How to take the pain out of managing business expenses

August 13, 2020

Employee expenses are an integral part of any business that relies on their employees to bring in revenue.

Business trips, networking, office furniture and any number of other things that go down as business expenses usually result in a long tedious process that could really do with being streamlined.

Managing expenses effectively, means employees getting paid asap and the company making sure the right amount of money goes out. You don’t want expenses being claimed willy nilly for things that aren’t going to positively benefit the business.

So, what to do about it? These are some areas to be aware of managing expenses.

Time wasted submitting expenses

So your employee has gone for a drive. A sales meeting, a networking event, grabbing some supplies. They’ve filled up the tank.

Now they want the money back. And rightly so. They’re on a business trip.

Except this is often where it gets messy, complicated and time consuming.

There’s got to be a better way of doing it than dropping the receipt off with the accounts team and hoping that it gets dealt with pronto.

Make sure those figures are correct   

It’s vital that your company expense policy is tight. You don’t want money being paid out where it doesn’t need to be.

There really needs to be a way to make sure not only are the exact figures claimed for but the staff are easily able to see what is claimable.

Treat them right

For an efficient and motivated workforce, getting paid on time is going to be important.

Often when claiming expenses, it can take ages for employees to get the money they are due. Avoiding mistakes and errors when it comes to this is important for company morale.  

Selenity Expense Management

Fortunately, we have just the solution to this, and the perfect tool to make all of these headaches a thing of the past.

Selenity Expense Management is a piece of software and accompanying app which solves all the above problems.

It’s made to integrate with your financial system and is fully automated. Forget Selenity, this is serenity.

Here’s some of what it can do.

The App

The cornerstone of the whole system is the highly intuitive app that your employees can use.

This allows users to capture, record and submit expenses claims right from their phone. They can scan receipts and upload them to the system. They are then logged there for future referencing and can be used by accounts to action the claim.

The app also tracks mileage from journeys. The exact claimable mileage can easily be calculated via GPS or can be inputted using start and finish points.

Completely configurable

Of course, your company’s expenses policy will be unique. Some things will fly whilst others won’t.

You may have a greater need for certain activities or materials. Employees need for expenses may also change. Because of financial shifting sands you may no longer be able to pay for trips abroad for example.

All this can be configured in Selenity as and when is needed. Set your own limits, parameters and claimable items so that the options are clearly laid out for your employees.

Full integration and immediate payment

Like all the other complementary software that we’ve recommended, guess what, this integrates with Sage! (and many other financial programs.)

It’ll integrate with HR and payroll too so that all the info is up to date and everyone in your company is on the same page.

One of the best things about Selenity Expense Management, we think you’ll agree, is that it makes payments directly into employee bank accounts. They don’t need to worry about going through 3 different people before they get the money in the account.

As long as it’s authorised, the process is seamless. Next day payment is standard. They’re happy, you’re happy. Everyone’s happy.

So, what do you think?

We think this is a great piece of software that makes the whole expense solution seamless and efficient while maintaining compliance in your organisation.

Hit us up if you want to know more about what it can do for you.

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