Today’s travel and expense software has a lot of different features that can help business leaders and their employees streamline the process of managing expenses, reduce errors, and improve profits. However, some features are more important than others and can provide much better results. One of the single most important features you should look for is receipt imaging, and it’s something that deserves a closer look.
Essentially, receipt imaging is designed to further streamline the process of managing expenses. Instead of having to keep track of each paper receipt and connect it to a claim form upon returning to the office, your team can use their mobile device to take a photo of the receipt and then upload that into the travel and expense software along with a digital claim form.
This ability to remove the paper from the process is what sets this feature apart from others offered by travel and expense software, and it offers a wide range of benefits including:
- Accuracy is greatly improved. Since the software is automated and since you’re eliminating the need to keep track of paper receipts, you will notice improved accuracy and reduced human error where your expense management is concerned. Back at the office, your team doesn’t have to deal with huge stacks of receipts when the employee returns home and can instead manage expenses as they occur, greatly improving accuracy as well.
- Fraud is also reduced due to the simple fact that it is much harder for employees to submit and receive approval for expenses that don’t match your guidelines. The system can identify many issues, and your review team will also be able to identify inappropriate claims quickly.
- Since you’re making it easier on your travelling employees to keep track of expenses, you’ll notice that their productivity is greatly increased. They no longer have to constantly try to keep up with paperwork and can instead focus on getting you the sales and leads your business needs.
Obviously, receipt imaging is an important feature to look for in travel and expense software. By reducing errors and fraud and improving productivity, it’s something that allows for increased profits for your business. However, it’s only available through online expense tracking programs and even then, not every system will offer it. Be sure to look for the right features when choosing your system – and that includes receipt imaging capabilities.