Expense management can be one of those painful, frustrating processes that, even if you want to avoid, you still have to deal with. This is because expense management can be laborious and time-consuming. And because of this, employees tend to wait until the last minute to submit their expense reimbursement claims.
For employees, gathering and organizing data, as well as submitting it to the accounts department can be filled with frustration. Meanwhile, the accounts department has to manually go through each claim, verify the attached bills and receipts one by one, and pass the claims accordingly. And all of this has to comply to the company’s expense policies and guidelines.
However, this shouldn’t be the case if you have an efficient expense management system in place, something that is automated and updated. This can chop off a great amount of time, and frustration, from the notorious expense management process.
Now, let’s take a closer look at what an inefficient expense management system can do to your company and employees.
7 Pain Points of Inefficient Expense Management Systems
- Increased risk of fraud and non-compliance. Expenses and receipts can be forged, and they can be submitted by employees to the finance department just like that. As a result, the company may be shelling out more than they should. However, with an efficient expense management system, especially one that is automated, you can be sure that expenses can be captured in real-time and easily verified. You also increase visibility so that everything in the expense process can be monitored closely.
- Reclaiming taxes. There’s a big problem in ensuring the accuracy of the taxes that are computed in the expenses. Having a good and reliable automated system can ensure that your taxes and duties, both locally and internationally, are correctly calculated and reflected in the claims and reports.
- Lost receipts. This is one of the most common problems in expense management. Along the long chain of the expense management process, from the employee to the finance department, receipts can be lost and misplaced. This can lead to disputes and more frustration. Having a system that captures the receipts in real time can be heaven-sent for both employees and their companies.
- Over-working by month’s end. Many employees put off their expense reports until the last minute, usually by the end of the month. At this time, both them and the finance department clamor as they also close their accounts for that month. This can result in overworking by the employees and more risk of committing mistakes amidst the chaos and rush.
- Delays. Once the claim is submitted, it would take a long time for the reimbursements to be approved. Having an expense management software greatly accelerates the process.
- Complex spreadsheets. Manually updating Excel spreadsheets can be tedious and excruciating, not to mention also prone to errors. An intuitive system can automatically calculate the expenses.
- Manually going over credit card statements. Imagine how many credit card statements the finance department has to go over on a daily basis, on top of their other tasks. All this manual processes can cut down on their productivity and create unnecessary delays.
Gorilla Expense is a simple, intuitive, and customizable expense management solution that many companies rely on to take care of their expense management needs.
Ready to make the switch to Gorilla Expense? Contact us today!