4 Common Issues with Managing Expense Claims (And How to Fix Them!)
If your organization reimburses employees for business expenses, you know that managing expense claims can be a time-consuming and tedious process. From lost receipts to data entry errors, there are plenty of opportunities for things to go wrong. In this article, we’ll take a look at four of the most common pitfalls of expense claim management and offer some tips on how to avoid them.
1. Lost Receipts
Have you ever misplaced a receipt and been unable to get reimbursed for an expense? It’s a frustrating experience, but it’s also a common one. According to a recent study, 50% of employees have had this problem at least once. The good news is that there are steps you can take to prevent it.
One of the most important things is to have a clear system for receipt submission. If possible, consider implementing an electronic receipt submission system. This way, receipts can be attached directly to an expense report and there’s no chance of them getting lost. Alternatively, you may want to require employees to submit physical receipts by a certain date. By having a clear and concise system in place, you can help ensure that lost receipts are no longer a problem.
2. Data Entry Errors
Data entry errors are one of the most common problems with expense claims. When you’re manually entering data into a spreadsheet, it’s easy to accidentally transpose numbers or leave out important details.
To avoid this, you may want to consider investing in an automated solution that can help reduce errors. There are a number of different software programs available that can help you automate your expense claims. By taking advantage of these tools, you can help ensure that your expense claims are accurate and error-free.
3. Lost Data
A third common issue with expense claims is lost data. If you’re relying on paper receipts or manual entries into a spreadsheet, it’s easy for things to get misplaced or deleted. To avoid this problem, it’s important to have a backup system in place. This could include backing up data to the cloud or using an external hard drive.
By ensuring that your data is properly backed up, you can avoid the hassle and frustration of having to recreate lost expense claims. In addition, a backup system will give you peace of mind knowing that your data is safe and secure.
4. Delayed Visibility
One common issue with expense claim management is delayed visibility. This can happen when claims are submitted late or when there are issues with approval processes. This delay can make it difficult to stay within budget or plan for future expenses.
To avoid this problem, it’s important to have a clear and concise system for claim submission and approval. Employees should know when they need to submit their claims and who needs to approve them. By having a clear system in place, you can help ensure that claims are processed quickly and efficiently, preventing delays and keeping your budget on track.
Manage Your Expense Claims with Ease
With digitalization and automation on the rise, it’s more important than ever to keep up with the latest technology. Managing expense claims can be a real pain, but it doesn’t have to be. With Olivia, you can take a photo of your receipt and store it electronically. That way, even if you lose the physical receipt, you’ll still have a copy on your phone or in the cloud. Lost receipts and lost data will be a problem of the past.
In addition, Olivia allows you to track your expenses in real time and automatically generate reports that are ready to submit. Data entry errors will also be a thing of the past, and you’ll have visibility into your expenses. With this cutting-edge technology, managing your expenses has never been easier.
Transform receipts and invoices into reports and digital assets, in seconds