If you are an admin, CFO, corporate travel manager, or even the company owner, you most likely have to deal with heaps of expense receipts daily. Employees often travel on business trips for client meetings, conferences, events, etc. Managing their expenses and sorting through their piles of receipts, credit card statements, or even miscellaneous expenses can take time and effort. Remember, the best app to track expenses will reduce the pressure of employees chasing you for expense reimbursements and updates. Managing heaps of expense receipts and employees’ follow-up can get quite overwhelming. You need the best expense tracking app and an easier way to keep expenses organized from the start to avoid this administrative headache after each trip.

Well, you are not alone! Most of the organizations across the globe need help to track their expenses. But it doesn’t have to be very complicated and frustrating like your manual method. With the right expense management app, tracking expenses becomes a cakewalk.

This blog will discuss how ITILITE is the best expense tracking app for business travel.

Challenges Faced by Organizations While Tracking Expenses

Navigating through business expenses often feels like navigating a labyrinth without a map. You have to organize these receipts, ensure policy compliance, ensure timely reimbursements, etc, and this process is time-consuming and burdensome. Amidst your busy schedule, you will need more time to dig through crumpled receipts and expense reports. And with the best expense tracking app, your company can avoid losing money and compliance issues.

Manual methods of tracking expenses, such as spreadsheets expense management, consume a lot of time and can result in errors.  Corporate policy may differ across departments, so knowing what expenses qualify is tricky unless you dig through paperwork. With so many expenses that need to be checked and reimbursed, the last thing you want to do is go through complex expense reports. Once all that is done, reimbursements can take weeks or months. 

Hence, this disjointed, complicated, legacy expense tracking process can no longer be used. They waste your time, hurt your cash flow, and open the door for non-compliance. 

Key Features of ITILITE that Make it the Best Expense Tracking App

ITILITE offers several key features that set it apart as the best app to track expenses for business travel. Here are some of the top capabilities:

1. User-friendly Interface

One of the critical features of an expense management app has to be its user-friendly interface. The best expense tracking app, such as ITILITE, has a user-friendly interface, which makes it simple for employees to submit and file their expenses.

 It also makes it easier for managers or finance officers to review and approve them. With a user-friendly interface, you can ensure that your employees submit their expenses more efficiently while on the go, leading to faster processing times and fewer errors.

2. Mobile Accessibility

In today’s day and age, employees are often on the go and need to file and submit their expenses online. Having the best expense tracking app accessible from a mobile device can help employees submit expenses quickly and on a timely basis.

 This is precisely what the expense tracking app offers. The expense management app is available for both iOS and Android phones. The mobile app lets you capture expense receipts, create a report, and submit them for approval. The feature of mobile expense reporting improves expense policy compliance, reduces processing times, and all expenses are filed promptly, which is why it is the best app to track expenses. 

3. Real-time Reporting 

One of the crucial features of an expense-tracking app is real-time reporting. This is because timely reporting gives organizations accurate information about their expenses. With real-time reporting, your company can gain a comprehensive view of its expenses at any given moment. 

For instance, with the help of ITILITE’s expense management software, you can identify spending patterns and trends, ensure policy compliance, and make data-driven decisions swiftly. Your company’s travel manager, finance officer, or admin can choose from expense category breakdowns, departmental expenses, employee spending summaries, and other relevant reports based on their specific needs.  

4. Fraud Detection 

As per a study, ACFE detected a whopping $40,000 worth of expense fraud in the US in 2020. Also, around 25% of the expense claims defied the organizational expense management policy. Manual methods of expense filing lead to opportunities for committing fraud. The low level of security on spreadsheets allows employees to alter the data once the expense report is approved. Moreover, the finance team can overlook duplicate receipts or round up mileage expenses while manually validating the claims. 

The best expense tracking app can easily identify fraudulent attempts such as duplicate receipts, payments submitted from unauthorized users, out-of-policy claims, or multiple submissions for the same expense.  It immediately warns the employee and the approver of such a violation.  

5. Smooth Approval Workflows

Integrating expense spreadsheets with other systems is a pain, especially when sharing expense data across various departments like accounting, sales, payroll, and budgeting. With the traditional way of managing expenses, each department has to spend a lot of time manually formatting and exporting data into multiple systems. It increases the chances of errors and slows down the entire process. An efficient and hassle-free solution is needed to streamline these operations.  

You can ensure a seamless data transfer by integrating the best expense-tracking app with various third-party applications. For instance, when expense management software is combined with accounting software, expenses get automatically updated in the accounting system as soon as they are reported and approved. The integration results in a streamlined workflow, making processes run smoothly without hiccups.

6. Transparency and Visibility

Consolidating expense data is necessary to improve efficiency, identify spending patterns, and recognize areas of cost saving. However, consolidating data through spreadsheets and inferring from it for decision-making can be challenging. 

With the best app to track expenses, you can solve this problem as it generates consolidated and customizable reports. Managers can use the consolidated data to make faster decisions without additional effort. Additionally, these reports enhance transparency by offering detailed insights into employee and department-specific spending. They also serve as evidence of compliance during audits and help to track the company’s financial performance by monitoring cash flow. 

ITILITE is the Best App to Track Expenses for Your Company

Expense-tracking applications are powerful tools for tracking your company’s expenses. It saves time, allows you to detect fraud, provides greater visibility and control, ensures smooth approval workflows, and much more. If you are still using the traditional method of managing expenses, it is high time to upgrade to an expense-tracking application that will enhance your business travel spending. 

ITILITE has the best expense tracking app, a game-changer solution that transforms corporate travel experiences. Its powerful features simplify expense procedures, ensuring precise compliance and real-time monitoring. With effortless integration, mobile accessibility, and meaningful analytical features, this expense-tracking app enables companies to optimize expenses, accelerate approvals, and make informed choices while enhancing overall efficiency in corporate travel. 

Want to know more about our advanced features? Book a free demo now!