originally posted on Mashable.com, July 30, 2012
In 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.