The 6 biggest benefits of a modern business expense claim process

Research

The 2023 market research conducted by MarketResponse on behalf of ICS shows that manual work and receipt uploading are major pain points in the expense claim process. This not only causes frustration among employees, but also leads to delays and errors in financial administration.

This proves that there is a great need for a modern business expense claim process. For instance, business credit cards linked to expense claim software offer employees a quick and easy way to submit and process their expenses.

Indeed, expense claim software often has convenient features, such as linking expenses with credit card transactions and forwarding this data to your accounting software. 

Let's take a look at the six biggest benefits of such a modern business expense claim process.

6 benefits

1. Faster and easier expense claim submission

A modern, digital expense claim process combined with business credit cards improves the efficiency of processing business expenses. Employees enter their expense claims easily, without the risk of losing receipts. And the mandatory expense claim rules within expense claim software ensure that these claims are also submitted correctly.

2. Making payments easily and securely

Business credit cards play an important role in a modern expense claim process. With a business credit card, employees can make payments easily and securely anywhere in the world. A major benefit is that employees no longer have to advance expenses.

In addition, payments with business credit cards are almost always insured. Transactions are monitored 24/7 and you can set a limit per card or block certain transactions.

3. Insight 

With a modern expense claim process, the finance team has a complete overview of claims. For instance, it's immediately clear which expenses are missing or entered incorrectly. As a result, you always have a grip on expenses and are fully in control.  

4. Save costs

Finance teams spend a lot of time manually processing business expenses. Business credit cards combined with an expense management solution automate large parts of the process, saving companies hours of work every month. And that in turn saves costs. 

5. Accuracy 

Linking business credit cards to expense management and accounting software improves accuracy when processing expense claims. By getting expense claims right, you reduce errors in processing expenses. 

6. Complying with regulations

Complying with regulations on expense claims and financial reporting is and always will be a major challenge for companies. Modern expense claim processes can help you with that.

Expense claim software often has built-in controls to ensure that claims are submitted according to the rules. Examples include VAT rules, tax deductibility of expenses, and privacy legislation, such as the General Data Protection Regulation (GDPR).

Consider these six main benefits when modernising and improving business expense claim processes. They will have a positive impact on your company's financial records. 

Getting started with a modern expense claim process

If you're considering making the switch to business credit cards in combination with an expense management solution, clear planning is very important.

If you're going to set up such a modern expense claim process, there are six points to consider. These include clear agreements, expense claim controls, and employee training. 

Want to know more about business credit cards combined with an expense management solution? Then read on about the benefits of a modern business expense process.