Many businesses are unaware of the amount of time they spend manually processing expenses.
Collating paper receipts, manually entering purchase data into spreadsheets, uploading into accounting software, and chasing down lost receipts all detract from employees’ core tasks and consequently reduce overall productivity.
Automating these functions can significantly reduce costs, improve efficiency and save time.
Penny Inc recently helped one of our clients (a remediation company that repairs damaged homes) analyze the time required by their administrative staff and employees for purchasing products and services, submitting receipts, and completing expense reimbursement. The data showed that the hours-per-week spent on expense management reduced by 77%, simply by implementing the Penny Inc expense management solution:
|Business Unit||Task||Number of hours per week spent on manual process||Number of hours per week using Penny Inc|
|Field Technicians||Purchasing goods in store.|
Completing expense claim spreadsheets with transaction details.
|Operations Staff||Chase receipts.|
Review receipts, and approve reimbursement claims.
Query expense transactions.
|Finance Department||Manage business related expenses.|
Process expense claims and reimburse employees.
Manually enter expense transactions to accounting software, including project codes, cost centers and transaction categories.
|Business Owner||Review and approve business related expenses.||3||.5|
|25 hours per week||4.5 hours per week|
A significant decrease of time and effort achieved by a company such as this, can result in an increase of net earnings between 3-5%.
How does Penny Inc work?
Penny Inc has been created with the purpose of helping Small Businesses reduce the cost of expense management. Penny Inc integrates a reloadable prepaid debit MasterCard with an expense management app (mobile and desktop), enabling you to automate, control and monitor your business and travel expenses. Some of the key features include:
- No maintenance or usage fees: Penny prepaid MasterCard cards have no monthly, annual, transaction, withdrawal or cancellation fees. The Penny Inc desktop application, cardholder app and prepaid debit MasterCards are all free.
- Expense tracking reminders: Penny’s mobile app prompts the purchaser to photograph corresponding receipts at the time of purchase and attaches it to the transaction, instantly stored for the company administrator to access. No more manual spreadsheets and chasing receipts.
- Control of business expenses:The company administrator oversees where and how each Penny card can be used - including blocking merchants and/or setting daily spending limits.
- Fast and easy set-up: Online registration takes less than ten minutes, and Penny cards are delivered within seven days.
- Request funds on the go: Approve fund requests to instantly transfers funds from your business account to Penny Inc cards.
- Alignment with accounting software: Transactional data on the Penny card can be automatically integrated to most major accounting programs eliminating the need to re-enter expense data to different applications.
Signing up for the Penny Inc expense management solution is easy. Visit www.thepennyinc.com, and click ‘Get Started’. Penny Inc helps get your time back, so you can focus on the important things.
Contact us for a demonstration or to start a free trial.
Chief Executive Officer, North America
M: +1 727 424 7526