Most of us have recently recovered from the anxiety, stress and turmoil induced by the year-end financial closure. As we start preparing for the new financial year, let’s take a step back and reflect on the past 12 months- take lessons from our mistakes, reassess our strategies and identify problem areas that hampered our productivity, efficiency and growth.
Let’s start with something that is fresh in our memory – the recent nightmare of end-of-the year expense claims. Last month was indeed, a tough time for a lot of us. Employees across organisations struggled to get their expense claims in order- they spent hours putting together paper receipts and filing expense reports. Finance teams were overburdened by the last minute onslaught of expense reports and bills, waiting to be verified and reimbursed. Accountants were struggling with errors corrections and auditing issues.
Come to think of it, this is a common occurrence not just at the end of the year but every single month of the year. This is a common occurrence not only in a few Indian companies but in a majority of them (a whopping 80% as reported by a 2014 Forrester study).
What’s more shocking than the statistics are the larger repercussions this has on employees, finance departments and the company management.
With manual expense reporting systems, employees spend substantial amount of time away from core tasks – managing and filing expenses. This not only affects productivity but also employee morale.
Finance departments find themselves drowning in paperwork every single month. Validation of expenses for compliance is done manually, so is correcting of errors. There are frequent lapses of duplicity and deception that go undetected. Reimbursements get delayed and companies end up paying out more than required.
Company management has no visibility and control over where the money is being spent until expense reports are submitted. This affects their ability to manage cash flows and budgets in real time.
An end-to-end, automated expense management solution like Happay addresses these concerns with ease.
With Happay’s Prepaid Visa Expense Card and mobile app, employees report expenses on-the-go, on mobile. They snap photos of expense receipts and submit reports instantly from their smartphones.
Finance teams verify expense reports, attached with digitised receipts and export expense data directly to their accounting systems. Happay automatically notifies employees and well as finance teams of out-of-policy expenses and errors in expense entry.
Management sets spend limits and policies on Employee Happay Cards; tracks and controls employee expenses in real-time. They manage budgets and cash-flows more accurately and in real-time.
There is no better way to start the new financial year than to shift to an automated expense management solution that integrates your expense workflow from end-to-end, making it faster and more efficient.
Most of us have recently recovered from the anxiety, stress and turmoil induced by the year-end financial closure