Why You Need User-Friendly T&E Software
In North American, employees and managers miss out on more than $10.7 billion in unclaimed expenses every year. For U.S. employees, the loss averages $390 per year. There are a variety of reasons for these unclaimed expenses.
One of the top reasons for unclaimed expenses, cited by 1/4 of surveyed employees, was that submitting an expense report is too frustrating and time-consuming. You don’t want to be one of those companies with poor T&E practices that frustrates employees. To keep employees happy and save money, you’ll want to implement a user-friendly travel and expense reporting system.
Poor T&E Costs You Money
At first glance, it might look like businesses save money when employees forget to claim expense. But unclaimed expenses can lead to dissatisfied employees, especially when they blame your poorly designed T&E reporting system for their lost money. And employees who leave the company or continue working with low motivation can end up costing your company more than reimbursing the expenses.
It’s hard to predict the exact cost of replacing an employee. For workers earning less than $50,000 annually, 22 case studies conducted by Center for American Progress show an average cost turnover is 20% of the worker’s salary. Other estimates are higher. Either way, it’s better to keep your current employees happy than to pay for recruiting and training new ones.
Employees Feel Exploited
A survey conducted by Ruigrok NetPanel in August 2015 asked senior and middle management professionals “if they feel their employer is gaining a financial advantage over them through the expense claim process.” In the United States, 42% of respondents answered “yes.”
As you can imagine, this has a negative effect on how employees perceive their employer. No one likes it when someone takes advantage of them. This can lead to resentment, low motivation, and leaving the company. They might even advise people in their network to avoid working for your company.
Change Things With T&E Software
T&E automation software is a game-changer. Instead of an expense reporting system that intimidates or frustrates employees, you get an expense management system that simplifies reimbursement. Employees can access it anywhere, upload receipts via smartphone or email, and track their claim through the approval process.
NextProcess’ T&E software is easy for new users to navigate. It’s designed for simplicity and easy access. That makes expense reimbursement claims easier to process and easier to submit. If you’d like a demonstration, get in touch with us and see first-hand how our software works.