Client Saves Over 20 Hours Per Month with Updated and Efficient Expenses Process

Problem:

A business was experiencing significant inefficiencies in its expenses process, which was consuming valuable time and leading to errors. The company had an online accounts package in place for tracking team expenses, but the process was not well-structured. Each team member would manually add their individual purchases, and there was no clear system for highlighting which expenses needed to be paid to whom. As a result, the director responsible for paying expenses had to manually review each receipt to determine what was owed. This not only took up a considerable amount of time but also led to duplicate payments and missed expenses, further complicating the process.

The director found it particularly challenging to keep track of multiple payments throughout the month, causing unnecessary delays and increasing the risk of errors. The business needed a more streamlined system that would reduce the time spent on administrative tasks and eliminate the risk of errors.

Solution:

Although the business was already using an expenses software for company bills, the system was not optimized for team expenses. We introduced a more efficient approach by implementing the software for individual team members, creating a streamlined process that saved both time and money.

Our approach involved the following steps:

Onboarding Individual Team Members: We added each team member as a user on the expenses software, ensuring they could easily submit their expenses in an organized manner. This allowed for a clear and centralized view of all expenses, making it easier to track and manage.

Training and Support: To ensure smooth implementation, we created training videos for each team member, demonstrating how to set up and submit their monthly expense reports. This ensured everyone understood how to use the software correctly and consistently. We also provided ongoing support during the rollout to answer any questions or resolve any issues that arose.

Structured Submission Process: We established an agreed-upon time frame for expense submissions, moving away from the ad-hoc approach to a more structured system. Each team member now submits their expenses on a set day each month, ensuring that all expenses are collected in a timely manner. This also allowed the director to anticipate when reports would be due and plan payments accordingly.

Simplified Payment Process: With all expenses submitted in a standardized report, the director now receives a monthly summary showing the total amount owed for each team member. This eliminates the need to manually review individual receipts and calculate what needs to be paid. Instead, the director can make one set of payments per month, reducing the administrative burden and ensuring that all expenses are accounted for.

Visibility and Accountability: Team members now have visibility into their expense claims, allowing them to verify that all their expenses have been submitted and ensuring no claims are missed. This increased transparency has contributed to better communication and accountability within the team.

Outcome:

Time Savings: The new process has saved the business over 20 hours per month. The streamlined workflow and structured reporting have significantly reduced the time spent on reviewing, processing, and making payments.

Improved Accuracy: With a standardized submission process, the risk of errors such as duplicate payments or missed expenses has been minimized. The director no longer needs to review each individual receipt, and payments are made on time with greater accuracy.

Reduced Stress: The implementation of this process has reduced stress within the business, as the team now knows exactly when to submit expenses and when to expect reimbursement. This has created a more predictable and less chaotic workflow.

Enhanced Efficiency: The new system has made the expenses process more efficient both in terms of time and finances. The business is now able to make payments more quickly, and with less administrative work, it can focus more on other core activities.

Client Testimonial:

Tim, a director of the business, shared his feedback:

“Having a streamlined process in place for our expenses has helped us become more efficient both with time and finances. Knowing that the process is robust and easy to follow has reduced a lot of stress within the business.”

Conclusion:

By implementing a more structured and efficient expenses process, we helped the business save over 20 hours per month and eliminated the risk of errors in expense payments. The team now has a clear, easy-to-follow system that ensures all expenses are submitted and paid on time, leading to greater efficiency and reduced stress.

If you’re interested in learning how we can support your business with time-saving systems like this one, don’t hesitate to get in touch today. We can help you implement processes that will improve your efficiency and give you more time to focus on growing your business.