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Profit from moving away from a paper-based expense process – Expert Advice By Sunil Nigam

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Profit from moving away from a paper-based expense process – Expert Advice By Sunil Nigam

October 28
08:44 2021
Profit from moving away from a paper-based expense process - Expert Advice By Sunil Nigam

In early days of 1996, Y2K was the flavour of century (2000). The enterprise, IIS Infotech, where Sunil Nigam used to be the Group CFO, had about 600 individuals on-site while in the US and UK. Every month he did get two massive DHL sacks bearing 600 employee’s costs. Each individual worker had between 25 and 35 items.

It was a nightmare collating and reconciling them. This was a widespread problem for ALL companies then. And still for others, even today.

30 of the colleagues would invest every month about 48 hrs undergoing the expense studies and receipts.Comfort level about the veracity of the documents was less than 40%. Sunil Nigam had no choice but to pay. It was a business decision. The technology to send receipts, and expenses over the internet came in 2001.

In 2003, Sunil Nigam begun ExpenseOnDemand, to deal with this issue.

The manual process, even today, is a painful task for the Finance team (as explained above). However, from a CEO’s perspective, whilst it is important to pay employees on time, it is not necessary! Simply because it forms less than 1% of the top-line of any business. Relooking on the handbook approach becomes Important, only when reimbursing employee charges is constantly delayed. The problem is – How do you help it become both Critical & Essential for the occupants in the C-Suite?

Customarily, folks watch using paper or Excel as being a “zero Value”. This is a fallacy. Whilst these may possibly Charge zero, it is the process & actions all around it, which are the “Price”. By way of example, enough time it’s going to take to accomplish a manual claim; the review procedure; the toeing and froing in relation towards the misplaced receipts; the duplicates; the checking towards the expense policy. And finally, the angst all of this makes, when each individual assert usually takes 4 months to reimburse!

The challenge for Sunil Nigam was to simplify & automate the expense process. Apart from just saving time and money, the modify should also reduce angst, and the bitterness versus finance.

Sunil Nigam had to deliver un-questionable certainty round the costs app we sent, where claimants & approvers could use their mobile phones to submit & approve expenses with digital receipts; track the journey of each expense in real time. Finance could check and upload automatically in their accounting systems. In short, the expense management process had to work like clockwork.

There had to be certainty about the amount, the receipt and that the expense was within the policy. To this end, we collaborated with the customers in coming-up with an elegant solution, which offered 100% certainty about the veracity of the expense, and everything around it!

ExpenseOnDemand was born. And today businesses, spanning from 4 to 4000 employees, use it globally, across 96 countries.

Class was part of the mission, but robustness from the process of action was the important thing. We did not cease here below. Sunil Nigam worked to providing Intense flexibility all around pricing. Customers only buy capabilities they use, and only for the people workforce who make expenses. To put it briefly, the goal to realize excellence in UI, UX, performance and pricing is usually a continual quest, which involves challenging ourselves day after day to become even better. ExpenseOnDemand has produced it its mission to provide a leap in value to our shoppers, at charges which usually do not every pose a burden with a SMB’s pocket.

ExpeneOnDemand provide a world-class web program for managing employee expenses, helping enterprises to automate their bill procedure in a paperless environment.

The ExpenseOnDemand app lets you claim and approve charges out of your mobile, anytime any place. Finance people can log into our portal to help make them do payments, transfer data and generate reports. Implementation can take just a few minutes, and you may increase additional features anytime to fit your certain necessities. From just INR 35 per person every month, ExpenseOnDemand is actually wonderful worth for organisations with four to 4000 workforce. Is that the most effective expense application in the Universe? Take the Free demo and you choose. Sunil NIGAM is the Founding father of ExpenseOnDemand, the worldwide expenses application. Expense On Demand Ltd was set up in 2003 and now has offices in England, Australia, India and Singapore.

More info: https://www.expenseondemand.com/expense-management-software

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