Top 5 Benefits of Mobile Corporate Travel and Expense Management

Expense filing traditionally can be cumbersome, and therefore it is time to adopt a more robust system of expense reporting. Mobile expense management of corporate travel is the easy answer to this issue. If your business relies on frequent business travel, then it certainly needs mobile expense reporting. Read this article to find more reasons to convince you to make the switch to mobile expense management:

In the age of automation, the way business is conducted is rapidly changing. This shift to technology is even more necessary among those businesses that are dependent on frequent business trips and where there are a lot of employee expense reports to manage, making corporate travel and expense management difficult.

 

With the aid of advanced smartphone technology and cloud computing, businesses are now able to unlock a new universe of mobile employee expense management that comes with a considerable set of benefits. The advantages are far too many to continue to utilize the traditional expense management processes where the employees have to keep the physical invoices safe and then file them manually. Hence, it only seems rational to choose online expense management over traditional processes. 

 

Let us explore the top 5 benefits of mobile expense reporting that will help you to achieve seamless travel expense management:

 

Instant Notifications and Quick Approvals with Travel Expense Management Software:

 

One of the advantages of mobile expense reporting is automation. This feature enables companies to set up approval flows and enforce their corporate travel and expense policies by default. Automated approval processes of mobile expense management solutions are facilitated by instant notifications to both the approver as well as the employee post-approval. It reduces the time taken by approvers in accepting booking requests as well as in verifying the reimbursement claims, thus cutting down on time required for processing claims, keeping your employees happy!

 

The app notifications further help in tracking any suspicious activities by instantly informing about an incorrect data entry or in the event an employee forgets to attach an invoice, making sure there are no delays. Such travel and expense management software notifications further help the employees also to keep track of the status of the claims filed, saving everyone’s time.

 

Lessen Administrative Burden with Travel and Expense Management:

 

Business expense management requires employees to compile their business expenses manually. They have to keep each expense receipt and collate them all together, followed by filling each entry in spreadsheets manually. There are even instances of having to print out invoices before filing them for reimbursement claims with the finance team, wasting significant time that could be used more productively.

 

Similarly, the finance team has to process each of these expenses individually. This often requires them to cross-reference each expenditure against the company’s travel policies to make sure that they are in alignment with each other. All of this increases the administrative burden, consuming valuable time of the employees in corporate expense management. This can be even more precarious for a small business where every employee’s time is of the essence. Mobile expense reporting can, therefore, meet this requirement of quickly processing corporate travel expenses without the need to manually enter data by automatically importing real-time data. The automated structure of booking requests, approvals, and claims processing, owing to mobile technology, does not consume the time of employees, delivering an efficient expense management system. 

 

Quick Expense Submission with Mobile Travel Expense Software:

 

Expense reporting requires employees to go through a lot of paperwork which is a hassle for employees who are travelling for work. Business travellers have a lot on their minds. From navigating a different city, preparing presentations, multiple meetings with the clients, forging lasting business relationships, to finally getting a chance to evaluate the outcome of it. In the midst of all this, they are expected to keep track of all the invoices and devote their time to manually compiling it all for expense submission in the absence of a mobile expense management tool.

 

With a mobile expense management solution on the contrary, employees are granted the ability to submit their expenses immediately after the expense is incurred while being on the go. This reduces the possibility of errors, letting them focus on the goal of taking the business to greater heights instead. A time-consuming task like expense submission can therefore be reduced to just a few clicks with an online expense management software.

 

Data Protection with Expense Reporting Online:

 

Business travel is a stressful and hectic endeavour. It is, therefore, not very surprising that employees often damage or misplace their expense receipts due to so much going on. But a simple mistake like this can cause a lot of trouble. Missing receipts result in slow reimbursement processes, and it can even lead to the failure in getting payment made out of pocket for such expenses if the travel expense process is manually handled by the company.

 

In order to safeguard the data of your expenses, business travel and expense management software is the ideal choice. Mobile reporting of expenses comes with the option of scanning invoices, extracting relevant data, and saving it securely. Such software derives the expense data and stores it in the cloud, preserving it. This ensures that there is no loss of data, and employees can claim their reimbursements effortlessly. 

 

Error-free Business Expense Management:

 

Using spreadsheets is common for expense reporting. However, this alternative of corporate travel expense management does not allow employees to simultaneously upload their expense data. This often requires them to come back from their business trip and then collate the data upon their return to the office. It usually leads to delays but more importantly, it is prone to errors since the expenses are filed in retrospect. These errors, if not cross-checked diligently, can lead to inflated reimbursements than can be disastrous for the company’s travel budget.

 

“To err is human.” However, this mistake can paint an employee as someone committing fraud. On the other hand, mobile reporting of expenses directly extracts the expense data from the invoices, thus eliminating any chance of faulty reporting. A mobile travel expense management tool also stores this data which can be later used for cross-reference during audits, further reducing the possibilities of error.

 

 

There are several benefits that an organization can reap from mobile expense reporting, but it is even more fruitful for small business travel expense management. Automation not only saves time and removes the possibility of errors, but it can also be an economically viable option since expense management with myBiz comes with no additional costs. So, streamline your travel and expense management system by implementing mobile expense reporting with myBiz. Explore more!

 

Frequently Asked Questions (FAQs) 

Q1. What is the use of travel and expense software?

Ans. A travel & expense management software simplifies the expense management processes associated with business travel. It helps to make it error-free as well as accelerate the processes associated with it. 

Q2. Does an expense tool offer a real-time overview?

Ans. Yes, corporate expense management tools give real-time visibility into the expenses incurred by the company recently, giving a realistic picture of the finances.

Q3. How can automated travel and expense management tools help?

Ans. Manually performed processes can be simplified by automating corporate expense management and reporting. It helps in saving time while also reducing the possibility of errors.

Q4. How can employees upload invoices with the help of corporate expense solutions?

Ans. With the aid of expense management tools, employees can instantly upload the expense receipts via the mobile app and OCR scan, making them accessible to the company’s finance team.