Expense Management with Digital HRMS: Exploring Benefits of Automated Expense Management
This is the era of digitalization and enterprises across the globe are investing in the latest technology in order to move away from the traditional manual processes that have been around for years. The digitalization helps enterprises in many ways, including streamlining of business processes, saving costs, improving efficiency by several notches, and also gaining an edge over the competition. Every department in the new age enterprise is an example of how technology can revolutionise the way enterprises function.
The HR department, one of the key departments in organisations today, has also witnessed significant transformation in the way it functions. Today, most enterprises have bid goodbye to the manual HR processes and invested in new age HR software. Digital HR software platforms that we see today have multiple modules to cater to your every HR function – right from recruitment and onboarding to managing leave & attendance as well as the travel and expenses with regards to business travel.
Managing employee expenses is one of the key functions of the HR and automating this process can make it faster and more efficient and also eliminate errors that are common with the manual paper-based process. What enterprises need is an automated expense management system that streamlines the entire process. Digital HRMS is an example of such a platform and it has multiple functionalities to cater to every aspect of expense management as required by enterprises today. Here we shall look at the key benefits of using an automated expense management system like Digital HRMS.
1] Faster Reimbursement Claims Processing
With the manual process being replaced by automation, the entire expense management process becomes faster. Also, most expense management systems come with a mobile app that allows anytime anywhere access. This way, the stakeholders can process the request even if they are outside the office premises. This contributes towards timely expense processing and reimbursements.
2] Compliance with Company Policies
Expense management domain witnesses more fabricated submissions than possibly any other domain. Many employees take advantage of the provision for reimbursements by submitting proofs of claims that are of much higher value than the actual amount spent. With so many employees in an organisation, this kind of non-compliance is difficult to track using a traditional paper-based system. However, an advanced employee management system like Digital HRMS can be used to share automatic notifications of suspicious expenses as everything is online on a single platform. This ensures compliance and saves unnecessary expenses of the organisation.
3] Employees Say Goodbye to Paperwork
Employee management traditionally was all about tons and tons of paperwork as everything was required to be saved and recorded for future reference. This meant that the employees had to spend hours on filling forms in order to file the claim. However, automated expense management systems like Digital HRMS has changed things for good and today all that the employee is required to do is fill the form online by logging in and going in to the HR software and all it takes is a few minutes. This adds to the user and boosts employee engagement.
4] Transparent Expense Request Processing
The traditional paper-based expense management system has multiple drawbacks and one of the major drawbacks was the lack of transparency. In other words, it was difficult for the employees to find out the status of the claims which often took days for processing. Also, there was no way for the employees to know why their claims were rejected. Digital HRMS addresses this issue by sending automated notifications to all the stakeholders at every stage of the process for reimbursement claims.
5] Access to Reports and Analytics
When using a manual paper-based process, creating reports is simply not possible. However, reports are key tools to help enterprises analyse trends and patterns in employee expense throughout the organisation. Here's how the reporting capability of an advanced expense management system like Digital HRMS can help. The platform allows organisation to extract detailed automated reports that showcase key insights that help in informed decision making.
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