2. Expense reports come late
Expense reports always come late. Do you know why? It’s not because employees don’t want or need their money back (see reason 3).
It’s because they want to spend their time meaningfully; building products, consulting clients, and visiting prospects. In other words, mastering their craft and developing their expertise. Late expenses make the month-end close a lot harder. The expense claim process needs to be as smooth, convenient, and fast as possible to avoid late expense reports.
With Payhawk company cards, every time an employee uses the Payhawk card, they get a notification to upload the receipt via the mobile app. Once they add the picture and some brief information, the expense and the transaction is matched. The end.
Our solution integrates with the most popular ERPs too. So, your expenses and receipts are accurately synced straight to the accounting software of your choice.
3. Employees need the money, fast
It can be really stressful to be low on funds and have to spend your own money to pay for travel, a hotel stay, or a big meal with clients.
Additionally, it’s pretty common for the more junior team members to take care of payments, as more senior members try to avoid being tangled in admin work.
These employees will often live paycheck to paycheck, meaning a pending company expense can get them in trouble paying rent or any other commitment. This situation leads to stress, dissatisfaction, and, if too recurrent, burnout.
Reimbursements can drown your company. The ideal solution? Using company cards linked to intelligent software instead, like Payhawk. The next best? Take advantage of the Payhawk reimbursement feature, which allows accounting teams to reimburse immediately once the expense is reviewed. Payhawk even provides dedicated IBANs to enable instant transfers to employees.
4. Happy employees are performing employees
There's something beautiful in the idea that happy employees are more productive. What if organisational leaders focused on making people feel happier at work and reaped the benefits in productivity and retention?
Luckily, this idea is not just great in theory. It's been proven recently that happy employees work 12% harder.
There are many ways you can make your employees feel more empowered and, therefore, happier. Daniel Pink speaks of autonomy, mastery, and purpose as the three key ingredients in his book, Drive.
So, let's start with a key ingredient: autonomy. Giving people their own company cards can give them a sense of autonomy. Meanwhile, easy and automated expense management helps them steer clear of boring and repetitive expense tasks to ensure they can focus on developing their mastery and executing their purpose.
5. Real-time expense data improves the quality of financial data
Ultimately, digitising and modernising expense management with finance and CFO tools can lead to better data and control. Giving you more accurate reports, customisable spend categorisation, in-built spend policy, and more.
Working with Payhawk enables finance and accounting teams to assign different spending to different categories. And because Payhawk integrates directly with several ERP and accounting software, your information can flow smoothly between tools.
As a team member who spends money for work, you understand the pain of travelling, losing receipts, and devoting hours to expenses each month. But it doesn't have to be that way. Your company could benefit from a more efficient way of managing expenses.
Use these five arguments to get buy-in from your finance team and ask them to try a demo with us today.
