July 1, 2021
The HRM department forms the core administrative tasks of any organization – regardless of any business scale. Therefore, one of the main administrative tasks the HR department is bound to perform is expense management.
One of the human resources administrative tasks is to reimburse the employee’s expenses like business trips or to purchase something on behalf of the company. Apart from this, the HR department has several other expenses directed towards the employees in benefits and incentives- apart from the basic salary they are entitled to.
While this expense management is an inevitable function within the HR department, the traditional expense management system and the tedious tasks it calls for have created a significant negative impact on HR productivity and efficiency. Below is a breakdown of how an effective expense tracking HR platform can encourage HR productivity and efficiency.
Reimbursements become efficient
At least 30% of organizations have claimed that lengthy reimbursement is a significant problem with expense management. When expenses are not tracked using an appropriate system, employees will have to constantly remind HR and Payroll executives about the reimbursements that are due. This takes up the productive time employees can spend on other important tasks.
With expense tracking, this entire reimbursement process can be made efficient with minimal manual intervention needed. As expense tracking provides alerts and reminders to relevant HR professionals on reimbursement dates and related information, employees will not have to intervene or spend time making reminders. This will effectively enhance efficiency in reimbursement processes and keep employees engaged in productive activities.
Effective expense management
With effective expense tracking HR software, data can be assimilated and compiled into analytical reports that can help HR teams get a clear picture of the expense patterns of employees and other business activities.
Such analytics can help HR teams plan and execute effective decisions regarding the key HR expenses of an organization. Besides, depending on the analytical reports produced from an expense tracking system, HR professionals can identify and cut down unnecessary expenditures or invest them towards employee development and other HR functions that can positively impact employee engagement, satisfaction, and overall HR efficiency and productivity.
Besides, HR departments can get better insights into categories that take up most of the expenses and negotiate vendor discounts on such expenses to reduce HR costs with an expense tracking system.
Hassle-free HR reporting
HR departments and employees can be well prepared for attending HR administrative tasks from anywhere and anytime when an expense tracking system is in place. This is because all necessary information is available in one platform to access, view, edit, and share effortlessly. This makes reporting extremely easy for HR professionals and employees as well.
Further to this, as an expense tracking system reduces manual intervention and paperwork, the reporting process is less tedious, supporting efficient and real-time decision-making and better utilization of opportunities.
Moreover, HR managers and other professionals can also instantly track newly recorded expenses and other proof of documents with an expense tracking system, making reporting expenditures a hassle-free, efficient, and productive process.
If you’re looking to integrate a smooth expense tracking system into your HR department, improve HR efficiencies and productivity, then get in touch with us at EmiratesHR. As one of the pioneers in providing HR and payroll software solutions in Dubai, we can make sure all your precise expense tracking requirements are duly met with our solutions.