Munch munch, yum yum! Call for the bill and make payment via cash or credit card, collect the paper receipt, and head back home. Next working day, go to your company finance/accounting team, print and fill up an expense claims form, and attach your paper receipt with it. Wait till the end of the month (anxiously) and hope nothing is lost or rejected and that your claim is approved! Phew~
You are probably thinking that you are reading an old school article now since the above scenario sounds like 10~20 years ago with the current technology that we are in now, or even in a developing country. Unfortunately, this is very much happening in many companies across the world, especially in SMEs. To a certain extent, almost 20~40% of companies are still operating in this manner for processing expense claims.
Why is it so?
It goes down to two key points – Existing team resources & Unwillingness to try new things. Most companies already have their own staff managing the usual HR/Finance/Admin matters, and for any additional work, they will just let them take on regardless of how slow and tedious or erroneous it might be. At the same time, companies are just contented to let things be the same. They are afraid that with new changes it will be very troublesome for everyone, and that in turn might impact their businesses.
“Digital transformation” is very much the hip phrase that everyone is using now, but even before that, there are a lot of benefits that a company can enjoy if they are willing to take the first few small steps in digitizing their internal business processes. There are some obvious benefits like,
- Speed up the processing time – With formatted fields for data capturing, administrators can process or approve any forms or claims with zero errors. At the same time, with the forms being store in the cloud, they can process the forms anywhere they are
- Reduce paper trail – Since all forms are in the cloud, they need not have additional storage space to keep all the claims. It is much cheaper in the long run as well, since digital storage is more cost-effective and has zero limitations on storage capacity physically
- Audit process – When there is a requirement to look through the historical forms, a simple keyword search will allow the administrator or even auditor quickly locate the form and execute the follow-up actions
There are more benefits that we can go on and on, but it varies depending on the company structure and digitization. It’s time that businesses start to look at their internal structure to ensure that the company operations are aligned with the company growth.
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