Search
Close this search box.

The four biggest challenges with manual processes

What challenges do you may encounter having a manual expense management process?
Woman sitting on sofa with a macbook

Content

In a recent release from Levvel Research, a number of suggestions are made as to what challenges a company may encounter when they manage their expense management processes manually.

1. Manual keying and handling

The first place goes to manual keying and handling. This is the biggest problem by not having automated your processes. It’s not necessarily a problem itself but the consequences are often comprehensive. Manual work is extremely time-consuming, and it usually entails that more employees are becoming involved in the process. This means that a number of employees must focus on tasks that’s not a part of their core competencies.

The process costs can therefore suddenly get out of control if a highly paid employee must spend time filling in and forwarding envelopes with completed schemes and receipts in.

2. Lack of data insight

Insight to real time data is crucial for a company’s administration or management. If they for example fails to gain real time data insight on time spent on a given project, it leaves the management without the possibility to automatically be notified if more time has been spent on the project than the company can be reimbursed for.

Therefore, it can quickly lead to a conflict between customer and company, if the lack of data insight into an employee’s time or money consumption isn’t in accordance with company policy or what has been agreed with the customer.

3. Company policies aren’t incorporated

The previous point is completely in line with the next major challenge of manual handling of expenses. If a company has automated its processes around expense management, then company policies can set up limitations to ensure that no more money than agreed can be used. At the same time, it’s possible to dispatch two things: fraudulent overspending and cheating with expenses and the settlement hereof. Incorporation of company policies are therefore a good idea.

4. Missing reports

It may seem quite absurd, but one of the biggest challenges of managing expenses is that reports are disappearing. 24 % of the surveyed mentioned missing reports as one of their biggest challenges. We really hope that a hard-copy backup of the receipts is being taken. The error margin will always be greater when we carry handheld expense reports instead of automating the process.

There is almost always room for improvements and that is also a part of the journey towards developing your business, and yourself.

Related articles

“Hveder” should still be enjoyed on a day off

On the last day of February this year, Store Bededag (Great Prayer Day) was abolished as a public holiday in 2024 by a majority in the Danish Parliament. However, at Visma Acubiz, we still believe that “Hveder” should be savored on a day off.

Are you ready for the new time registration law?

The new law on time registration has been adopted and will enter into force on 1 July 2024. The law outlines employees’ rights to rest periods and days off to protect them against working overtime. What does this new law mean for you as an employee or manager? We’ll try to answer that.

Visma Acubiz enters into a strategic partnership with TIMEmSYSTEM, which will elevate the offering of solutions for time registration to new heights.

Visma Acubiz and TIMEmSYSTEM are proudly introducing our partnership mTIME – the ultimate time registration system offering both high functionality and unmatched flexibility. Streamline your workflow effortlessly with features like automated holiday calculations, diverse employment term support, and seamless leave management. Say goodbye to obstacles and hello to productivity!

Opposing opinions on time registration 

While some view it as a restriction on flexibility and a form of control and surveillance of employees, others see it as a necessity to gain insight into how the company’s resources are utilized and to enable more accurate billing. Despite increased administrative costs and the required behavioral change, time tracking can provide managers and employees with a better overview of working hours and patterns.

The world’s top leaders’ predictions for 2024

PwC has asked more than 4,000 CEOs worldwide about how the future looks when speaking of economic growth, technological advancement, ai, and much more.