The issues faced by SMEs and startups when managing expense claims are different to those experienced by larger corporate businesses with more employees.
Firstly, bigger businesses may well have their own dedicated finance department to deal with the practicalities, as well as enough cash reserves to enable them to clear expense claims quickly and handle the administration afterwards.
One other major difference is that some of the world’s most successful corporations adopt a policy of simply trusting their staff. A notable example is Netflix, which boasts an expense policy which is just 5 words long
– “Act in Netflix’s best interests”.
Sadly, this is a luxury which the average SME simply can’t afford.
Even at Netflix, despite the obvious success they have achieved, Patty McCord, Chief Talent Officer from 1998 to 2012, is quoted as saying:
“Like most Netflix managers, I had to have conversations periodically with employees who have eaten at lavish restaurants (meals that would have been fine for sales or recruiting, but not for eating alone or with a Netflix colleague). We kept an eye on our IT guys, who were prone to buying a lot of gadgets.”
For a startup or SME working to tight margins, the choice is obvious – adopt an effective and efficient expense management system.
Award-winning expense management software, Zetadocs Expenses, is helping small and mid-market businesses become more efficient by dispensing with paper-based processes, whilst saving time and money.
See Zetadocs Expenses in action and discover how it can transform your business by booking your free demonstration with our team HERE.