Expense management is not usually a fast process. Moreover, the visibility that employees have in terms of the process is normally quite low. Reducing the time needed to process reimbursements is important to improve employee satisfaction.
There are a great deal of factors influencing the working atmosphere. Looking at it from the perspective of a business expense management, if we ask ourselves what could be done in this respect to improve the situation, there are several answers.
It is highly likely that, if we put this question to an employee who regularly has to report expenses, the answer would be to speed up the reimbursement process. The approval procedure for expenses for allowances and mileage are generally none too speedy in most cases. If employees pay their travel expenses up front, it stands to reason that they are keen for optimal, fast expense management.
“SPEEDING UP REIMBURSEMENTS” WOULD BE TOP OF THE LIST OF ANY EMPLOYEE’S SUGGESTIONS ON HOW TO IMPROVE EXPENSE MANAGEMENT.
Another factor to take into account is the fact that the expense management process is not a pleasant job for any of the parties involved. Expense reporters see it as just another administrative task that they have to do. Of course, they have a vested interest in doing it, as they want to be reimbursed, but the process does not really add any value to their work, for either them or the company. Reducing the time spent reporting expenses as much as possible is an improvement that they would all appreciate.
In terms of the expense supervisors, to be frank, they would give the thumbs up to spending less time on this task. Having to analyse an expense report to check that everything is all in order is nobody’s idea of an exciting task.
With Captio, both the expense reporting process and the approval procedure are streamlined. For expense reporters, the average reduction in associated tasks is 80%, thanks to the automation of the expense input process using their smartphone. In the case of supervisors, the calculation is more complex due to the differences in the process between companies, but in most cases it exceeds 50%. In short, the time dedicated to the process by all of the parties involved is drastically reduced.
There is also a reduction in the average time that it takes reimbursements to be made. The working atmosphere has an impact on employees’ satisfaction, wellbeing and performance. Taking this into account is one of the key factors for business success.