HOW TO… Avoid Christmas Expense Management Stress

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Author: PASA

During the festive season it can be easy for expenses to get out of control, particularly for organisations entertaining clients.

It’s also a stressful time for financial departments as they try to process all reports in time for the end of the year.

Organisations can significantly reduce this stress by using an automated expense management system, which eliminates the heavy workload often placed on the finance department in the lead up to Christmas.

Matt Goss, managing director, Concur, said, “As organisations collect and process more data in an effort to improve business efficiencies and daily operations, shifting from spreadsheets to an automated expense solution can make it a lot faster and easier to get expenses finalised before the end of the year.”

Concur has identified five ways organisations can alleviate expense management stress over the holiday period:

  1. Go mobile. Organisations should encourage employees to use their smartphones to take photos of receipts, which automatically creates a claim so the employee doesn’t have to do it manually. This also speeds up the process for managers by letting them review and approve expenses quicker and with greater accuracy.
  2. Pioritise employees. Useful tools such as an online time tracker can let individuals log their hours and submit expenses automatically. It can also reduce the paper trail and encourage employees to log expenses more promptly.
  3. Outline company policies. Ensure the entire team understands policies and guidelines for organisational spending so there are fewer discrepancies and infringements at the end of the year.
  4. Ensure seamless approvals. Provide training to new financial team leaders so they know what to look for when approving reports.
  5. Align internal processes. Rather than having a separate expense process to reimburse employees, businesses should align reimbursement payments with the payroll cycle, and eliminate extra checks and processing.

Matt Goss said, “Getting expenses done before Christmas can make life a lot easier when returning to work in January. Moving to an automated expense management solution provides value across the board. It decreases the amount of stress and paper on desks, and improves efficiency for both employees and finance officers.”

  • The PASA CPO Summit in March. ‘Future Proofing You’ will be held on 13 & 14th March 2018 in Sydney. Read more details here:

 

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