We recently commissioned a global survey of Financial Directors and leaders which highlighted that 75% would choose to source a relevant tech solution to allow them to automate a process rather than outsource where possible. The results of this survey also showed that millions of firms are expecting to work remotely at some level for the foreseeable future and admit they are more reliant than ever on tech solutions to manage almost every aspect of their business. As business adapt to this new hybrid model, automation has never been more important for both survival and profitability for millions of businesses around the globe.
Whether you employ 5 or 200 people, it has become imperative that you source the right tech to automate as many business processes as possible to protect your business and staff for problems that remote working can cause. One of these issues has been the rise in ‘bogus’ employee expense claims and we have published some of the dubious expenses that have been uploaded to our app to illustrate how our leading automated tech solution has handled these and flagged these to our clients, saving businesses thousands every year.
Businesses around the world are losing billions in employee expense fraud but cutting-edge tech is rapidly putting an end to this spending spree.
The data published showed some extraordinary claims including a belly dancer receipt for over £2,500 added to a hotel expense, £950 for a single taxi journey and £800 for a hairdresser. Another client has seen huge savings after a group of employees had been overcharging for business mileage with the total claim reaching £1.2m but once analysed through the app this was reduced to £800k.
Another multinational firm quickly adopted the client tracking functionality on the app when their entertainment expenses claims totalled over £2m in 12 months.
Employees had to add the names of clients who attended for the claims to be processed and the total dropped by 50% within the next 12 months.
Over the Christmas period, client and staff entertainment means that there is an influx of employee entertainment claims that can often be hard to monitor. If, therefore, you don’t currently automate your expenses this is a good period to implement an automated solution such as ExpenseOnDemand.
Employee claims have always been difficult to monitor and manage especially when you have a larger and now remote workforce. Our cutting-edge tech is helping firms automate processes and easily authenticate claims often saving them thousands or even millions in costs every year.
For many years, the ExpenseOnDemand app has been offering our clients around the globe a simple solution allowing employees to remotely upload and claim business expenses from any mobile device, including approving them on the phone. And it integrates within minutes with Xero, to automatically upload all transactions. How cool is that! Our tech solution meant we were, therefore, perfectly placed to help our clients when the pandemic struck in early 2020 as their staff dispersed from offices and worked from home due to global lockdowns.
Apart from offering over 100 functions to choose from, Xero users can, for example, set up their own approval hierarchy and businesses can build their bespoke subscriptions in minutes, and only pay for functions they use – and not the whole application. Additionally, we offer a simple “pay as you use” pricing model, keeping costs completely manageable and flexible.
What do Xero customers say about ExpenseOnDemand
“Post COVID the need to automate became really important. Giving ExpenseOnDemand a try was a wise decision as it is a cost-effective and easy to use cloud-based employee expense management system”
“The price we pay is just a fraction of the cost charged by other employee expense management solutions. It offers a wide range of functionalities at a minimal price”
“Easy to use and straight to the point, makes expenses a breeze. Seamless transfer of data between EOD and Xero help save a lot of time and effort”
Usman Siddique - Finance Manager - Salboy
For technology to continue to seamlessly support business processes, tech firms need to collaborate and offer open APIs to allow seamless integration and for multiple software’s to be able to talk to each other. This has been happening across many sectors, such as FinTech for years as accounting, expenses and internet banks integrate to allow a completely coherent solution for businesses.
The team at ExpenseOnDemand have been adapting our market leading app since the start of the COVID-19 pandemic and are working hard to make it easier for finance leaders and staff to manage expenses in the new normal, especially with so many employees working from home. Our systems are continually enhanced, and new functions added, to ensure we can offer our clients solutions that are current and work for them no matter where their staff are working.