Same-day expense reimbursement can be a new concept for employees, especially those who might be thinking that it's supposed to take weeks or months to get reimbursed for company travel or company expenses. The idea is simple: an employee can make a purchase and get reimbursed for that purchase the same day. There are three subtantial benefits to using a system that provides this quick response:
Employees are happier:
The first benefit is that same-day expense reimbursement makes employees very happy to get money back in their accounts so quickly. When employees are happy, they're more likely to stay around because they know that they are being taken care of by their employer.
For example, we recently learned that there are employees out there who don't even bother to file an expense report because it's too much trouble to go through the process of filing. The big secret is that expense reports don't have to be that difficult! With same-day reimbursement, the employee files the report from their mobile device or desktop; then, the report goes through an automated system that checks for compliance. If it's within those compliance parameters, the reimbursement is sent to the employee's on-file bank account for direct deposit.
The company sees a reputation boost:
Because these are expenses provided out of the employee's pocket for expenses for work-related items or expenses, it's only fair to quickly give that money back. Employees are owed that money, so paying them back quickly is akin to paying back a friend quickly because you value that relationship.
Once this easy same-day process has been established, employees perceive the company to be more professional and reliable, increasing the company's reputation perhaps even after the employee leaves the company. In today's job climate, companies are competing for the best talent, so having an excellent reputation like this can lead to more talented people applying for an open position.
- The company saves money:
At the end of the day, it's important to have happy employees and a solid reputation, but the company still runs on money. A process that automates expense reporting means that administrators spend less time manually entering and checking data, which means that they can get back to their real jobs. Spending less time on administration helps the company's bottom line because their administrators can get to work on other priorities.
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The DATABASICS prediction is that same-day expense reimbursement will become more standard because any organization can benefit from happier employees, a better reputation, and real savings. If you're looking for a provider with same-day expense reimbursement, we invite you to check out our guide on choosing Time & Expense reporting software.
DATABASICS provides cloud-based, next generation Expense Reporting, P-Card Management, Timesheet Management, Leave Management, and Invoice Processing automation. Specializing in meeting the most rigorous requirements, DATABASICS offers the highest level of service to its customers around the world.
DATABASICS is relied upon by leading organizations representing all the major sectors of the global economy: financial services, healthcare, manufacturing, research, retail, engineering, non-profits/NGOs, technology, federal contractors, and other sectors.