Valuable time is easily wasted when employees need to report their work related expenses. But there is a better way to get the job done. Eurocards expert shares his best tips.
A study made by The Royal Institute of Technology (KTH) in collaboration with Eurocard, shows that there is a huge difference in how Nordic companies handle their expense management. The most efficient companies spend 8 minutes per report on average, while the least efficient need ten times that time, to get the job done.
– For a mid-sized company for instance, handling around 1 000 expense reports per year, quickly amounts to quite the cost, says Michael Afram, Eurocard Key Account Manager.
Everybody knows that it pays to keep track of company expenses
- Smart receipts
- System integration
- Expense reporting in the app
For many companies the time bandit is the far too manual handling of travel expense reports – and that they can’t manage to put their digital tools into use.
Michael Afram has three basic tips for companies who feel the need to make their expense management more efficient.
Create a clear policy
A policy in writing, with clear guidelines on work related expenses and how to take care of the practical issues, is imperative for a smooth process. Make sure that everyone gets a copy of the policy. It can for example be a part of the on-boarding material you hand out to new employees.
Using uniform credit cards
One mistake many companies make, is allowing employees to use different cards for their work related expenses. With a uniform card solution every employee has the same prerequisite and the company doesn’t have to spend time correcting different exceptions in the expense management system. It also makes it easier to automate and simplify expense reports. With the right exchange rate, VAT and transaction – employees have time to spare, and to spend on other tasks.
Choose software wisely
Don’t go by the price tag alone when you choose an automated system for expense management. Choose an experienced supplier who can connect and integrate card transactions with for example receipt or mobile apps. This makes administering easier, gives both the company and employees a more efficient process for reporting, while minimising faults and frustration.