Every finance professional knows their top five worst employees when it comes to submitting their expenses and receipts, right? If only there was a way to encourage timeliness from those repeat offenders… Introducing auto-blocking employee expense cards from Payhawk.
Managing employee expenses can be a never-ending task for finance teams. The process can be time-consuming and frustrating between chasing down receipts and tracking down missing information. That’s where we come in. At Payhawk, our new feature, ‘auto-blocking employee expense cards,’ means our customers can now block cards if the expenses stay unsubmittedfor a certain amount of time.
Imagine you’re a Payhawk customer. With the auto-blocking cards feature, you can block an employee’s corporate card if they don’t hand in their expenses within a given timeframe. This feature helps incentivise employees to submit their expenses on time and reduces the time spent chasing receipts and expense details, resulting in a faster, more efficient month-end close.
We already motivate employees to submit receipts and expenses as the payment happens through our easy-to-use app with real-time prompts and reminders. However, there are always less diligent colleagues when it comes to timely submission, and this new feature gives them a much-needed extra nudge in the direction.
Our new auto-blocking cards feature makes finance professionals’ lives easier — and it’s easy to use. These are the simple steps involved:
Auto-blocking employee cards can save finance teams a lot of time and hassle by tackling the challenge of late expense submissions. Instead, they can use this valuable time to work on strategic tasks to support the organisation’s business objectives. In a recent report published in collaboration with the Harvard Business Review Analytic Services, 64% of business leaders said that finance professionals should work more on analysing financial data. However, 67% of these same business leaders felt that finance professionals spent most of their time chasing receipts/expenses.
Implementing the auto-blocking cards feature is simple and effortless, meaning your finance team can divert their focus to more important tasks for the business and forget about chasing receipts.
“I love that we can block cards if people don’t submit receipts on time; it really helps me encourage compliance and good finance hygiene around the business,” Uchenna, Finance Manager at MDM Props, explained. “And we do love a clean process.”
With the new auto-blocking cards feature, you can forecast better as expenses are processed faster and focus on helping your business grow, while we help to keep finance processes running smoothly.
Discover how your finance team can benefit from our new feature. Book a demo with one of our experts.
In her role as Content Manager, Nerissa Goedhart harbors her passion for sharing valuable insights and solutions through engaging content. This, with a clear mission to assist and empower businesses in the region by elevating their expense management.