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How do you update and optimize reimbursement policy automation over time?

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Reimbursement policy automation is a way to streamline and simplify the process of submitting, approving, and paying employee expenses. It can save time, money, and hassle for both employees and managers. But how do you make sure that your automation system is up to date and optimized for your business needs? Here are some tips to help you review and improve your reimbursement policy automation over time.

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Jon Grander

1 Assess your current system

Evaluating the effectiveness of your current automation system is the first step. You can collect feedback from employees and managers, analyze data and reports, and identify any gaps, issues, or inefficiencies. Ask yourself questions such as: how easy is it for employees to submit their expenses and get reimbursed? How fast and accurate is the approval and payment process? Does the system comply with company policies and tax regulations? How much time and money is saved with automation compared to manual methods? And how secure and reliable is the system and the data it handles?

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Jon Grander
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As a subject matter expert in expense management, it's crucial to regularly evaluate the effectiveness of your automation system. In my experience, a system that is not user-friendly or does not comply with company policies can lead to significant financial losses and compliance risks. It's important to consider not only the speed and accuracy of the system but also its reliability and security. Automating expense management can lead to substantial cost savings and increased efficiency, but only if the system is optimized and regularly updated to meet the evolving needs of the business.

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2 Update your policies and rules

Based on your assessment, you may need to update your policies and rules to match your current business goals, practices, and challenges. This could include adjusting expense categories, limits, and rates to industry standards or clarifying documentation and verification requirements. You may also want to incorporate new types of expenses such as remote work, travel, or subscriptions. Additionally, aligning your policies and rules with accounting and payroll systems can help avoid discrepancies and delays. It is important to communicate any changes clearly and consistently to employees and managers.

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Jon Grander
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It's crucial to regularly review and update policies to reflect the evolving nature of business operations. In the retail and real estate industries, expenses can vary greatly due to market changes, new technologies, and shifts in consumer behavior. For instance, the rise of remote work has introduced a new category of expenses that companies must account for. It's also important to ensure that expense policies are in line with sustainability goals, which are increasingly relevant in today's business landscape. Clear communication of policy updates is essential to maintain compliance and prevent loss.

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3 Choose the right software

When selecting a software for reimbursement policy automation, there are many options available in the market. It is essential to consider factors such as ease of integration with existing systems and platforms, user-friendliness for employees and managers, customization to fit specific policies and rules, scalability to grow with your business, and security and compliance with data protection and tax regulations. Choosing the software that best suits your needs, budget, and preferences is key.

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Jon Grander
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It's important to select a software that not only automates reimbursement policies but also aligns with the company's strategic goals. The right software should offer customization to adhere to specific policies while ensuring scalability and compliance. In the retail and real estate industries, where I have extensive experience, the ability to integrate with existing systems is vital for a seamless transition and to avoid any disruption in operations. Security is also paramount, as data breaches can have significant financial and reputational consequences.

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4 Monitor and optimize your performance

To ensure your reimbursement policy automation is delivering the expected results and benefits, it’s important to monitor and optimize your performance regularly. Setting and tracking key performance indicators (KPIs) such as turnaround time, error rate, compliance rate, and cost savings can help you do this. You should also review and update your policies and rules as needed to adapt to changing circumstances and feedback. Testing and troubleshooting your system and software to fix any bugs or glitches is also important. Training and supporting your employees and managers to use the system effectively, as well as seeking and implementing best practices from your industry, can help you make the most of your reimbursement policy automation. With these tips, you can enjoy the benefits of efficiency, accuracy, and convenience.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you update and optimize reimbursement policy automation over time?

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1 Assess your current system

2 Update your policies and rules

3 Choose the right software

4 Monitor and optimize your performance

5 Here’s what else to consider

Expense Management

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