As Canadian businesses are moving toward cementing their plans for 2018, there’s one area that’s important to focus on, and that’s expense management, and in particular, expense reimbursement.
The reason this is so important right now is because it plays a big role in employee satisfaction. As the global economy and labor markets in Canada and around the world have improved, employees have a lot of power when it comes to job satisfaction.
Employers need to hold on to their top talent, and one of the best ways to do this is by taking steps to ensure they’re content and happy with how things are handled in the workplace.
Expense reimbursement can be a point of contention as employees don’t want to wait for long periods of time to get money back that they spent on things related to the business, yet they often end up having to do just that.
The following are some tips to make expense reimbursement a more pleasant and seamless experience for the entire organization, including employees.
Move to Mobile
It’s essential to have a strong expense management platform and with that in mind, keep a particular focus on the mobile capabilities of expense management software.
When your expense management platform has convenient mobile features it makes it so much easier for employees to manage everything they need right from their mobile device, wherever they are in the world. They can get approvals, and keep track of their expenses and receipts without having to wait until they’re back in the office.
This also gives employees immediate access to information they need to make sure they’re compliant. Using a mobile app will allow employees to scan everything and eliminate the dreaded paper-based records altogether.
Go With Automation
This is touched on a bit with the mobile app section above, but choosing strong automated expense management software is important to discuss on its own as well. You want to have automated software that will help with things like pre-approvals, to remove headaches and uncertainty for employees.
Automated expense management software also has features like currency conversion, and it provides the CFO with complete visibility into what’s happening with expense reimbursements. This can help identify where improvements could be made along the way that would be beneficial to both the company and the employee.
Automated solutions will cut down on the bureaucracy that leads to longer wait times for employees, and also reduce the chances of errors occurring. It’s a win-win not just for employees, but also the company.
Simplify Your Policy
Finally, if your expense policy is outdated or overly complex, make 2018 the year that you cut through the unnecessary elements and simplify it. Using good software will help facilitate the simplification of expense reimbursements as well.
Do an audit of your complete policy and make sure it’s all up-to-date and employees don’t have to go through unnecessary steps or hoops for reimbursements.
While you’re at it, make sure that you’re clear on what can be reimbursed and what can’t. Don’t leave gray areas, because this is frustrating for employees.