taming the employee expenses monster
TRANSCRIPT
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A story about busy employees and hard-working finance teams
Employee expenses: How to tame the monster that’s eating
up valuable time and money
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Every business needs to manage and monitor
employee expenses.
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overwhelming.But sometimes the process is
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“I’m travelling to Manchester at short-notice for a meeting with
a potential client.”- Emma
Take Emma for example...
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Emma’s expenses are pretty standard:
Train fare: £75
Taxi: £8
Hotel: £90
Coffees: £7
Meals: £30
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And the result? Emma seals the deal.
But...
Great news!
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Racking up expenses is the easy part.
90 secs Booking train online10 secs Paying taxi driver120 secs Confirming the hotel40 secs Buying 2x cappuccinos100 secs Paying for 2x prawn linguine
6
MINUTES TOTAL
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That’s how long Emma spent:
• Gathering her 5 receipts
• Submitting them
• Correcting errors
• Chasing approvals
• Sighing a lot
3.5
HOURS
If only processing these expenses was just as easy.
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• Rekeying Emma’s receipts
• Checking receipts and amounts match up
• Ensuring they’re HMRC compliant
• Watching out for errors
• Checking against company policy
• Chasing manager’s approval
And it’s a pain for the finance team too.
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It’s no wonder it takes Emma 9 days to be paid!
(She could have walked to Manchester in that time.)
9
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In fact, 89% of finance departments
face challenges with their expense process.*
*Source: Vanson Bourne data conducted in 2016 among 500 senior UK finance leaders
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But why?
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Well, there are
of the expense process that every finance team
needs to tackle.
6 key stages
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Problem #1Submitting claims
90% of finance leaders say their employees face problems when submitting expenses.
Lost receipts Late
paymentsManual data entry
Wasted time
Confusion over rules
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No delegation when out of office Query hassles
Compliance confusion
Paper-based systems
Lack of notifications
Problem #2Manager approvals
33% of finance leaders feel managers don’t approve expenses quickly enough.
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Rekeying data
Inadequate checking
Paper processes
Manual spreadsheets
Huge batches of claims
Slow sign-offs
Problem #3Data processing
If you don’t have the right tools, then the workload can become unmanageable – fast!
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Policies broken Duplicates accepted
Open to fraud
Errors approved
Regulations contravened
Money wasted
Problem #4Auditing and complianceNearly one third of UK businesses are dissatisfied
with how they audit employee expenses.
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And if you think payment means job done, think again.
Problem #5Reimbursement
Employees like Emma don’t always get their money back on time.
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And can you accurately report on company-wide spend that drives better decision-making?
Problem #6Insight and reportingAre you confident you have an up-to-date paper trail when HMRC pays you a visit?
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For many businesses, it’s a
missed opportunity...HUGE
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Without the right tools you can miss out on a wealth of
amazing
insights
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• What do we buy? • How much do we spend? • Which suppliers? • Are they compliant? • Could we get a better deal? • Could we reclaim VAT?
Insights like...
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How can employee expenses be tamed for good?
Here’s some great news...
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It is possible to transform every stage in the process
• Small changes can make a big difference
• Get rid of the hassle
• Save time and money
The answers are within easy reach
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What next?
See how to streamline each stage in your expense process.
You can also call us on 01628 645 100 or visit concur.co.uk
Download your free whitepaper today.