The benefits of having a strong business expense policy
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Expenses have always been a source of frustration for business owners who take a vast amount of time organising and regulating their employee’s expenses.
For employees, it’s a fiddly process that is often not seen as worth the effort. Altogether, this has led to neglect, resulting in companies losing vast sums of money.
Fortunately many businesses have now ditched the paper-heavy expenses of the past and evolved into utilising fully digital alternatives, which can help alleviate some of the major annoyances out of the expenses system. Here are the benefits of having a modern and strong business expense policy in place:
A functional and efficient expenses system helps eliminate expense fraud. This is widespread across firms and institutions; with employees often not even realising they are doing it. Such a lax attitude is the result of a poor expenses system. By changing the company’s expenses policy through updating systems with a digital solution, firms can streamline the process and thereby stop the loss of crucial funds through incorrect and fraudulent claims.
Digital solutions can make the expensing process a lot more engaging for both parties. To elaborate, with a digital method expenses can now be submitted in real-time online databases. This allows for instant resolution of any issues for those submitting and receiving the data. Overall, this results in a more interactive experience, and something that isn’t dreaded as an irritating process which in turn leads to efficiency and accuracy - simple!
An end to hostility
For many employees, the expensing process has long been a source of frustration, in terms of time and effort taken to submit a claim and the wait to receive the money claimed. Where frustration leads to hostility the performance of the wider team, as well as the individual can be affected, detrimentally affecting business output. A strained relationship between employer and employee can poisonous for a business and is a prime example of how crucial infrastructure can be.
Our advice here is to keep on top of your expenses policy, or it’ll certainly get on top of you and the way your business runs. Aspects of business like expenses often get neglected, or de-prioritised in favour of projects seen as more business critical. But if the key to a successful business is its people then keeping them happy should be high on the priority list – to improve culture and performance as well as saving money.
Find out how an Allstar card can help you streamline your expense system here