The most recent budget in the UK has brought about a few changes that will impact the financial outlook of all businesses. With rising National Insurance and minimum wage contributions, to corporate, income and capital gains tax changes, there are rising costs of employment and changes to tax thresholds. It all means that accuracy, insight and understanding of business processes are increasingly important in navigating the changes. It also means that you will need the systems and processes in place to support you in maximising business returns and financial accuracy.
One facet of this is having the right expense management system in place to support your employees in accurate claims and your business in calculating VAT returns. Learn why it is important to have automated expense management in these fast changing times.
Are expense management systems a priority amid rising business costs?
Recent years have seen significant financial strain on businesses, meaning streamlining and cost-cutting have been inevitable. Increasing wages and National Insurance contributions only add to those pressures, which all companies will face during forecasting season. These will affect the budgets of all companies and require consideration.
With such changes only likely to increase spending, it is natural for businesses to look at streamlining operations and expenditures. Understanding the value derived from the systems and processes in place is essential in deciding where streamlining can take place.
For some companies, expense management can be a highly manual task that takes time and resources away from finance teams. However, switching to an automated expense management solution like Webexpenses could lower the time it takes to manage expenses to an average of 11 minutes and 32 seconds, giving teams time back for other important tasks. Further reasons why automated expense management is a priority amid rising business costs are:
- Gain better control of financial analysis
- Increase the visibility of spend throughout your company and individual teams
- Predict future expenses
- Reduce incorrect filing of expenses and expense fraud
With your finance department facing new challenges in re-shaping cost calculations and National Insurance contributions, whilst ensuring that everything is done in compliance with new rules, creating efficiency in expense management is an important investment in your business.
Key benefits of an expense management system
In the search for spending efficiencies, expense management can assist you in working out what your business spends money on, where policies and procedures can be revisited and identifying unnecessary expenditure across your business.
Without a robust system in place, it’s impossible to understand exactly what expenses are being accrued. An automated expense management system removes the guesswork in suggesting changes to policies and processes. So, when it comes to making any changes, you will have all the evidence you need to implement and communicate them.
An automated expense management system will further help in retaining earnings and reclaiming VAT. From expenses incurred by employees to office supplies and energy bills, having all of your expense management information in one place makes submitting reclaims and supporting them with evidence easy. At a time of increasing cost pressures, having confidence that your claims are accurate is crucial.
Try Webexpenses for your company’s automated expense management
Every company is facing rising costs. Navigating the changing landscape accurately and efficiently has never been more important. Having your expenses run simply, accurately and efficiently will help you to navigate and understand the latest cost implications to your business. It’s why Webexpenses is trusted by over 2,000 companies to underpin their expense management.
If you’re considering the implications of your expense management system, why not book a demo? Or, if you’re unsure about the benefit of spending money on an expense management system, take a look at our ROI calculator. The average company can save £24,000 per year, per 100 employees, with Webexpenses thanks in part to an average increase of VAT claimed per company of 50% every year.
At a time when accuracy and efficiency are only growing in importance, can you afford not to have an expense management system in place?
