Reimbursable expenses are purchases and payments by an employee to be paid by the company. Spenmo helps to manage expense claims and reimbursements.
How can you improve your Employee Reimbursement Process
Still stuck in a cycle of slow employee reimbursements? Turn that around with these surefire tips to improve your employee reimbursement process.
One of the most frustrating parts of being an employee is waiting for reimbursement on business expenses. You’ve got to dig up receipts and fill out reports, then deal with a long wait for your money. Not to mention, employees need to read through a long and lengthy employee reimbursement policy. And let’s face it, nobody reads it anyways.
Meanwhile, your finance team is also waiting—for mistakes on expense reports, receipts that are missing, and trying to create complex expense reimbursement policies and a better employee reimbursement process flow. Their tasks are often laborious, tedious, time-consuming, and manual.
The delay between an employee spending money and their expense report being submitted and processed is not only an issue of timing—but it can also lead to a complete lack of visibility into a company’s current financial status, which can complicate budget and forecasting activities in the long run.
Ultimately, deeper issues, slow turnaround times, and unclear policies can turn the finance team against each other instead of people who collaborate with employees. Both are left feeling frustrated and thinking if there’s any way to speed up the process and streamline it.
In this article, learn how to improve your reimbursement process in 4 easy ways so you'll never run into these problems again.
#1: Make it easy to submit receipts for claims
As aforementioned, receipts are a major pain point for most employees when it comes to submitting reimbursements. With a robust payables mobile app and dashboard, it allows your employees to handle their receipts with ease of mind when they can easily snap a picture of their receipt using their mobile phones right away.
#2: Be able to manage employee reimbursements on the go
Similarly, the mobile application would also enable employees to submit their claims anytime and anywhere.
They don’t have to wait till they’re back from a business trip or a company event to fill out all their reimbursement requests that took place.
At the same time, finance managers and those in the CFO office, can also easily approve the reimbursement claims submitted by employees on the go.
#3: Set clear approval processes
At times, approvals are one of the more common roadblocks to seamless employee reimbursement flow and the one that leaves employees waiting for their claims most of the time.
With a payables platform like Spenmo, it allows key decision-makers to approve these reimbursements in real-time where they can approve different types of employee spending when the situation requires it.
This way, employees and approvers can also have visibility over the status of their reimbursements of whether they have been approved and paid out accordingly.
#4: Send direct payments to the employee’s bank account
By sending the reimbursed funds directly to an employee’s bank account, this can help to eliminate additional steps and speed up the employee reimbursement process flow altogether.
Spenmo also steps in to automate this step of sending funds directly, where employees are only required to key in their bank accounts once in order for their reimbursements to be sent automatically. This greatly saves time for both employees and finance teams, reducing overall redundancies and bringing focus to the rest of their tasks!
Plus, it provides another way for employees to track and monitor the status of their reimbursements in real-time too.
Employee reimbursements made simple with Spenmo
By the end of this article, you should understand how important it is to improve your employee reimbursement process flow and how it is integral with your business’ success.
So, consider using an end-to-end accounts payable software like Spenmo to improve, streamline, and scale your employee reimbursements– so that both your employees and finance teams are happier and more productive in general.
Book a demo to learn more about Spenmo’s employee reimbursements today!