In any organization, happy employees are critical to business success. Often, companies putforth various employee satisfaction programs and offer incentives to make employee life better but one thing that bothers employees and negatively impacts the retention rate is expense reports and the reimbursement process.
Recent studies revealed that expense reporting and reimbursement is a major concern for employees. Let’s take a look at how much expense reporting is costing employees and the company:
Reimbursement Delays Results Lowers Retention Rates
Expense reimbursement delays can make employees highly unsatisfied. When delays occur frequently, it frustrates employees forcing them to leave the job. Around 70% of employees have stated they look for a new job when faced constant delays on behalf of the company.
Approval delays and chasing employees for missed receipts are some reasons for reimbursement delays. These can be overcome using automated expense report solution. The automated system triggers automatic notifications and reminders to the approvers, which streamlines the approval cycle.
The More Time Reimbursement Takes, The More The Impact On The Employees
Businesses take around 5 weeks to complete reimbursements, which is a major issue for employees. It is easy to determine around 60% of employees have issues with paying their bills due to extended reimbursement process.
The Following Are Some Statistics That Indicate Why a Change in Expense Report Process is Must:
More than 50% of employees are worried about filing expense reports than taxes
More than 40% of employees spend extra hours commuting to work instead of filing expense reports
More than 50% of employees have undergone a loss due to lost receipts
Employee Morale is Compromised Due To Delayed Reimbursement Process
Current expense reporting and reimbursement process is negatively impacting businesses, especially the ones that have 100+ employees. Fortunately, a simple and cost-effective solution for all the expense reporting issues is automated expense reporting system.
Automated expense solutions such as SutiExpense offers advanced technology and streamlines every phase of the expense reporting process. With SutiExpense, receipts can be automatically captured, and expense reports can be generated easily. There will be no more manual reporting process.
Key Benefits Of The Solution
Simply capture the receipt from your mobile, attach to the report, and then submit
Report your expenses while on the go
Configure approval workflows and streamline the approval process for managers and finance departments
Verification made easy with corporate card reconciliation
Integration with various accounting systems to speed up the reimbursement process
Want to learn more about SutiExpense Expense management? Request a free demo today.