Most people look at travel expense management as nothing more than a necessary hassle – something they have to do in order to keep their employees on the road and earning money for them. But if you go about it correctly, you can actually put your expense management efforts to work for you and increase your profits through those efforts. The key is having a good online expense tracking program in place and knowing a few basic guidelines.
If you’re not convinced that you can use online expense tracking programs to help increase profits, you need to take a closer look at things. There are three big ways that this happens – by reducing overall costs, by boosting productivity, and by helping you develop strategies for the future. The first is the main one, and will have a huge impact on your company. Here are some of the ways effective expense management can reduce your costs.
- The actual cost of the system is cheap, for starters. Instead of paying a massive purchase price, you get the system for free and then pay a small monthly fee.
- You eliminate the need for your IT team to manage the program when you take it online. All servers and systems are housed and managed externally, letting your IT team focus on other aspects of your business – and saving you in labor costs in the process.
- Online expense tracking means that your team can upload their expenses as they occur – especially if you have mobile access and receipt imaging as features. When uploading happens quickly, the chance of fraud and of errors occurring are both dramatically reduced, cutting your costs significantly.
In terms of boosting productivity, online programs help your team finish expense management responsibilities fast so they can get back to generating revenue for your business. Online programs help increase productivity in the following ways.
- Online systems remove the need to manually keep track of paper receipts and huge stacks of paperwork, letting your travelling employees focus on their job instead of managing information.
- Your in-office team can process expense claims as they occur and stay ahead of the job instead of having a huge pile of paperwork given to them when an employee returns from a trip.
And perhaps best of all, a good program will allow you to generate good data reports of your company spending. You can then use those data reports to determine who’s spending what, where your biggest expenses are taking place, and how you need to change strategies and policies to improve your bottom line.
Online expense tracking programs can have a big influence on your profits, and as such they’re well worth investing in for your company.