Expense management is a long and multifaceted process. From the initial entry into the claim form to the payment, there are plethora of steps and people involved. Whilst everyone involved usually has the best intentions, there are many things that could and oftentimes do go wrong. Whilst expense claims may not form the largest figure on the Profit and Loss Statement, they have many hidden costs involved, which pile up quite quickly if left unchecked.
- Topic:
- Finance
Monday
8.50 am
I’ve decided that this week is going to be great. This girl is developing a positive mental attitude and all that.
Turned up early, started up the PC then went and got tea whilst planning my day.
This is going to be the week where expenses go great and I can put aside some time to finish the training module I have been planning to do.
- Topic:
- Finance
It is rare in the UK that we have to worry about disease, famine, natural disasters or other catastrophes, but as recent events have shown, we cannot avoid them completely. The coronavirus (COVID-19) pandemic has dramatically affected the economy, cost numerous lives worldwide and put a huge strain on the business world.
Even before the outbreak of COVID-19, the Health and Safety Executive (HSE) found high levels of stress in the British workforce. As a society, the level of stress that some employees endure is not healthy at all. To help alleviate stress in finance teams it is important for businesses to equip them with an efficient, up-to-date accounting system.
There are three primary ways in which having a modern accounting system will improve the day-to-day running of your business. Firstly, it will be a more efficient use of your time and money. Secondly, regularly upgraded and updated software helps you stay protected against hacking attacks and to maintain effective overall digital-security measures. Finally, these systems allow for more effective and efficient communication across sectors of your finance team and the rest of the business. All these factors will significantly improve the way that your company operates while simultaneously lowering the levels of day-to-day stress among your employees.
- Topic:
- Finance
It’s safe to say that there were very few businesses that would have been prepared for the impact Covid-19 has had on their team, operations and revenue. In just a few short weeks in March everything changed so dramatically and so quickly that it was extremely difficult for finance teams to be able to plan, manage and navigate through it.
- Topic:
- Finance
Hiring managers often find themselves in a situation where a long-serving employee departs and an extensive search for a successor ensues. Perhaps everyone in the team had become accustomed to and comfortable with the way the employee worked, making the hiring process a case of finding a carbon-copy in the right place, at the right time.
Short of a miracle, this approach rarely comes to fruition. The odds are stacked against being able to find a professional doppelganger of the departing employee during the hiring time window from the notice period to the leaving date. In the quest of finding a characteristically similar candidate, the process is often delayed, which then bites into the handover period and transition.
- Topic:
- Finance
Over the years, I’ve processed, authorised and paid thousands of expense claims but there are some that just stick in the memory just because of their sheer audacity!
Here are a few that still make me smile to this day.
- Topic:
- Finance
Employee expenses, seen in isolation, in your Profit and Loss Statements, tend to be on the thinner side as compared to other expenditure. Hence, they may not receive as much attention from the decision-makers as other areas of the business. However, there is a bigger picture that is often overlooked as a result.
- Topic:
- Finance
There are multiple elements of expenses software that help the individual employee, and not just the purchase ledger team. Managing expenses, accurately and properly, is traditionally a laborious and slow chore. It’s one area of business where it still seems acceptable to draw on paper stuffed in pockets, desk drawers and the car door.
With the need to manually enter the details of each receipt to ensure a seamless claim, managing expenses can take up a ridiculous amount of time which could be better spent on the productive tasks that the employee is responsible for.
- Topic:
- Finance
One of the most common questions that we are asked when people are thinking about modernising their expense system is whether automated solutions are expensive.
In this blog, we want to look at the issues around this and give you our thoughts.
In our opinion, you actually need to break this down because what we are being asked is made up of two distinct questions.
- Topic:
- Finance
Coronavirus has been a massive shift for pretty much every sector of the economy.
Some businesses have had to close whilst others have never been busier but there can be few that are still working in the way they were this time last year.
Businesses are faced with two challenges as we start to see lockdown eased.
The first is to find ways of working that will be able to cope with issues like this if and when they occur in the future.
The second challenge is to fully understand how their systems and processes coped during lockdown and to use the information gained to inform future developments.
In this post, we are going to look at a few ways that managers can look at their expenses system and see what went well and what worked perhaps a little less well.
There are two aspects of understanding expenses during COVID lockdown; the system impacts and the change on spending.
These tips are designed to look at both of these aspects and the aim is to give you a few tips to allow you to gather feedback and properly appreciate its value.
- Topic:
- Finance
