How Automating Expense Reporting Process Improves Employee Satisfaction?
In today’s era, organizational competitiveness depends on the skill sets and how employees are going to use technology for organizational growth and excellence. Often, businesses rely on numerous cloud-based technologies to succeed. Cloud-based technology can help with everything, right from recruiting to expense management, sales to accounting, and more. It is always a good idea to leverage technology to improve current business processes, boost productivity and efficiency.
Automated Expense Solutions for Employee Satisfaction
Employee satisfaction and productivity have become the key focus of any performance-oriented organization and even for HR functions. Automation will allow HR managers to take faster and better decisions using key insights, but also reduces the paperwork, a win-win for both managers and employees.
Although the core HR functions such as recruitment and payroll have seen automation, a function that still lags behind the curve is the management of employee claims and other benefits. In the age of digital wallets and mobile payments, employees still have to produce paper bills and file them manually every month to claim reimbursements. Not to mention the tremendous tax saving opportunity that have been missing out on these years. HR’s have to take up the daunting task of giving these benefits that are in different formats.
With the integration of a prepaid card with a powerful dashboard, we are managing employee claims and flexi-benefits. Employees can manage expenses and claims right from their mobile app from a single platform. Even they can track card balances and spend in real-time on the app. Cards can be used anywhere, which means out-of-pocket spending cannot happen. For easy recording expenses, employees can simply take a photo and capture mobile bills from the app. With claims and allowances being handled digitally, claiming tax can be easier than ever.
What is in it for Finance Departments?
While auditing is the biggest pain of the finance department, automation can help ease the auditing process by giving valuable insights into the finance department. Automation makes the auditing process simple by eliminating out-of-policy expenses through constant alerts and notifications.
Finance departments are not required to check expense claims against policies as the system will take care of out-of-policy submissions. The solution restricts employees from submitting out-of-policy claims at the time of expense report submission. It allows employees to enter either the comments or give reasons for out-of-policy submissions. This will have employees understand the reasons of rejection and finance departments can sit relax for auditing.
How HR will benefit?
HRs can push payments through the corporate payroll system directly onto cards through API integration. Disbursement can be done in one click directly to employee cards. HRs can decide at which outlets the employees’ benefits can be availed. They can track all transactions from the summary and export data in the required format.
Modern expense management solutions will make the life easy for employees. Both the efficiency and productivity can be increased. Employees can have control over expenses and transparency throughout the process. Automation is something that can drastically improve employee experience, especially in today’s millennials. With a wide array of features and functions, expense report solutions can help take your business reach new heights.
