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7 Benefits of Mobile Expense Reporting

By on August 13, 2012 in Expense, General with 0 Comments

originally posted on Mashable.com, July 30, 2012

Eric Sikola is CEO and founder of ExpenseCloud, a mobile and online expense reporting solutions firm. Follow the company @ExpenseCloud.

mobile business expenseIn today’s business environment, the manual process of creating and processing expense reports is quickly becoming a thing of the past. According to CFO Research Services, about 63% of CFOs plan to implement digital expense reporting solutions. A growing part of that is mobile expense reporting. Mobile expense reporting essentially automates the entire process from expense capture to expense approval.

This means smartphone-equipped travelers now have the option to, say, take pictures of receipts and save copies via the cloud. Here is a breakdown of just a few of the other benefits.

1. Eliminate Human Errors

Manual expense entry leaves room for human error. One study revealed that between 63% and 95% of employee travel expenses are purchased from a credit card. That means having an automatic import of corporate credit card charges for travel reduces the chance of human error for a sizable percentage of travel purchases. Plus, it saves your employees endless hours of manual data entry.

2. Enforce Expense Policies

Some expense report applications will flag a company expense violation and send out an alert. This ensures that employees are aware of any violation at the time of submission. It also puts the responsibility on the employee to follow the company rules. If a submission is not corrected, each person in the workflow will have a clear view of the expense policy violation and can take action to correct them.

3. Reconcile Credit Card Charges Faster

Automated expense management speeds up the turnaround of expense reconciliation by decreasing manual processes such as data entry in accounts payable. It also saves time because auditors don’t have to review hard-to-read paper-based reports. Employees can be reimbursed more quickly for any out-of-pocket expenses charged to their credit card — even if they are still traveling — because these expenses can be instantly submitted for approval via their smartphone.

4. Better Analyze Spending

Companies need to constantly analyze their travel and entertainment (T&E) spending for additional cost savings. Mobile expense applications allow T&E data to be aggregated so that spending by projects, customers, employees/departments, is visible and can be used to negotiate better discounts with vendors.

To read the entire article, visit Mashable.com

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