Wharton Global

Wharton Global

Links

How Companies Can Better Manage Employee Expenses

posted by Dan @ 5:27 PM
Tuesday, December 15, 2009

Expenses Management

Whether you are the owner of a small business or the CEO of a mega-corporation, employee expenses are an extremely important topic of focus. Let’s assume your company uses one of the common accounting software programs currently available; let’s further assume you called the Accounting Department and requested a report comparing Employee #1’s monthly expense claims to Employee #2’s monthly expense claims; these employees have identical jobs but you have suspected for some time that one is claiming excessive expenses, perhaps inadvertently but maybe fraudulently. How useful have you found the reports you obtain from common accounting software? Chances are, not very useful. So, what can a business do to better manage employee expenses?

Businesses in over 70 countries have turned to Expense On Demand to streamline expense reporting and reimbursement procedures. As a result, these companies have enjoyed lower operating expenses, better internal control and much greater insight into company spending habits.

By now you must be wondering about EOD, what is it exactly? EOD is one of the world’s leading providers for on-demand business services and innovative solutions that automate the field of expense management. Expenseondemand.com is a hosted business service that may be accessed from anywhere; you don’t have to be at an office to access the website. EOD is an extremely secure, hi-tech hosting service that utilizes SSL protocols to access data. Data is stored in an encrypted, secure format; EOD utilizes security identical to that of merchants and banks.

The services of Expense On Demand provide multiple benefits to any company, large or small.  Some of the benefits of EOD include:   

  • Since EOD is an online, hosted website there is no software download required. Furthermore, EOD (the host) is responsible for all site updates and all site maintenance. Companies only need access to the Internet and a standard browser with EOD; already you can see how IT costs will be reduced by subscribing to EOD.
  • EOD is accessible 24 hours of every day of the year; no waiting for Monday and the Accounting Department to return from the weekend to access a report.
  • Time savings are significant using the automated rule-driven employee expense processes. Processing employee expense claims is tedious and sometimes arbitrary in a manual entry and approval system. With EOD the company sets the approval parameters for expense claims. When claims are submitted EOD automatically analyses the claim; if it is within the company’s parameters it is approved, if not it is denied. How easy and quick is that? The only claims that require attention are those that are outside the rules; the result it significant time savings.
  • Expense claims may be submitted by PDA or Smartphone; a trip to the office is not necessary.
  • The rules-driven process of Expense On Demand gives employers and employees a sense of confidence that expense claims are being handled fairly and quickly.
  • With a click of the mouse immediate access to reports customized specifically to the companies specifications provide pertinent information to management. EOD is an extremely flexible analytical tool.

To maximize profits every company strives to minimize costs. Expense On Demand is a tremendous service dedicated to helping businesses better manage employee expenses and thus, reduce operating costs. 

Expense On Demand Ltd
Abbey House
28-30 Chapel Street
Marlow
SL7 1DD
0870 366 2300

Leave a Reply