For Canadian businesses, it’s a time when making employees happy and ensuring their satisfaction is a top priority. Key employees have expectations in the workplace, and if those aren’t meant they have options to go elsewhere, particularly as the Canadian and global economies continue to show signs of increasing strength.
A big area of frustration for a lot of employees comes when it’s time to be reimbursed, and a primary objective for CFOs in 2018 should be making sure this happens as quickly as possible.
So, if you want to keep your employees happy, the following are some tips to get their reimbursements processed and to them as quickly as possible.
Invest in Software
Some of the biggest reasons expense reimbursements can be delayed relate to human error and bureaucracy. Eliminate both of these obstacles with expense reimbursement software.
Look for software that automates the processes required for approvals and reimbursements, so there’s no risk of delays. It’s good for not only employees who want to be reimbursed quickly, but also for Canadian businesses who want to save money and time. Improve reimbursement efficiency with excellent software, and the entire organization benefits.
When choosing expense software, it’s also important to choose a product with robust mobile capabilities. This makes it easier for employees to submit all needed information from their device on-the-go, which significantly speeds up the reimbursement process as well.
Employee Understanding and Buy-In
A big part of getting employees reimbursed quickly relies on making sure they understand the policies not only in theory but also in practice.
First, look at how clear or unclear policies are. Is the current reimbursement policy in-line with employee needs and corporate culture? Is it modern and relevant right now, or is it outdated? Do changes need to be made?
When you’re making changes to reimbursement policy, ask the people who are affected the most by it: the employees. If you ask for employee input, you’re more likely get employee buy-in and compliance.
Once you’ve gone over the policies and made any changes, it’s time to train employees. A lot of employees either don’t know what the real spending and reimbursement policies are at all, or they know them, but they don’t really know how they work. Training is essential. This makes sure there’s consistency and that everyone is on the same page.
Implement the Use of Corporate Cards
If your company doesn’t already issue corporate cards, it’s an important step in cutting down on reimbursement times, on average. The employees with the cards don’t have to worry about out-of-pocket cash expenses, and it’s going to save a lot of time and energy on everyone’s part.
Finally, if you’re worried about whether or not certain employees should have corporate cards, there’s another option, and that is the virtual card. Virtual corporate cards provide all of the in-person and online payment options of a traditional card, but they’re much easier to manage so you can keep close tabs on spending, and set controls.