Expense Management Aided By Technology

Expense Management Aided By Technology

Expense Management Aided By Technology Life on the road can be difficult to track, and trying to keep track of your expenses can cause a real headache. Fortunately, technological advancements have aided the expense management process.

Real Time Tracking

One of the biggest struggles you may have with expense management is proper and timely filing. You may likely forget to log expenses while on a trip. When it does come time to file your expense reports, you probably have forgotten exactly what you spent where. Fortunately, technology has reduced the need to tally your costs after the fact. Keeping track of receipts, submitting timely expense reports, and proving legitimate purchases are all made possible because of technology.

Different Apps Serve Different Purposes

The shift in technology began when companies began accepting digital receipts in lieu of paper receipts. Now, there are apps that can track everything while you are traveling. Some apps can track mileage, while others will let you speak into your phone’s microphone in order to create an itemized expense. Finding an app that meets your travel needs will make a tremendous difference.

Companies Are Aided By Technology, Too

Technology allows companies to save money by making it easier for employees to comply with the company’s travel policies. Expense management and review becomes easier for managers tasked with overseeing their employees’ expenses. Seeing as though many companies budget 10% or more of their annual revenue for travel and entertainment spending, you can see why it would be vitally important to make the expense management process efficient. Streamlining the process with technology also allows companies to track who is excessively spending.

Companies can now also work with travel-booking sites to create customized options in order to reflect the company’s travel policy. For example, if your employer only wants you to fly a particular airline, you will be forced to book with this airline. If your employer does not want you to spend more than a set amount on a nightly hotel room, then this too can be reflected. Employees can book knowing that they are meeting their company’s guidelines, and that expensing the trip can be done so without hassle. Additionally, the process can save companies millions in back-office processing of expenses, as employees can automatically submit their expenses through the sites.

Would Technology Make You More Willing To Travel?

Many companies have reported that since implementing technology into their expense management processes, they have seen an increase in employees willing to travel. The ease in which employees are able to submit their expenses, and in turn, are reimbursed for their expenses, have encouraged employees to travel. Would you be more willing to travel if your company simplified the process of expense management?