Claims Management, which primarily tracks the expenses made by on-field employees, is now becoming an essential part of employee management in 2021. Here’s why.
Around 40% of the global population has been fully vaccinated, and more than 720 crore doses have been given worldwide. But, did everyone pay for the vaccination? Well, they didn’t. Other than government bodies providing free vaccination, the leaders of the job industry stepped up and encouraged their communities to get vaccinated by providing them with quick reimbursements for the same.
Hence, managing claims is becoming a more tedious and crucial task as time flows. And of course, there’s the paper waste that follows!
In the CPG industry, an average company hires no less than 10-15 salespeople to achieve the desired sales. But maintaining the day-to-day reimbursements for all those sales guys results in a lot of time consumption and paperwork, with a huge scope for error which might delay the processing of funds. And a delay in payment means low funds for the employee who is expecting the payment, leading to employee dissatisfaction and even a lack of motivation towards work.
And the struggle gets more real!
For FMCG companies that operate over vast regions with around 100 – 1000 salespeople, glitches in timely reimbursements can lead to a bad reputation in the market. On the other hand, precisely maintaining the minute transaction details of different employees from different locations often rakes havoc for managers, which even leads to lost claims in many cases.
Many companies make their employees submit expense claims during a specific period, at the start or end of the month, so that the process is more efficient.
However, given the shortness of time, it’s highly exhausting to check the day-to-day expense bills of hundred and thousands of people and ensure that there are no duplicates and that all entries get recorded correctly.
In some cases, to avoid the back and forth communication, companies even give an upfront allowance to their staff to cover their expenses. However, since expenses aren’t the same always, such initiatives often cost more either to the employee or the management.
But imagine if every expense claim could be monitored and sanctioned from one single dashboard rather than going through piles of documents individually. Putting in place a proper claims management system takes away the hassle of checking efficiency and also rapidly reduces the turnaround time to process claims.
Bizom Expense Claims is one such solution that fast-forwards the claims management process and makes it tremendously easy for both employees & managers to update and sanction claims.
Used by global brands like Hershey’s to manage every expense of their sales staff, this solution has multi-fold benefits. Employees can update their expenses on the mobile application from any location, even without a proper internet connection. Their managers will view all claims made from one screen and process the same instantly. Digital uploading also ensures that no duplicate claims are sanctioned, and no claim gets lost.
Bizom Expense Claims makes it easier to ensure all reimbursements are completed timely and gives the company a real-time understanding of all outstanding expenses. In addition, every company can easily customize the solution for the different types of claims they sanction and even add or delete the same at their convenience.
To sum up, it’s vital for any manager to meet the small necessities of the ones who grow the business. And with the changing work culture, types and ways of reimbursing employees are changing too in this post-Covid era.
Some companies have even launched reimbursements for books and fitness to help their employees read more and stay healthier. All in the hope to make these workers more satisfied with their work-life.
So, having one unified platform for all different types of claims can help build the base for efficient management.