Why should you not forget employee expenses
Every business is focussed on cashflow. Many companies have furloughed their employees. Uncertainty, as expected, reigns !
But is this the end ? No ! Definitely not.
Business WILL limp back. The way we work will be change, and there will be a “new normal”. The “new normal” will still have employees who need to be paid. Hence, employees are, and will be, the backbone of any business.
Businesses who use Covid-19 as the pretext to short change their employees, by not reimbursing what is owned to them, will suffer in the longer run. Richard Branson put forth it the best “Customers come second, employees first “. Investing in your employees is the smartest business decision an employer can make – a great business opportunity
With the “new normal” as a way of life, businesses must be prepared to change their business structure, their thought process and behaviour in order to meet the evolving needs of their employees. Social distancing, hence contactless touchpoints will become the norm. This means that “going paperless” will become a necessity, and businesses will look to digitally transform themselves. Smart businesses are now increasingly becoming focused on employee morale, and one of these is how they manage employee expenses.
In the “new normal” there will be a different type of employee. They will be smarter and more “street smart” because that is what will keep them in demand by employers. As a result, employers will also have to match their employees expectations. Mundane processes will need to be automated and digitised – and one of these is employee expenses. Businesses will have to ensure that submitting expense claims, approving and reimbursing them speedily is a seamless experience.
The old acronym in regard to expenses really works well here – KISS – keep it simple, stupid ! The process has to be made as simple, clear and painless, to provide for an ethical and productive workforce.
Whilst automation & digitation have been creeping in our lives over the last few years, this will surge in the coming months due to the spread of the virus. Automation is fast becoming a business imperative. Automation in expense management will make running of small and medium size businesses more cost-effective and increase business productivity too.
Covid-19 will definitely change the way employees claim their expenses – fewer opportunities for human error and fraud. ExpenseOnDemand has put forth a solution which will help SMEs of any size, to automate this process in minutes – not hours or days !
To alleviate the problems and pains faced by both the businesses and their employees during these unprecedented times, ExpenseOnDemand is offering a “start-up” pack for businesses for £1 per user per month, which provides the following benefits:
On-boarding, to engage in a 30-day FREE trial, with 4 employees, is a 3-minute process. Claimants can use their mobile to enter expenses. Approvers can approve and finance can pay
Click here to try the 30-day free trial