Employees are demanding greater flexibility, automation and incentives for compliance regarding expenses, travel and invoicing.
“Overall small and medium businesses’ (SMBs) expense management solutions lean heavily on manual methods that contradict employee needs and company policies, and compromise overall profitability,” says Matt Goss, managing director - Australia & New Zealand, Concur.
“This leads to an array of frustrations for employees.
“Outdated expense methods such as paper-based submissions, corporate cards and Excel spreadsheets are making it harder for SMBs to meet employee expectations, which, in turn, leads to reduced compliance from employees.”
According to Goss, employees want SMBs to deliver faster turnaround on reimbursements, a flexible travel and expense program with incentives for compliance, and automated expense reporting to reduce time spent on administrative efforts.
“SMBs should be aware there are automated travel and expense solutions that can effectively alleviate employees’ frustrations without sacrificing time and resources,” he adds.
“The result is improved employee morale, a better company culture and ultimately increased cash flow, which will help with long-term success of the business.
“SMBs face enough challenges without having to worry about spend management capabilities. Upgrading tools from outdated to automated is the best way to reduce costs, boost bottom-lines and help SMBs focus on what matters most.”
For Goss, having the right infrastructure in place will help SMBs support their employees and the company’s growth.