{"id":16458,"date":"2022-02-16T17:42:00","date_gmt":"2022-02-16T16:42:00","guid":{"rendered":"http:\/\/loki.cmre.fr:8002\/?p=16458"},"modified":"2024-02-11T23:09:56","modified_gmt":"2024-02-11T22:09:56","slug":"mass-market-retail-how-can-you-manage-expense-reports-for-thousands-of-employees","status":"publish","type":"post","link":"https:\/\/www.n2f.com\/blog\/en\/mass-market-retail-how-can-you-manage-expense-reports-for-thousands-of-employees\/","title":{"rendered":"[Mass-market retail] How can you manage expense reports for thousands of employees?"},"content":{"rendered":"\n

In large groups, such as mass-market retailers, expense reports can quickly become an issue.<\/p>\n\n\n\n

Dealing with expense reports is tedious, and employees often wait until the last minute before submitting them. The company\u2019s accounting teams then face a work overload, preventing them from performing their day-to-day activities and delaying employee reimbursements.<\/p>\n\n\n\n

In some groups, expense reports are so complex that employees are assigned to them full time!<\/p>\n\n\n\n\n\n\n\n

Expense reports in large groups: a cause of tension<\/h2>\n\n\n\n

Currently, many companies, even large groups, still operate \u201cthe old way\u201d. In concrete terms, employees must keep their receipts, often fill in a summary Excel file, and then send all the receipts to the accounting department. The accounting department compares the receipts with the spreadsheets, and often has to make several entries in additional documents.<\/p>\n\n\n\n

In fact, large groups may have several types of accounting lines for the same expense (e.g., training). For the Administration and Finance Department, managing professional expenses is a time-consuming task<\/strong> with little added value and a high risk of error.<\/p>\n\n\n\n

Not to mention the fact that every receipt must be kept to be able to justify all professional expenses if there is an audit. The accounting department will lose even more time filing and storing these documents!<\/p>\n\n\n\n

For employees, this is an onerous and non-value-added task, and a source of frustration as they may have to wait several weeks before being reimbursed.<\/p>\n\n\n\n

Fraud and errors: the high cost of poor expense report management<\/h2>\n\n\n\n

With this type of system, which involves significant manual intervention and handling, there are numerous risks of error and fraud<\/strong>. While some employees may simply be disorganized, others won\u2019t hesitate to inflate their invoices or to present the same receipt several times. In fact, 89% of fraud cases in companies relate to expense reports.<\/p>\n\n\n\n

Of course, it\u2019s difficult to know what is an error and what is attempted fraud. In any case, if the accounting department is overwhelmed by thousands of invoices, it\u2019s clear that there is a high risk of not identifying these errors.<\/p>\n\n\n\n

However, fraud has a significant cost: \u20ac747 per year, per employee on average! These fraud-related costs amount to 5% of companies\u2019 annual revenues.<\/p>\n\n\n\n

Errors are costly too! It is estimated that 20% of employees submit inaccurate expenses. The cost of an expense report is estimated at \u20ac53, with each error costing an additional \u20ac48. Not to mention lost receipts, which force the company to choose between not reimbursing employees or reimbursing them but not recovering the VAT.<\/p>\n\n\n\n

💡On average, it is estimated that poor professional expense management costs companies \u20ac300 every month<\/strong>. When you add this to the \u20ac747 of fraud per year, per employee, and when it comes to large groups that have to manage the expense reports of thousands of employees, you can see how essential it is to spot errors in order to control the budget!<\/p>\n\n\n\n

How can you best manage thousands of expense reports each month?<\/h2>\n\n\n\n

To save time and money and improve your tracking of employee expenses and reimbursements, we recommend that you to opt for expense report software.<\/p>\n\n\n\n

The fully paperless process<\/a> significantly facilitates the task. From the creation of the expense via a simple photo of the receipt to the payment, through validation by the manager and the accounting entries, the expense is fully traceable.<\/p>\n\n\n\n

According to a study conducted by N2F, implementing an expense report management solution allows you to divide the processing time by 4!<\/strong> How?<\/p>\n\n\n\n