Reap the benefits of outsourcing your employee expenses

Reap the benefits of outsourcing your employee expenses

By Jo Downend
24 May 2016

Outsourcing has become the latest buzzword these days, as more and more businesses choose to outsource their company needs.

We take a look at the benefits to outsourcing your employee expenses and how this service can enhance existing expenses management systems.

So, when it comes to employee expenses, what exactly can you outsource? We identified 4 key areas, which demand both time and expertise to manage.

Receipts

Scanning and attaching expense receipts is the first step; and whether you use digital or paper receipts you will need to ensure that these are recorded and stored correctly.

Validation

The validation part of expenses receipts can be seen as the most time consuming and the one that demands the most industry knowledge. Whether your team are checking claims against your company expenses policy or ensuring they meet the HMRC requirements for VAT validation; it’s a comprehensive process which requires a good working knowledge of HMRC legislation.

Compliance

Ensuring your company’s employee expenses are compliant is often considered the most crucial part of your company expenses process. Being able to extract and analyse data along with the production and return of P11D forms and are pretty high priorities.

Payment

There are plenty of considerations to be made when it comes to reimbursing employee expenses including: different payment methods, cash or credit cards, currency type, and whether it’s bank or building society.

The Benefits

Now we’ve identified the key areas of expense management, we take a look at the benefits of outsourcing these. We explore how they will enable you to save money, save time and ultimately be more efficient at what you do!

Cost advantages

The most obvious and visible benefit is the cost savings that outsourcing brings. You can manage your expenses at a lower cost and at a better quality as well. A good expenses management solution can reduce your expenses spend by up to 20% and by outsourcing your expenses you can reduce your processing costs up to 100%.

Increased efficiency

When you outsource your expenses to an outsourcing partner like Selenity (formerly Software Europe), they bring years of experience in expenses management, along with expertise in delivering a fast and efficient expenses service. An increased knowledge of the intricacy of expenses, validation, legislation and compliance, ultimately leads to an increase in productivity and efficiency in the process; thereby contributing to the bottom-line of your company.

Focus on core areas

Outsourcing your expenses processes, frees up your time and enables you to focus on your business, allowing you to develop and provide greater value.

Access to skilled resources

You no longer need to invest in recruiting and training expensive resources for your business. Expenses service providers like Selenity take care of the resourcing needs with their pool of highly skilled resources. The resources employed by Selenity are highly skilled in the world of expense management.

Faster services

When you outsource your expenses to a knowledgeable and skilled team you enjoy the benefits of a fast service. Access to the resources, an outsourced expense team provide will enable to you to manage and reimburse your company expenses as fast as possible.

Interested in finding out how our outsourced expenses could benefit you?

Contact us today.
 

linkedin