Top 5 Benefits Of Mobile Expense Management

Introduction

Automation and cloud technology are changing the way companies do business. It's quite simple, if your employees frequently submit expenses you need a mobile expense management app in your arsenal.

By combining cloud technology and smartphone apps, organisations can unlock considerable benefits like recovering precious time and resources. Using a mobile expense management app may positively impact how you manage employee expenses and your bottom line. 

5 benefits of mobile expense management

Below are some of the most notable benefits you will experience with a mobile expense management app:

1. On-the-go expense submission

Paperwork in every form is annoying, more so when employees have more important things to do. 

The ability to submit expenses on the go allows your employee to do so immediately following a drive or meeting rather than waiting to get back to the office. This helps eliminate the risk of error and allows them to focus on the more important tasks at hand, rather than trying to remember which client they had lunch with three weeks ago.

Mobile expense management turns the time-consuming task of submitting expenses into a job done quickly in a few taps while preparing a coffee.

2. Access an app anywhere, at any time

A mobile expense tracking app combined with a cloud-based database means that employees can submit, approve and access expense reports at any time, from anywhere.

When all you need is an internet connection, the barrier to submitting expenses is removed.

If they weren't already, flexibility and workforce mobility have certainly proven to be essential in ensuring business resilience. Replacing paper-based expense submission with a mobile, digital solution is an efficient way of making both your and your employees' lives easier.

3. No more losing important data

Travelling for work purposes, even if it's by car, can be overwhelming for some employees. The risk of damaging or losing receipts increases when people are over-stimulated.

There's is nothing worse for an employee than to pay out of pocket, only to realise the money they spent may never be recovered due to a misplaced receipt.

A mobile expense management app allows people to scan receipts in real time, thus avoiding data loss of any kind. With the help of OCR (Optical Character Recognition), receipt data is extracted behind the scenes making expense submission a breeze.

All the data your employees and financial controllers need is safe and backed up on the cloud.

4. Real-time approval and notifications

With a mobile expense management app, you can enforce your corporate expense policies by automating approval processes and providing employees with helpful notifications.

Automated approvals allow you to cut down on the time spent by approvers verifying claims. They also cut down on the time it takes for most expenses to be processed, leading to happier employees and cleaner books.

Notifications help influence user behaviour and keep track of possible suspicious activity. By flagging flag non-compliant or out-of-the-ordinary items, you can rest assured nothing slips through the cracks.

Mobile expense managers are also smart enough to detect duplicates and calculate totals. This way, when someone forgets to attach a receipt or if the data entered manually doesn't add up, they are instantly notified and able to make changes without delaying the process.

Notifications also provide information for users to know the status of their claims without having to contact someone from the finance department, reducing the time spent by all parties.

5. Better control over spending 

With paper-based processes, it is nearly impossible for your employees and managers to have a global view of spending. This requires additional manual work on spreadsheets, introducing the possibility of errors.

With a mobile expense management solution, the digital database and integrated corporate policies do the heavy lifting for you. 

It provides business insights so that your C-suite can make data-driven decisions. It also provides employees with a certain level of accountability, making them more aware of their spending and reminding them of existing policies.

Closing Thoughts 

Since smartphones and apps are everywhere, why not use them to contribute towards business success?

These applications make it easy for your employees to adopt a mobile expense management solution. Especially when it speeds up the process of submitting expenses.

For your organisation, the benefits are just as clear: