5 Key Benefits of Mobile Expense Management

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Photo by Andrea Piacquadio from Pexels

The emergence of mobile apps is the biggest game-changer in transforming how businesses regulate employee costs. The pairing between smartphone applications and cloud technology has paved the way for a technological breakthrough.

The most important difference it makes is that it gives the employees the ability to convert any paper receipt they get into a digital format with the help of their smartphone camera.

It is the procedure that helps the businesses to virtually remove the requirement of any paper-based processes when handling reimbursement costs. The businesses get a whole range of benefits by this change. Following are some of the benefits:

Efficiency and Boosting speed

When the businesses start to handle their receipts in a digital form, it eliminates the slow and error-prone headache of managing a huge load of monthly paperwork. The processing time is reduced by about 26% when an expense management system like 24Stack’s expense app is used.

The efficiency and the boosted savings are felt in the whole organization. For the finance team, it helps to replace the manual tasks with quick and efficient automated processes. For the employees, it helps them in updating their out-of-office expenditures.

Matching workforce mobility

It is predicted that by the end of 2022, about 43% of the worldwide workforce will not work from a fixed base and will be mobile. This increase in mobility is because of digital technology and how it has given the employees the ability to remain working from anywhere where internet is available.

The use of smartphones and personal devices has helped in providing flexibility and scalability to manage the mobile workforce.

Keeping accurate track of road journeys

According to a worldwide survey done in 2017 and 48% of business travellers have fabricated and falsified their mileage returns. This kind of fraud in expenses is very hard to tackle because you have to rely on the employees to give the proper estimates of the journey.

The automatic mileage calculations and the point-to-point recognitions are the things that can be easily controlled by the finance teams with the help of the expense apps.

Real-time notifications and checks

The smartphone apps use cloud-technology to provide the users with real-time notifications, warnings and checks.

Building a strong company culture

To attract the best and experienced employees it is very important to create an attractive workspace which they would love to be a part of. And for a new generation of millennial workers, that’s not one which is managed using paper-based procedures and other outdated methods.

An appealing and strong company culture that is accustomed to the modern digital world can be created with the help of a smartphone app by providing flexible and quick ways to manage expenses.

It has worked as a missing piece of the jigsaw, as it has allowed the businesses to accurately control reimbursement costs and free themselves from the burden of administrative paperwork. Expense management apps are a vital tool for any modern workplace.