7 things about small business expense management software your boss wants to know
The seven deadly sins are pride, envy, wrath, gluttony, lust, sloth and greed. And your boss would love to know which of them is influencing the way employees claim expenses from the business. Here’s why expense management software will deliver the answer…
If asked, every employee in Britain would say they claim expenses honestly. But by the law of averages, some of them would have to be lying. Maybe that’s a harsh judgment, but think about it for a minute. How easy would it be to make a ‘finger in the air’ assessment of the distance traveled on a journey, and round it up by two or three miles? How easy would it be for two people, from different departments, to travel together to an appointment, but make independent claims for the same trip?
Of course it’s possible. And because it’s possible, someone, somewhere is doing it. It would be naïve to think otherwise.
Employers need an expense manager
Hold on; this is not about employing someone else. This is about tapping into the benefits of expense tracking software that never sleeps, and has the power to police expenses when the sums involved are inflated by some of those seven deadly sins.
Think how the sins might work: Sloth: “Who knows that I didn’t go, but went home early instead?; I’ll claim anyway…” Greed: “I’ll claim a few extra miles; who’s going to find out…?” Envy: “I want the latest iPhone, just like his; I’ll claim a few more pounds…” It’s easy to see how it might happen, and probably is doing at this very moment.
Honest employees aren’t the problem; it’s the dishonest ones; the ones illicitly leaching funds out of the business. But as anyone in business knows, it’s impossible to be everywhere, and demands on business owners and managers have never been greater.
The beauty of expense management apps is that they’re simple and intuitive to use, so there’s no excuse for employees not to use them once a company adopts one, and insists on its use.
Seven benefits of business expense management software
1. Easy to use: Apps like Solo Expenses live on smartphones, so they’re in everyone’s hands all of the time. Spending can be recorded instantly at the point of spent, with data fed back through expense claims along pre-defined approval routes, if that works for your business
2. Accurate: So long as they’re used diligently. Software never forgets, even if employees do
3. Discourages fraud: If expense claiming rules are made plain, and the expense tracking software is universally available, a signal is sent to employees that a company is taking a closer look at what its expenses are, and who’s claiming them
4. Highlights overspending; Collating expense data allows effective interrogation of the numbers, and therefore highlights discrepancies for closer examination. Why does Employee A claim 10% more than Employee B for a regular journey? Interesting…
5. Saves time: Everything done by any employee has a cost – and if your company is paying for someone to manually check and collate expenses, there is a better way – by harnessing technology. Saving time allows employees to make more effective use of their time, and in doing so contribute more to the business
6. A perfect fit for your business: Solo Expenses was the first business expense tracker created with the sole trader in mind, but that was back in 2003. Today, from the one-man (or one-woman) band to the corporate company employing thousands, there’s a version of Solo Expenses to suit every organisation. And there are happy users in almost 100 countries. If you’re not one of them, perhaps now is a good time to think hard about why. And, there’s another very good reason at point 7…
7. Potentially free. That’s right. Using business expense tracking software from Solo Expenses could turn out to be completely free. Because it’s competitively priced (check out the costs here) there’s every possibility that the money you save through a more thorough policing of expenses, and elimination of waste in processing them will offer a greater financial yield than the initial investment. What’s not to like?