each stage in your expense process. You can also call us on 01628 645 100 or visit Download your free whitepaper today.