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After the pandemic, gradual recovery in business travel has led to increased expense claims. This means that the traditional spreadsheet-based expense management system will not be sufficient anymore. Companies are looking for a better solution for expense filing that offers employees convenience in expense filing while they are out of the office.
The process of traditional expense filing is tedious for many reasons. For starters, the employees have to preserve a physical copy of the receipt for every expense they incur. And they have to wait until they are back in the office to file the expense claims.
So, how can you liberate your employees from this additional and rather unwelcome responsibility? The answer is mobile expense reporting.
Mobile expense reporting is the ability to file expense claims in real-time from anywhere in the world at any time of the day. You can incorporate mobile expense reporting with the help of SaaS-based expense management software.
Let’s understand the top 5 notable benefits of mobile expense reporting.
Employees are preoccupied with multiple objectives on a business trip. They have to prepare presentations, attend numerous meetings, and analyze their outcome. Hence, they don’t have the bandwidth to carry out low-value tasks like keeping track of all the expenses, which can only be filed after returning to the office.
With the help of mobile expense reporting, your employees can capture expense receipts, create reports, and submit expenses digitally. They don’t have to get back to the office and enter each transaction into a spreadsheet. This increases employee satisfaction because an additional responsibility is taken off their already full plate.
If you use spreadsheets to manage expenses, your employees can’t upload the expense data instantaneously. They have to wait until they return to the office. This delay increases the chances of a mistake.
For example, they can accidentally add an extra zero and convert a water bottle worth $30 to a $300 water bottle. Such errors will perplex your finance team during travel and expense audits. They may even hold the employee accountable for expense fraud, even though it is a mistake.
In this case, mobile expense reporting can help in two ways. All the expense data will be extracted directly from the expense receipt with the help of OCR technology. Therefore, the chances of reporting errors drop to zero.
Additionally, every receipt will be stored by your expense management software for your and your employees’ reference in case required during audits or reconciliation.
A typical expense processing workflow begins with employees filing their expenses and sending the expense report to their line manager for approval. The line manager takes some time to evaluate the reports and sends them to the finance department for final evaluation and reimbursement. The process is sluggish and clunky.
Mobile expense reporting can help speed up the process of reimbursement. Employees can upload their receipts in real-time from wherever they incur the expense. After that, the expense management software automatically compiles them into expense reports, and employees can send them for approval.
For the employees, mobile expense reporting is a quick and easy way to update their expenses. For the finance team, automated expense reporting is a faster, more efficient alternative to manual expense reporting.
Traveling for work can be overwhelming for an employee. The onus of navigating a new place, attending multiple meetings, honoring deadlines, etc., can be highly stressful. Hence, it is quite possible to damage or lose small pieces of expense receipts in such high-pressure situations. Missing receipts will slow down the reimbursement process, and in some cases, the employees might not even get their money back.
With mobile expense reporting, you can save the data on your expense tracking software securely. The software extracts expense data with the help of OCR and stores it securely in the cloud. Hence, no data gets lost, and the reimbursement process keeps running smoothly.
With traditional spreadsheet-based expense management, it is tough for your employees to determine if the expense they are incurring is travel policy compliant. They have to go through a lengthy policy document to ensure they don’t go over budget and commit expense fraud.
With mobile expense reporting, your employees get real-time visibility of the expense policy. Your expense management software will send helpful notifications to your employees when they forget to submit a receipt for proof or the data entered manually does not add up. Sending regular alerts will drastically reduce the number of policy violations and ensure policy compliance.
Mobile expense reporting can provide multiple benefits to your organization. It saves your employees a lot of stress as they don’t have to worry about keeping track of every piece of receipt. Additionally, your expense data will be securely saved on the cloud so that you and your employees can access it from anywhere around the globe.
If you are still managing your expenses on a spreadsheet, now is the right time to switch to automated expense management software like ITILITE to reap the benefits of mobile expense reporting.
To know more about how ITILITE can ease your expense management process, get the free demo of ITILITE now.