The all-in-one expense management software has become essential for every business due to the increasing number of remote workers. The expense management tools help to keep records of employee spending, streamline the reimbursement and expense reporting process, and create an avenue to upload policies directly into the system.
Understanding Remote Work
It is a fact that the majority of the workforce in the US is remote and especially in times of crisis the whole teams are ready to work remotely. There are many benefits of managing a remote workforce. Many studies have shown that remote workers are generally healthier, happier and less stressed. The company can also save money on real state and office overhead which makes it very cost-effective.
However, some expenses need to be considered when it comes to remote workers. The workers that are not working from the office would require the proper equipment to do their job such as laptops, headsets, monitors, printers and some basic office supplies. Some companies also offer a monthly stipend for mobile phone and internet bills.
This may seem a little expensive and daunting at first, but if you think clearly, this is much less than what you will pay from a real state viewpoint to have them get a desk in your office. For example, studies have suggested that nearly $1300 per worker is the average pay in New York City and in San Francisco it is about a $1000 per month. Whereas the monthly expense of a mobile phone and internet connection is nearly $160 per month. That is an $840 savings for every remote worker.
Expense Policy Clarity is a Must
This does not mean that the remote workers are going to always save you money. Instead, we believe that it is very crucial to keep tabs on expenses and reimbursements to make sure that the company policies are being followed. As a company, you must give clear strategies on expense policies. The expense management system can also simplify processes like compliance attainment by allowing the policies to be uploaded directly into the tool.
User Experience and Feature Considerations
When a solution that automates reports, provides visibility and offers one-tap approvals is streamlined in expense management, it helps the company to work like a well-oiled machine, regardless of whether the employees are at the office or in their homes. Some important features that are required for business expense management tools are:
Automated Reports. These allow the employees to quickly capture and categorize the expenses based on the images of the receipts. After the reports are ready, they are submitted with just one mouse click or a tap.
Expense Visibility. This helps in improving the visibility into the company spend with an analytical dashboard and real-time insights.
Faster Processing. Once all the expense reports are submitted, the employees are then reimbursed in as little as 24-hours with a direct deposit process.
Expense Management Software Supports Business Operations
Expense management is the most important and crucial undertaking as it affects the stakeholder groups like the approving managers, employees, the leadership teams, finance teams and human resources. It becomes very important to use the expense management software to ensure efficiency when the work team is not in an office.
With the increase in the shifting of companies to a virtual setting, it has become crucial for the workers to have an expense management software that can assist with expense compliance, provide insights on budget and support the business operations. This efficiency and streamlined process will surely benefit the team and the budget.
