After facing the pandemic situation the economic crisis is raging, it became clear for companies to reduce the budget related to employee's travel expenses - both for sanitary and budget reasons. However, one must be careful as this charge revision must not have negative consequences on the operational efficiency of the company. So, how can this be done? Jenji gives you a few pieces of advice:
Business growth means a lot of growing pains for a reason. You start having headcount, overseas expansions but the point is your business is getting bigger, which means more responsibilities, changes and of course spendings. So how can expense management solutions help you in this case? Is there more you could be doing to drive additional data and money into your expansion strategy? Is there a way to soften those pangs of progress?
Many companies struggle with the issues of timely expense submission. Employees are often slow to file expenses, causing frustration on the side of finance managers. Based on various studies, a single expense claim can take up to 20 minutes to file, including filing approval and review. On top of that, 19% of claims are filed incorrectly and it can take, on average, another 18 minutes to fix those errors, causing significant delays in the reimbursement process. A Conferma report showed that 2 in 5 employees have experienced their own cash flow issues due to slow reimbursement processes.
Historically HR and finance have not been the best of friends mainly due to a perception that one cares about people and the other about money. Still today in many organizations, human resources and finance are two distinct business areas and sometimes with nothing related to each other.
Not all businesses provide a company car for employee business travel. When employees use their own vehicle for a work-related journey, a mileage expense claim form must be issued, completed, and processed.
Mileage expenses make up a large part of the travel expense report. Some employers require you to drive your vehicle for business travel to manage its professional mission and offer you mileage allowances in exchange for using your vehicle. Other companies often provide such benefits in the form of a per-mile reimbursement plan or a fixed amount per vehicle.
The expense report is used to prove any work-related expense incurred by employees. Also called business expenses or expenses claim, the expense report is used for the reimbursement of the employee. It also enables the company to prove the expense, when requested by tax authorities, for example.
What is Electronic Archiving? Digital archiving refers to the storage of documents on a computer-readable digital data carrier. This can involve paper-based documents, but documents that already exist in digital form can also be archived, for example, e-mails. This is also referred to as electronic archiving.
Auditing Expense Reports checklist A comprehensive expense report audit checklist is vital for efficiently reviewing your employees’ business expenditure and preventing expense report fraud.
The role of a financial controller (FC) can be difficult to define. This integral and senior accounting position combines pure accounting, finance strategy and leadership. The FC generally reports to a finance director or CFO and is responsible for the accounting operations of an organization, making sure they run smoothly. A key player in the organization, they keep an eye on the company’s finances ensuring that there are no surprises at the end of the quarter.
What is Optical Character Recognition (OCR) software? OCR (Optical Character Recognition) software automates the traditionally laborious process of extracting data from printed or written text.
Accounting application: how to choose the right one? As your business grows and your financial data evolves, the need for an effective accounting application is brought into sharp focus.