Human resource management is constantly changing. Today, organizations have started realizing that employees are not a commodity and are adopting more employee-centric approaches to attract and retain the best talents. The workforce can make or break an organization and having engaged and talented ones is a priceless competitive advantage.
The HR teams need to be forward thinking and embrace new responsibilities that go beyond hiring. The need to implement new technologies and ensure the productive, engaged and happy workforce is becoming the top priority. To establish a better employee experience, an organization needs to provide significant work, transparent work environment, development opportunities, and trust. While these are the pillars of the employee experience, it requires major resources to ensure the consistency across all the departments and organization.
The best and easy way to improve the experience, no matter their role in the organization, is expense management. This is where an automated expense management system can make a difference and this is how.
Improves Employee Satisfaction
Traditional, paper-based expense reporting is an annoying process within any organization. Employees often spend their own money for their employer and undergo a torturing process to get reimbursed. Such a process is not only annoying; businesses are losing money because of unpredictable expenses.
An online expense reporting system with mobile functionality helps employees to submit their expense on the go, anywhere and at any time, directly from their smartphone. The expense reports can be managed and approved instantly, decreasing the processing time from weeks to minutes or hours. An intuitive solution allows your workforce to get reimbursed more easily and get rid of low-value tasks to focus on what really matters.
Helps Create Clear Policies
Every organization has a set of regulations when it comes to travel and expense. Whether your policy is complex or liberal, it doesn’t really matter but not having it apply to everybody may cause some issues.
With automated expense rules, businesses can totally avoid backing and enhance employees trust. A robust expense management system automatically scans and analyses expenses for compliance before approval – no more arguments or misunderstandings. The policies can be applied per group or individual and will be automatically enforced when an expense is submitted. Better transparency in an organization can contribute to a positive employee culture and promotes integrity.
Every organization looks for ways to reduce costs while keeping the business growing. It may not be an easy equation, but with the right technology and processes, such equation can create value for the business. Expense reporting is one of the processes that, if streamlined, can save companies a lot of money.
The expense reporting system, if used as an HR tool, can be a real competitive advantage – it improves employee productivity and efficiency while eliminating frustrations that come with using traditional, inefficient tools.