Using expense report programs to keep track of your company’s travel expenses is nothing new – businesses have been doing it for years. But today, online expense reporting programs are becoming the norm. While it might seem like it isn’t worth making the change over from traditional reporting to modern online options, there are several key benefits that highlight why going online matters so much.
- Better Connectivity – Instead of having to access the software from your main office, employees can connect to online expense reporting programs anywhere that has an internet connection. This increased connectivity makes it easier to handle the various responsibilities involved in the process.
- More Features – Since it’s online, a program of this nature can help you get more from your efforts by providing additional features that aren’t available otherwise – features like mobile receipt imaging, instant currency conversion, and more.
- Lower Costs – It might surprise you to learn this, but the fact is that online expense reporting programs usually save you money by eliminating the need for expensive hardware upgrades. They are often available for free, with just a monthly fee associated with them as well.
- Greater Integration – By adding online connectivity to your expense management efforts, you’ll make it possible to integrate things like mobile devices, your credit card accounts, and other aspects of the expense management system all into one unit. This adds additional functionality and convenience.
- Less Error – Online expense programs are streamlined, simplified, and allow for greater oversight. You will be able to greatly reduce the chance of honest mistakes and even cut down on the possibilities of fraud occurring just by switching over to an online system.
- Better Productivity – Better productivity is a natural extension of simplifying processes, and few systems can simplify in the same way that online expense management programs do. As a result, you’ll give your entire team more time to focus on other tasks which will help your business thrive.
- Increased Awareness – Instead of having to wait for your employees to return home before you review their expenses, you will be able to review their purchases as they occur. They’ll upload them regularly, and you can monitor while they’re still on the road, giving you a greater awareness of who is spending what and whether or not you need to help them adjust their spending habits.
- Higher Profits – At the end of the day, all of the above points combine into the most important one – better profits. By giving your business an online expense reporting program you’ll be taking steps towards building your bottom line.