Flawlessly processing business expense claims: 6 points to consider

Research

The 2023 market research conducted by MarketResponse on behalf of ICS shows that manual, time-consuming operations and adding receipts are the biggest pain points in the current expense claim process. Fortunately, there is an easier and faster way to process business expenses.

Flawless processing helps detect and reduce unnecessary expenses, saves time for both employees and finance departments, and allows for more accurate reporting and analysis.

Setting up an efficient, modern expense claim process is quite a challenge for many organisations. After all, how do you ensure this process runs as smoothly and efficiently as possible? Below, we list six points to consider: 

6 points to consider

1. Choose an expense management solution

Using an expense management solution, such as expense claim software, makes the expense claim process easier. This ensures greater accuracy, makes administrative tasks easier, and saves unnecessary processing time. 

For example, Hortilux Schréder's finance department used to spend one to one and a half hours each week processing employee expense claims. With an expense management solution, this is now taken care of within minutes.

Also, such an expense management solution often has built-in validation checks. These checks help detect irregularities in the expense claim process. This saves time and manual work.

2. Make use of business credit cards

Use business credit cards and link them to an expense management solution. This ensures more international payment convenience and employees no longer have to advance expenses.

In addition, you save a large part of your processing time and almost all purchases are insured (check the terms and conditions). Furthermore, you are always in control of your expenses because you have insight and a spending limit you can set. 

3. Agree on expense claims and communicate clearly

This may seem obvious but it's often forgotten. Clear agreements help employees to submit expenses correctly. They also reduce the risk of misunderstandings. So be clear and consistent in your communication. 

4. Check incoming expense claims immediately 

Checking incoming expense claims helps to find errors or suspicious transactions. Do this immediately, rather than later. This way, you avoid confusion or forgetting a check. 

5. Prevent fraud and abuse 

Business credit cards have safeguards and insurances that help prevent fraud and abuse. Paying with an ICS business credit card is extra safe thanks to ICS' 24/7 fraud prevention.

And the guarantees on this credit card provide even more security. Even online, especially as online fraud gets more common. Also, ICS business credit cards are almost always insured against theft, damage, and loss, and against unauthorised use by employees.

In addition, a digital expense claim system combined with business credit cards can prevent employees from making certain types of transactions. For example, you can turn off cash withdrawals with the business credit card.

6. Make sure your employees know their responsibilities about expense claims 

Many employees worry about whether their expenses will be reimbursed. But to be reimbursed for business expenses, correct expense claims are needed. Moreover, processing expense claims can quickly become a lengthy and complex process if employees do not claim correctly.

Therefore, choose training them about the expense claim process so that employees learn about their responsibilities. Topics you can cover include proper claim submission, and your company's business credit card policy.

Time for a flawless business expense claim process

At a time when efficiency and accuracy are key, processing business expenses correctly is very important. With an expense management solution combined with business credit cards, you automate your expense claim process, save time, reduce errors, and have real-time insight. 

Do you also want to get started with flawless business expense claim processing? Then take a look at our expense management solutions. 

3 key benefits of using business credit cards

Using business credit cards in combination with expense management software provides insight and saves time when processing expense claims. But there are more benefits. Here are the main three:

1. Your employees no longer have to advance money

With a business credit card, employees pay business expenses directly from your organisation. This way, they no longer have to submit receipts manually or wait a long time for reimbursement. This saves a lot of time and frustration. Also convenient: with business credit cards, employees benefit from global payment convenience.

2. Business credit card payments are insured and secure

Besides payment convenience and insight into company spending, business credit cards provide extra security. For instance, most business credit cards have standard insurance and guarantees.

Look carefully at the terms and conditions, though. This varies from one credit card company to another. For example, ICS business credit cards have standard purchase insurance against damage, theft and loss, baggage and flight delay insurance and additional travel insurance. In addition, these credit cards often have security guarantees, such as 24/7 fraud prevention and internet and delivery guarantee.

3. Limits and blocking certain purchases give more control

In addition to the insurances and guarantees mentioned above, using business credit cards offers even more security. For example, you can easily set limits per card or employee. Do you increase or decrease the payment limit? This change is implemented immediately.
You can also block certain types of purchases via the business credit card. Think of cash withdrawals. This prevents complicated situations and misuse of the business card.

Use business credit cards for greater grip on expense management

To keep your business financially sound, grip on expense management is important. You want to avoid unnecessary costs and comply with relevant regulations. Insight into company spending helps with this. That way, you can intervene when necessary and avoid unexpected or excessive costs.

Business credit cards combined with expense management software provide a complete, central overview of company expenses. In addition, you save time processing expense claims and purchases are secure and insured. Setting limits per employee also provides additional control and grip on spending management.

Want to know more about the benefits of business credit cards? Then read our blog on making spending management easy with business credit cards.