Speed Up Your Travel Expense Reporting with a Mobile App
Finance departments work with firm deadlines. Managers always want to close every quarter as quick as possible to get an exact picture of the corporate finances for that period. However, there are multiple aspects involved that can affect your manager’s quest for accuracy.
The primary disruptor of travel and expense management tasks is a sluggish T&E reporting method. Although your finance department can process costs such as electricity, rent, wages, and any staff expenses, these cannot be processed unless an expense report is submitted.
Hence, this can lead to a core problem why are employees not submitting their expense reports on time when they want to be reimbursed quickly? The entire process can be a big struggle for the manager as well as employees. Many travel costs, if not all, are incurred while workers are on the move, and these costs must be recorded right when they are incurred.
Delays in expense report submissions can also postpone reimbursement. It can affect the accuracy of your organization’s quarter-end figures, as well since the finance department may close a quarter without the delayed reimbursement and expenses.
With the help of a mobile expense management solution, your employees can submit their expense reports on time and make their pre-submission process quicker. Hence, it’s a win for all employees within your travel department, finance department, plus any corporate travelers.
Here are a few ways in which a mobile travel and expense management system can aid you and your staff.
1. Maintaining Proper Policy Compliance –
Travel policies provide an indispensable framework for company travel. It clearly displays how your workers must travel, where they should stay, what expenses are acceptable and which are not. When employees leverage a travel and expense management mobile application, which you have implemented, then your organization’s travel policies become an active element within the T&E management lifecycle.
This is how it works. You can easily customize your expense management solution based on your specific company’s travel policies. It also sets boundaries and eradicates every possibility of fraudulent activity and/or overspending.
Employees get a notification if an expense amount exceeds the specified category, or if any receipt even needs to be submitted with an expense. Moreover, you can use the application to provide your staff with the preferred hotels for them to book from and airline carriers as well.
2. Tracking Mileage –
Today mileage reimbursement fraud is one of the most common expense frauds where travelers tend to exaggerate their actual mileage costs. Monitoring and controlling these mileage expense fraudulent activities can be challenging as you completely depend on the data provided by your employees. By utilizing a travel and expense management mobile application, you can track mileage expenses and overcome fraudulent activities.
In order to start, your travel manager can set default mileage rates for various locations and vehicles. When workers are on the road, they can use GPS on their smartphones to record all details on mileage driven. They can also record their mileage by leveraging the vehicle’s odometer reading or simply by inserting the starting point and ending point of their trip.
Once it is recorded, the mileage costs can be included in the expense report. In addition to being applicable and trustworthy, the mileage tracking feature streamlines the expense recording methods and processes for your travelers.
3. Record Costs on the Fly –
Now, employees don’t have to wait until they get back to their desks, or their hotel rooms in order to record any expenses they occurred. With a travel and expense management application, employees can easily take a picture of the receipts on their smartphone. The application will automatically capture the pre-set mandatory details, such as vendor and price. Plus can also keep track and record any corresponding expense entries.
Receipts are easily stored digitally. This is helpful for generating reports on the fly and can be a helpful future reference to your staff, who will no longer have to worry about losing their receipts. A few apps provide offline expense recording, where the employees can add their receipts into the app and get them automatically synced once they are connected to the internet. Overall, recording expenses using a mobile application speeds up the entire expense reporting process and overall method.
4. Streamlined Pre-Trip Method –
Your frequent travelers will be grateful if they can create a travel request for their next trip while still on their current trip. An expense mobile app helps employees create travel requests for the employer in order to approve their trips while still on the go.
Once the trip is approved, your workers can book their accommodations and tickets by leveraging the mandated booking tools. Then upload the hotel reservation documents, airline tickets, along with itineraries into the application. Now they have access to all necessary documents within the app on their mobile device. In addition, they can keep an eye on their flight status details and get directions to their hotel just by switching in between various apps.
5. Complete Visibility into Travel Expenses –
Travel and expense management solutions aid in tracking all your expenses. You can clearly see how much you have spent on each category and how much with each supplier. It will also aid you in assessing your spending habits throughout the trip, monitor overspending, and keep an eye out any policy violations. You can leverage these insights to plan a yearly budget efficiently for all your company trips.
Minimal accessibility makes it challenging for employees to travel and record their costs. It is unfair to expect your staff to rush to their laptops immediately to record every expense purchase whenever it takes place.
A T&E management mobile application like SutiExpense can streamline these tasks for your staff. Instead of spending valuable time recording details manually and searching for the matching receipts, which are usually shoved into wallets. Employees can now record expenses, raise travel requests, submit expense reports, and monitor the approval process all on the go.