Since 2021, we have slowly seen an increase to our cost-of-living. In August 2022, 89% of households reported an increase in their cost-of-living and many households are growing anxious about what’s to come and how they can continue to keep pace with the mounting costs. For any employer, it may seem an impossible task to overcome financial challenges faced by staff. However, you certainly can help lessen these challenges with the use of expense management software.
Common expenses include:
- Business mileage in personally owned vehicles
- Business related phone calls funded personally
- Company vehicle maintenance or repair
- Office stationary funded personally
- Work related transportation costs
- Accommodation for work-related travel
- Client or staff entertainment costs
- Meals or beverages consumed whilst travelling for business
Encourage employees to submit their expenses
Firstly, encourage your employees to submit their expenses. Quite often, your employees may be forgetting about the odd beverage consumed on a work-related trip or even their business mileage. Over time this all adds up and submitting expenses can be a big help.
Expense management made quick and easy
38% of employees do not claim back expenses because their companies process is either too long or too complex. By having a simple and easy to use expense management system, your employees will be more likely to submit their expense reports.
By using an automated expense management software, employees can submit expense reports in real-time, avoiding delays, using modern technology solutions to help drive the process. Additional features that improve expense repayment includes OCR receipt scanning technology, automated mileage tracking, approval notifications, digital expense reports and automated email reminders for all parties in the expense management journey.
Now is certainly not the time to have employees waiting several days or even months to be out-of-pocket whilst waiting for their expenses to be paid back. The cost-of-living crisis is affecting the entirety of the population and it is up to employers to promote effective digital solutions to prevent adding any further financial burden to their workers during these difficult times.
If you would like to know any further information about expense management software, contact MyExpenseZone today.