{"id":735,"date":"2020-07-20T09:20:53","date_gmt":"2020-07-20T07:20:53","guid":{"rendered":"http:\/\/loki.cmre.fr:8002\/?p=735"},"modified":"2024-02-27T09:05:54","modified_gmt":"2024-02-27T08:05:54","slug":"the-3-hidden-costs-of-inefficient-expense-report-management","status":"publish","type":"post","link":"https:\/\/www.n2f.com\/blog\/en\/the-3-hidden-costs-of-inefficient-expense-report-management\/","title":{"rendered":"The 3 hidden costs of inefficient expense report management"},"content":{"rendered":"\n

The time employees spend filling out expense reports, manual entry errors, regular fraud… these are all hidden costs, and they can be high. But companies can rein in these costs with minimal effort. We focus on the hidden costs of inefficient expense report management and present solutions that can be implemented immediately.<\/p>\n\n\n\n\n\n\n\n

A waste of time for employees, a significant shortfall in productivity<\/h2>\n\n\n\n

For employees<\/h3>\n\n\n\n

Filing expense reports is a tedious and time-consuming task that takes at least one hour per month, per employee. Multiplied by the number of employees in your company, this time diverted from tasks with real added value represents a considerable loss of earnings. Employees are investing their time in an automatable administrative formality, individual skills are not valued.<\/p>\n\n\n\n

Reinvesting these lost hours in productive activities\u2013selling your solutions, products, and services\u2013is a given…<\/p>\n\n\n\n

For managers<\/h3>\n\n\n\n

We see the same problem on the manager\u2019s side. Individually and manually validating each expense on each expense report, verifying supporting documents, and physically transmitting expense claims to the next level for approval takes up a considerable amount of time. And the manager loses even more time managing expense reports<\/strong> when the amount of the expense exceeds a specific threshold, requiring a separate approval process.<\/p>\n\n\n\n

The manager\u2019s working hours are far from optimized\u2026<\/p>\n\n\n\n

For administrative\/accounting staff<\/h3>\n\n\n\n

Checking the expense amount including and excluding VAT and verifying VAT<\/strong>, finding the right receipt from the stack of stapled receipts, checking it complies with the firm\u2019s expense policy… these tasks are essential for the proper management of expense reports<\/a>. However, manually processing them on a case-by-case basis represents long working hours for the administrative\/accounting department.<\/p>\n\n\n\n

An additional hidden cost that must be recognized…<\/p>\n\n\n\n

For the finance department<\/h3>\n\n\n\n

Once again, considerable time is spent managing expense reports. In this case, it is a question of entering each expense into the IT tool, allocating it to the cost centers concerned, and generating the SEPA file, without forgetting to archive the receipts correctly in order to find them quickly <\/strong>if there is a tax or social security audit, after having made a copy of printed receipts that will be erased in six months time.<\/p>\n\n\n\n

All of these wasted hours would undoubtedly be more constructive if they were used for a business objective.<\/strong><\/p>\n\n\n\n

Expense reports: \u201cnegligence\u201d that can be costly<\/h2>\n\n\n\n

Companies are confronted with two types of negligence:<\/p>\n\n\n\n