It’s only been a few years since the mobile technology era got its start, but mobile phone permanence is practically absolute in developed markets. About 90% of all Americans own mobile phones, while more than 50% own smart phones.
Numbers are just as formidable in Canada and throughout the Commonwealth, as well as in many places in Europe. Growing Asian markets have surprisingly high cell phone penetration and an advanced “cell phone culture” as well.
Mobile access to enterprise data provides a number of competitive advantages, but expense report accuracy may be a new one to add to the list.
Traditional Expense Report Issues Are Being Resolved With Proactive Mobile Support
At ExpensePoint, one of our goals with our flagship product was to ensure that it will work synergistically with the technology landscape of the present and future.
One of the most important parts of that was making sure that financial information enterprises collect and store on ExpensePoint would be easily available through mobile devices.
Because of the platform’s robust ability to empower administrators to approve or deny expenses, financial non-compliance issues that did not easily rise to the surface before are now being found easily – even proactively.
Let’s take a business travel expense report as an example.
With user-defined, cloud-driven financial reporting rules, finding a “red flag” in any expense-related document is now a near-instant matter. Plus, stakeholders can access the information they need from virtually any device.
Full support for mobile means problems can be identified and corrected within minutes from your office, but also within hours while in transit. Users have even reported getting excellent performance out of the platform from aboard commercial flights.
This means that no matter where the stakeholders are distributed around the world, they can collaborate instantly and correct problems if it appears expenses are being handled improperly – or if theft or other issues have resulted in fraud.
The end result is a major capacity for savings.
The Mobile Revolution Is Dovetailing With New Expense Report Needs
The ability to handle issues quickly and correctly from anywhere in the world is driving higher executive confidence when it comes to compliance with regimes such as Sarbanes-Oxley. The faster issues are resolved, the less likely they will come up on audit.
Odds are good that your business is using mobile more and more, including phones and tablets. It’s a good idea to review your capabilities and make sure that the technology you use is aligned with the fundamental financial competencies you need.