Smart Expense Reporting Uses Existing Assets

Smart Expense Reporting Uses Existing Assets

Smart Expense Reporting Uses Existing AssetsHere’s the scenario for doing expense reports the traditional way. Your finance or accounting staff need a complete accounting of the money that an employee spent while on a business trip. This is important both for your own budgetary and financial archiving purposes, and, if the employee was spending his or her own money, for the reimbursement of that cash back to the employee.

The old way of doing this was through the use either paper forms, or some inappropriate form of software, such as a spreadsheet program, that covered the fundamentals of recording spending information, albeit in a clunky, not very efficient way. Both methods get the job done, but are extremely time consuming and can only feasibly done after a business trip is over, due to the detail and supplementary evidence required, such as receipts for proof of purchase.

But these days there are far more efficient and easy ways to accomplish the same task, and you don’t need to create new forms or get specialised equipment in order to do it. All you need is what every professional already has; a smartphone.

Mobile Expense Reporting Has Perks

Modern expense report software, like ExpensePoint exists in many formats, including a traditional, web-based program that you can type on with a laptop or desktop computer, as well as apps that comfortably operate on every major mobile operating system and phone.

This means that now your employees can carry the expense report software with them wherever they go. This also has the added benefit of taking advantage of the multi-media capabilities that modern phones have, including Internet connectivity and cameras. Now, an employee no longer needs to collect receipts until the end of the trip and then try to remember and organise all the purchases after the fact.

With every purchase, an employee can now simply take out his or her phone, use the app, make a quick note of a purchase in just a few seconds, and then take a photo of the receipt as proof. No more receipt collecting, no more memorizing dates and purchasing orders, no more time taken at the end of the trip just to submit the report. With the last purchase an employee makes before boarding the plane, the expense report is already complete even before that employee returns home.

Easy To Process

This also gives your own financial staff more flexibility. Thanks to the real time reporting that mobile expense report software makes possible, items can be evaluated, approved and processed as they come in, rather than in a large report. It means that even individual items can be noted and flagged or disapproved of for immediate response, while approved items remain, saving time for everyone as these items get addressed now, rather than in the days after a trip is over.

If your business has employees that use and rely on their phones anyway, you should take advantage of this. A mobile expense reporting system is efficient, convenient, and save everyone both time and expense in the long run.