Manual expense reporting reduces morale and productivity in the workplace.
It is a well known fact that most people dislike the hassle of reporting expenses at work. It is a tedious, time-consuming, and unnecessarily complicated process. What might come as a big surprise is just how much of an impact the nuisance of expense reporting can have on employees.
According to a poll of 1,000 business travelers conducted by Wakefield Research, a top market research firm, 53% of participants in the study preferred preparing annual tax returns to reporting expenses.
More than half of participants (also 53%) had not submitted a single expense report in the previous two months simply to avoid the unpleasant process.
What may come as an even bigger shock is that 43% would rather add an hour to their daily commute than spend an hour manually filling out expense reports.
Business travelers are frequently expected to pay out of pocket for business expenses and wait to be reimbursed at a later period. The average business traveler paid $2,604 — almost triple the median housing cost of $966 — while waiting to be reimbursed.
Ninety percent of participants in the study expressed frustration with the duration of time it took to be reimbursed for business expenses, while 60% said waiting to be reimbursed for work expenses made it difficult to pay personal expenses.
Nearly 75% of participants believed they would be more productive with an easier method of expense reporting, and 84% saw a correlation between morale in the workplace and the stress caused by filing business expenses.
If one thing is clear from this study, making the process for filing expenses more seamless would benefit both the employees and the employer. Digital expense reporting is a great solution that any business owner should consider, and it just so happens that Itemize processes expenses faster than any other platform.
Want to make your employees happy while increasing productivity and morale at the same time? Itemize can help.