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How Mobile Expense Management Benefits Your Business?

How Mobile Expense Management Benefits Your Business?
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Mobile applications are the real game changer that has transformed the way businesses control employee costs. Cloud technology complemented with smartphone applications is the real modern breakthrough. The advantage is the ability to convert paper receipts into a digital format through capturing from a smartphone. This process allows businesses to eliminate the need for paper-based processes when managing reimbursements. Mobile Expense apps deliver a wide-range of business benefits, which include:

Improving Speed and Efficiency

Getting receipts in a digital format removes the slow, clunky, and administrative headaches out of managing paperwork. An expense management solution will reduce processing times by significantly. Ultimately, the speed and efficiency can be improved company-wide. For employees, it becomes easy to update their expense claims. For the finance departments, manual processes can be replaced with fast and efficient processes.

Workforce Mobility

Around 90% of the global workforce has turned mobile – not working from the only web. The increased mobility is driven by digital technology and the ability to remain connected from wherever they have an online connection. It has become increasingly difficult to manage employee expenses through a paper-based method. Using mobile devices and smartphone applications provides users with the scalability and flexibility for the mobile workforce.

Tracking Journeys

Most often business travelers exaggerate mileage expense claims. It is the most common type of expense fraud that is difficult to manage, and so businesses rely on employees to provide mileage estimates of their journeys. This is where GPS helps. GPS can capture point-to-point paths, and gives you the route-map that an employee has traveled while on a business trip. Using feature to calculate the mileage can give you the total distance that the employee has traveled while on a business trip. This gives no scope for employees to exaggerate the mileage claims. Ultimately, this would eliminate this type of expense fraud, which is most common.

Real-Time Notifications

A cloud-based expense reporting solution allows smartphone users to get real-time alerts, notifications, and warnings. Mobile app users can get notifications and alerts whenever an employee submits the expense claims that are not complaint or out-of-policy. These real-time notifications allow managers to keep track of suspicious activities. This way the employee can be accountable for the reimbursements they are claiming. It allows the policy to be implemented in real-time during everyday workflow.

Build a Good Culture

Retaining the best talent means creating a positive work culture that employees want to be a part of. And for millennials, managing the process through paper-receipts won’t work. Offering them a fast and flexible way to manage expenses through the smartphone app motivates employees, thus creating a positive work culture within the company. Beyond the speed and efficiency, businesses do get a wide-array of benefits through the combination of mobile and digital expense management. The expense software allows businesses to control reimbursement costs and free-up managers from the administrative burden of paperwork and manual processes. All of this is how the expense software has become an essential tool for the modern workforce.

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