Managing expenses has always been a tricky task for busy employees. This is especially true when so much time is spent on the road visiting clients. It is made even harder when they need to keep track of these expenses on spreadsheets or even paper over an extended period and then submit them all in one go. Well, instead of using this outdated and inefficient system, many forward-thinking business owners are utilising expense management software to access the following four benefits.
1. Being able to capture every receipt
Capturing every receipt is difficult when tasked with keeping hold of multiple new receipts each and every day. Well, a mobile app is both convenient and cost-effective as it allows you to quickly scan and upload your receipts at the point of purchase.
This allows for much more accurate record-keeping as no receipt can end up going missing.
2. Saving time for EVERYBODY
The time-saving benefits of an expense management app are not just limited to the employees using them. Instead, you must look at the broader range of benefits on offer. Notably, the finance team who are able to process claims much sooner.
Better yet, a truly intelligent expense management system can then automatically apply business policies and tax rules. In turn, you are left with an expenses system that is 100% streamlined and efficient.
3. Allowing for accurate Business Mileage journeys
One of the most common expenses that must be accurately tracked is the business mileage that an employee accumulates when away from the office. Advanced expense management solutions utilise GPS tracking to accurately capture the number of miles travelled.
This data is then immediately fed back into the software. This service is beneficial not just to the employee submitting their mileage, but more importantly, it works in the favour of you, the business owner. You can be 100% sure that the mileage recorded is accurate and that the finance team is not overpaying on expenses.
4. Reducing overall spending
It is estimated that by accurately tracking mileage, businesses can save at least 5% on expenses claims. By then capturing every single receipt, the system can also counteract any rounding errors that an employee may inadvertently submit.
Finally, the increased efficiency for all members of the organisation allows for greater business productivity across the board.