In recent years, more businesses are migrating their expense claim system to be fully digital, regardless of organisation size. Traditionally, businesses would rely on employees to manually submit their expenses, or for the employee to pay for the expenses personally out-of-pocket and then claim it back via payroll or a separate payment.
What are the benefits of digitalising my expenses system for employees?
Eliminating paper forms and physical handing in
In the age of hybrid working, it’s likely that you have employees who are not always in the office. Digital expenses can cut down on paperwork and digitising the information stream means having data readily accessible.
Fewer errors and regular compliance checks
Most digital expenses software will have compliance and duplicate checks built-in. Data validation will also be available which will cut down on the number of errors on expenses forms.
Time-saving features
Most expense solution software providers include a mileage tracker as part of their mobile app. This is just one of the features included within software solutions which reduce the time an employee would need to dedicate to filling an expenses claim.
What expenses software is available to my organisation? And how do they work?
There are quite a few systems out there, including Pleo & Expensify.
MHA Moore and Smalley have started to see several clients move to digital expense systems and the feedback has been positive both in terms of control and time-saving. The systems work by issuing cards with pre-set limits to employees/directors.
These are then used to purchase items and as soon as something is purchased the mobile app sends a notification reminding you to take a picture of the invoice. This all then goes into the system and the employer is alerted to the spending.
The software links into QuickBooks, Xero, and Sage Business Cloud, so you can then seamlessly update your bookkeeping software for invoices and expense information.
Pleo is also capable of working as an accounts payable solution if needed. Invoices can be uploaded into Pleo, authorised, and then paid via the cards. Pleo effectively works as an extra bank account. You transfer funds across as needed and you can use these funds to pay for invoices as well as out-of-pocket expenses.
Pleo isn’t just for businesses; Charities find the level of control and approval as a really good all-around solution to reimbursing expenses.
For more information please get in touch with the digital solutions team by filling in the form here.