Most would agree, running a tax reimbursement system smoothly is a daunting task. Filling forms, collecting bills, storing bills for audits, conveying claim status to employees, tracking and managing the entire system manually, is nightmarish at the least. To avoid all of this, many choose to outsource the work, which means an immediate increase in expenditure on payroll management.
While the entire process will always remain challenging to manage, there’s one little change that can make things a lot easy. Going paperless! Cutting edge technologies are already available in the market that makes it possible for HR managers to completely manage tax reimbursements digitally. And, mind you, we are not talking about desktop-based solutions. Along with the rest of the world, this area of work has also now moved on to apps.
Here are five reasons why paperless tax reimbursements are better.
- Faster - No drop boxes placed around the office, no time taken to collect bills, no manual verifications and immersing resources in tonnes of paperwork. Paperless reimbursements can save upto 90% operations time for HR managers.
- Cost effective - Paperless reimbursements mean a cut down on resources and costs as management of tax reimbursements become way smoother. It also denotes minimising of expenditure on outsourcing payroll management.
- Less resources - A reduction in manpower involved in managing your tax reimbursements is the most immediate effect of going digital. No hiring extra hands to do the manual work involved in the process. One dedicated employee or a small team is all you need.
- Easy to manage - When managed on a digital platform, tax reimbursements can be controlled in a click. No manual work and no sweat over physical management of work. Also, no logistical hassles with a paperless platform.
- Employees love it - Saving and storing bills, filling forms and waiting through long cycles to get tax reimbursement claims settled is a painful process for employees. Your employees will have a reason to rejoice, once all of this is taken out of the equation.
No matter whether you offer a facelift to tax reimbursements right away or not, it is but an impending necessity. With all areas of work going digital, it is but a pain to continue on the rough roads of manual work. Embrace technology and ease out the troubles of your workforce.
Author: The Zeta Team