Not only that, but they can have a significant negative financial impact on your employees, particularly when handling significant expenses like travel or accommodation. A headache for employeesĮven if you have a comprehensive and informative expense policy and the best finance team in the universe, traditional paper expense reports are still a massive pain. Multiply this across each member of your team, and the amount of time sunk on this pointless labyrinth of paper starts to get truly scary.
Companies often ignore the hidden costs of traditional expense management processes, which can be significant and distract from core business.Įstimates suggest the life cycle of a single expense report is 30 days from submission to payment, with a total of nearly 50 minutes of company time spent dealing with each form. Not only are paper expense reports a common bugbear they’re also an expensive one. Painful for everyone (this means you)ĭealing with expense reports is one of the most common employee complaints. And not just for the poor soul in the finance team tasked with reviewing and checking everyone’s meal and travel reimbursements. Fortunately, with an integrated expense management tool, it no longer has to be. But more on this soon. People are so used to this way of doing things, they continue asking their staff to shell out their own money for company expenses and stuff their wallets with fistfuls of receipts, only to be reimbursed many weeks later. So, why do they still exist?īecause old habits die hard. Nobody wins with paper expense reports, ever. Think about it - instead of providing approval for Brian’s skim latte, Head of Marketing Rachel could instead be working on the next run of digital ads, or meeting with market leaders to strategise on potential partnerships. Worst of all? The managers taking time out from their busy schedules to approve everything. The employees hoarding receipts for coffee and sandwiches the finance team working their way through teetering stacks of paper the accountants making sure everything squares up at the end of the month: no one comes away from expense reports unscathed.Įvery step in the process feels like a Kafka novel wrapped up in a Munch painting living inside a Beckett play: bureaucratic, vague, and inevitably resulting in existential dread. You know it as well as we do: expense reports are horrible for everyone, everywhere.
Expense report how to#
17 ways the expense report process hurts your businessĮxpense automation: How to automate expense claims and approvalsĮxpense reports: why do we do this to ourselves?
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