Employees often pay out of their pockets for corporate expenses, which they later claim by submitting valid receipts. It is a common practice among traveling executives for T&E expenses and admin teams who manage office supplies. When you talk about expense management, most organizations struggle with one common challenge: expense reimbursements. The number of hoops that every expense claim has to get through before the refund amount is processed makes for a very complicated workflow. The entire process takes weeks and months to complete and ends up frustrating employees. This complex reimbursement lifecycle can be streamlined using modern expense management solutions like Zaggle EMS.
Let’s explore how digitalizing expense reimbursements helps you expedite claim processing so that employees receive reimbursements in days.
Expense management software – How does it help?
Expense management software is an automation platform that simplifies your expense management processes eliminating manual steps in the journey of receipt from claim to reimbursement. It offers a range of advantages including automating claims submission, streamlining approvals, accelerating expense reimbursements, and tracking expense reports. It is an ideal approach to eliminating the risks and challenges that you come across in manual expense management. It offers a range of benefits; some of which are listed below.
- Improves employee experience: From report submission to receiving refunds, expense management software improves employee experience boosting their morale and satisfaction.
- Enhanced productivity: By automating a majority of tasks, the software reduces processing time and saves your finance team significant time.
- Better compliance: By configuring unique reimbursement policies, you can ensure that your processes comply with industry regulations and financial best practices.
Simplifying employee reimbursements with automation
Efficient expense management that involves employee reimbursements is a critical part of ensuring smooth financial management. Managing that manually can prove to be detrimental as your business scales. Automating these tasks can introduce discipline and resilience to your cash flow management.
Digitalize expense management processes
Expense management software is your gateway towards the digital transformation of your expense management. By replacing manual paper-based processes with an automation platform, you can eliminate delays that happen due to human errors. Additionally, it enables digital receipts when making report submissions, which minimizes data entry errors and allows faster employee expense reimbursement processing.
Enforce expense policies and guidelines
Communicating corporate expense policies and reimbursement guidelines becomes seamless with an automation platform. You can integrate these rules in employee reimbursement workflows to enforce them consistently across the organization. By blocking invalid or illegitimate transactions even before they happen, the validation steps become easy, improving reimbursement timelines. Also, it will reduce frequent back-and-forth between employees and finance teams.
Automate expense approval workflows
You can do away with the tedious process of getting approvals from necessary stakeholders by automating the entire journey on the expense management software. Your finance teams can predefine rules to route claims to relevant decision-makers. If you go with a solution like Zaggle EMS, you can create multiple approval workflows for every approval scenario. Automating the workflows removes the major bottleneck in fast-tracking employee expense reimbursements.
Schedule reimbursements to avoid delays
With expense management software, you can schedule the reimbursements to ensure the refunds are processed without human intervention. It helps you give concrete timelines on expense reimbursements. With Zaggle EMS, you can select from multiple payment modes to transfer money as per employee requirements.
Streamline employee reimbursements with Zaggle EMS
Delays in employee reimbursement frustrate your workforce to no end. While you may have your own processes to validate expense claims, employees will view it as their rightful money being held from them. The disharmony it causes between employees and employers can lead to serious issues. You can avoid this by smoothening the expense reimbursement process using a platform like Zaggle EMS, an all-in-one expense management solution. Some of its features include:
- Improve data accuracy in employee expense claims
- Automate policy enforcement and approval workflows
- Gain comprehensive visibility into expenses and budgets
- Configure reminders for on-time reimbursements
