Various aspects of running a business command your attention, and it’s easy to get distracted by one and overlook another. One key thing that you should pay close attention to is that of managing expenses. Your employee expenses are likely a big source of financial stress, and keeping tabs on their spending is a must. There are numerous tools and techniques that can help your business move into the future, including web based expense report software like ExpensePoint. One aspect of these programs is receipt imaging and mobile access, and it’s important to understand just how receipt imaging works and why it’s so important.
First, we’ll take a closer look at what today’s receipt imaging is. When your employees log their travel expenses, they’ll usually fill out an expense report sheet and include the receipts for those expenses. These could include fuel, meals, hotel accommodations, and more. Obviously, the receipts are a vital component in the process since without them there is no proof that the purchase was made. But in the past, employees had no choice but to manually keep tabs of all their receipts for turning in once they returned to the office.
Today, receipt imaging software lets employees scan receipts and upload them into an online expense report program. Scanners were long used to do this, and the scanned images were easier to store in the long term. But now, mobile apps make it even easier. Your employees will actually have the ability to take a photo of a receipt and then upload it to the expense reporting system. You’ll be able to view these receipts on a regular basis throughout their trip instead of just getting a large pile of receipts once they return.
So, with that in mind, what are the advantages? It should really be obvious from the first look. A few benefits are offered when you give your employees the ability to upload receipts on the go.
• No more lost receipts. Your employees will be able to easily keep track of receipts instead of misplacing them and causing stress and confusion for themselves and for you.
• It improves productivity, too. The process of reviewing receipts is streamlined, which means that you and your employees spend far less time dealing with the process of combing through receipts and more time on keeping your business moving forwards properly.
• You’ll be on the right side of compliance, too. Taxes related to employee expenses are one of the biggest headaches out there, and a simple filing mistake could mean that you aren’t compliant with your taxes. As a result of receipt imaging you’ll improve compliance significantly.
Simply put, harnessing today’s technology for employee expense reporting is something you need to consider for your business. It can help you in numerous ways.