Automating travel and expense management can reduce costs and improve productivity, but having an effective travel and expense (T & E) policy in place can help cut overage expense claims. Digitizing travel and expense reporting processes will not only make life easier for managers and employees but also enables organizations to take a deeper look at how employees are spending. Some businesses are moving beyond mobile travel and on to expense solutions that generate customizable reports that show if employees are adhering to company’s T & E policies.
Gaining access to the data will not only point to areas of improvement but with the real-time data, companies can get a comprehensive and detailed look at travel expenses. Using spreadsheets can be really time-consuming as expenses tend to come in large numbers since employees are sending them by the end of each month. But, now mobile application allows users to simply capture receipts and Optical Character Recognition (OCR) technology that will extract the data and upload it to the expense report software solution.
Mobile Expense Management = Savings
Studies revealed that companies can cut costs by 18% when they switch from manual expense reporting to mobile expense management. Cost savings include money saved from processing expense reports and employees time in waiting for submission. With streamlined expense management process, companies will have improved visibility into spending and can negotiate better rates.
Mobile App Improves Productivity
Having an app available for mobile phone enables employees to quickly record expense claims. Infact, expense submission can be easily done as employees have the option to submit claims when they are done with their trip. Modernizing travel and expense reporting processes will give you accurate and real-time visibility into corporate spending. But, before considering new technology, having workable travel and expense policy in place can overcome exceptions that occur in real-time. Lack of policy will delay implementation and put management at risk.
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