Every month employees in most companies must handle their expense claims. It is a well-known process that often requires a lot of time because of multiple steps and you need to have all your receipts from the current month under control at least. Manual handling of your expenses, mileage, allowances etc. are not motivating, which may lead to errors and delayed expense claims while it is perceived as a waste of valuable time.
Luckily, this process is made a lot easier with automatized Expense Management. Not only for the employees but for the entire company. Both employees, finance and the management benefit from this effective process.
In collaboration with Eurocard, Niklas Arvidsson and Richard Backteman at KTH Royal Institute of Technology in Stockholm made a research in 2017, which shows that companies with an automated Expense Management process saves up to 65% of the time spent per expense claim. * Automation of the Expense Management process is not only time-saving – it is also flexible and user-friendly. With an app-based solution you can handle expense claim immediately, while you are on-the-go. It only takes a few seconds to take a picture of the receipt and enter relevant details of the expense claim.
An automated and app-based Expense Management solution gives you an intuitive process, which are not settled once a month – but makes it possible to handle the expenses currently. This seems to be a remarkable motivation among employees. Increasing motivation is important to minor errors and delayed claims. In addition, finance will receive electronic documentation, which breaks with old and curly receipts.
Vibeke Reuther, Accountant Assistant at ISS tells about some of the benefits with automated Expense Management Service from Acubiz:
“… we are happy to see that the technology is in constant development and that Acubiz comes up with new solutions, which cover our needs, even before we realise them ourselves.”
The combination of a web-based Expense Management System, an app, digital receipts and a company credit card gives you the most efficient Expense Management process – it will shorten time spent per claim and brings your company more time for more valuable work.