Future-proof your flawed systemsIt creates a slow and inefficient way of working as finance teams face a monthly wave of claims that need to be processed by hand. Any problems, however, may be barely perceptible in the early stages of a growing business. It’s only when organisations increase in scale and administrative complexity that the inherent weaknesses are magnified and exposed. It’s when finance teams become so busy struggling with paperwork that they no longer have time to properly monitor or police claims. This failure of traditional setups is what has made expenses such a toxic area of company finances. It’s estimated by the National Fraud Authority that £100m is lost each year by UK businesses to fraudulent expenses such as illegitimate and exaggerated claims. There’s also the heightened risk of fines and prosecutions for failing to ensure that costs are legitimate and comply with all the complexities of HMRC tax regulations. The danger is that companies will only make changes once the damage has been done. This is why it’s so important for any growing company to make sure it has an expense setup that’s future-proofed for the demands of today’s business environment. Digital and cloud-based management systems provide exactly that.
Future-proof your digital scalabilityBy allowing paper receipts to be converted into a digital form, the reliance on manual processes is removed. The move to automated processes and real-time information speeds up processing time by around 25 per cent. With the repetitive processing and number crunching tasks being automated, it allows finance professionals to switch their focus to properly managing costs. It provides the tools they need to start effectively fighting workplace fraud. It also provides an administrative structure which has the flexibility and scalability to grow with a company. A digital system can handle the employee expenses of a global company just as easily as a startup with a handful of employees. So while expense management may not seem a high priority for a growing company, it’s one of those areas where it really does pay to future proof. Inadequate and overstretched expense systems are one growing pain that modern businesses no longer need to endure. Webexpenses provides a smarter way to manage employee expenses. Learn more and request a free demo here.
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