Every employee knows the scenario well; train ticket purchased, receipt shoved into the bottom of a bag, taxi receipt crumpled into a wallet, dinner with clients and the receipt got left on the table. Then when expenses time comes at the end of the month, employees scramble around in bags and pockets looking for those precious receipts.
There is actually no UK regulation that says paper receipts need to be kept for the expense claim to be processed. HMRC has made it clear that provided the information is legible, a digital copy of the paper document is fine to process expenses.
However, this isn't the only problem faced by employees and businesses when it comes to expenses. The entire process is time-consuming and cumbersome. Employees spending time filling out their expense claims, only for the finance department to spend more time processing them creates vast inefficiencies in many small to medium businesses.
Employees become disheartened if they lose receipts and feel they are out of pocket and business owners often feel as though company spending on employee expenses is out of control.
Thankfully there is a solution to this problem that will not only streamline the process for employees; it gives business owners and finance departments a better way of managing expenses.
Here at Soldo, we have created a prepaid business card that can be issued to employees for the use of business costa. The beauty of this card is that is can be controlled by the finance department. Limits can be set per card, thereby preventing runaway expenses and unexpected large reimbursement payouts at the end of each month.
Employees no longer have to pay out costly fees from their own pocket, which can often result in low-morale, especially for lower-income employees. The elitism (and unpredictability) of the business credit card, which is usually reserved for higher management, can be removed, bringing everyone onto a level playing field by issuing all staff with a prepaid business card.
Our prepaid card is the ideal solution to easing cash flow and expense management, and it sees the end of petty cash. Managing costs is an unwelcome overhead in most businesses. Why not change the process and improve the productivity of both employees and the finance department.
Get in touch for more information about the Soldo card and get your businesses expenses under control today.