Managing daily employee expenses can be a daunting task. From reimbursable costs (such as local conveyance, flights, hotel bookings, meals, etc.) to payments like canteen and parking to employee performance rewards, employee expenses constitute a significant portion of the total business expenditure.
While a travel and expense management system made it easier to manage expense receipts, the processes were still archaic and unfriendly, with heavy dependence on manual work, thus delaying reimbursement. Additionally, many organizations traditionally rely on settling expenses, particularly low-ticket expenditure, through cash or cheque, with submissions of petty cash bills at the end of each month. At times, the finance team fails to maintain the receipts properly and spends weeks trying to reconcile the expenses.
Poor expense management drastically reduces visibility into the employee expenses and results in cash leakages and accounting errors.
One way to simplify employee expenses and payments and enhance efficiency in expense management is to go cashless and switch to a reliable automated expense management system.
Let’s understand further.
Due to the high-volume of employee expenses, adopting a digital expense management system is a conducive way of effectively handling payments and reimbursements.
Introducing prepaid cards and wallets for low-ticket expenses like meals, cab, rewards, etc., and integrating the corporate credit cards (used for expenses like flights, hotel, medical payments, etc.) with the expense management system should be the first step in going cashless the right way.
Moreover, analytics dashboards (built within the expense management software) provide an in-depth insight into expenses by category, department, location, etc. Hence, they help managers keep track of costs, stay on top of budgets, rectify anomalies, and prevent fraudulent transactions.
With automated expense management software, employees can submit their expenses online. Managers can approve them with a single click, saving the weeks of unnecessary time spent trying to reconcile the costs.
How can Zaggle simplify employee expenses and payments?
Zaggle Save, our robust digital employee reimbursements and tax benefits platform, lets you digitize your employee tax benefits entirely in one place.
Employees can get meal vouchers, fuel, LTA, gifts, and any other tax-saving benefit via the Zaggle Zinger multi-wallet card. The benefits of the card are –
- Employees can access all benefits with a single corporate card.
- The card is 100% compliant with all RBI and IT guidelines and can be used at any card-accepting store or for making online payments.
- The card is completely secure, and employees can easily change the PIN on the Zaggle app when required.
- A single swipe is what is needed to make any payment. Users can view balances and transactions easily on the mobile app.
Different wallets within the card include – a meal wallet, a fuel wallet, a travel wallet, a reimbursement wallet, and a gift wallet.
Moreover, employees can easily manage all their expenses on-the-go – view transactions, capture reimbursements, understand eligibility limits, and submit snaps of receipts via their smartphones. You and your employees can also instantly lock the card for security purposes, change POS PIN and IPIN, and update KYC via the mobile app.
Additionally, a powerful dashboard lets you filter expenses by category, oversee allowances, provide access to multiple people for shared expense management, and administer all employee tax benefits via a single portal.
To know more about the other advanced capabilities of our software, please feel free to schedule a personalized consultation with our “Save” experts.