There are few things more painful for employees than using their hard-earned cash to pay for company-related expenses, and then waiting for what feels likes ages before they are paid back.
With Americans exhibiting historically low amounts of savings, it’s an issue that is only getting more important for companies to manage successfully.
If your reimbursement process is being held back by clunky manual systems—or you have to rely on third-party vendors to pay employees—this adds time to an already lengthy process. And if you think employees are the only ones who care about being reimbursed fast, think again.
Repaying your employees quickly isn’t just an excellent way to build better relationships, it also helps finance teams better forecast the future based on accurate data. And that’s before it comes time for the annual close and compliance check.
Which is why we’re excited to release Direct Deposit for Nexonia Expenses.
Direct Deposit for Nexonia Expenses offers a way for you to pay your employees back quickly, and from inside a platform you already know. You can pay from the account of your choice, with payments received in as few as three days. And it’s been developed in partnership with one of the world’s most trusted financial partners.
Here are three reasons why we’re excited about Nexonia Direct Deposit:
Some companies still have the payroll department cut checks when it’s time to reimburse employees for approved expenses, while others rely on third-party vendors to make the payment. The wait period alone is something that will creates distrust amongst employees, and that’s if everything else is working as planned!
With Nexonia Expenses and Direct Deposit, not only can your team enjoy a streamlined and highly-configurable expense reporting process, you can also issue reimbursements easily from a system you already know.
Nexonia Direct Deposit has been built in partnership with Western Union Business Solutions. It allows you to take advantage of the company’s vast payment network to send Automated Clearing House payments that clear as fast as three days.
With more than 150 years of leading the industry for businesses around the world, you can feel confident that every payment will arrive in the account you intended.
Flexibility and control
Control and flexibility may sound like opposing ideals, but with Nexonia Expenses and Direct Deposit you can enjoy the benefits of both. By using a single system to control reimbursement approvals, you gain total control over expense payments. Your finance team also has complete visibility into expenses and reimbursements.
Because our solutions are highly configurable, you can select which bank account sends the reimbursement depending on the employee. This makes it easy for finance to review budgets, and accurately forecast expense, while keeping a close eye on company spend.
And depending on your needs, we can setup Nexonia Direct Deposit with nearly unlimited levels of reimbursement approval. This means only the reports and reimbursements that need your attention come across your desk.
Plus, our built-in notification system lets you track the status of every single payment. You won’t have to wonder if “Kristin in Sales” received her reimbursement, because you can easily see the payment was sent—and received.
Having the freedom to pay employees back fast is wonderful for admins—and frankly everyone. But while you may have a clear expense policy in place to help with setting expectations, you’ll still need to cut a check or have payroll reimburse the employee if you don’t have a better solution.
Since Nexonia Direct Deposits was built with the gold standard in business payments, you can feel confident that every payment will arrive on-schedule. And issuing all payments from a single platform can also help reduce your risk by limiting access, without cutting out the finance team’s ability to monitor spend.
Quick reimbursements can be a simple and effective way to build stronger relationships with employees. And the business benefits don’t end there. Finance and accounting now have accurate and up-to-date spend data to work with. This may help the organization do a better job budgeting, forecasting, and managing spend.
Curious to learn how you can build better relationships with employees through fast reimbursements? Send us a message to schedule a demo, or reach out to your customer success manager directly.
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