About a quarter of Americans work remotely at least half of the time, as studies have shown that the employees working remotely are happier, calmer, and therefore more productive. 40% of people employed appreciate their flexible schedule while working remotely, 76% of workers have said that they wouldn’t consider changing their job if their current employer offers remote working, and it is estimated that by 2028 about 73% of all departments will have gone remote.
But also, a company doesn’t have to spend money on real estate, offices, and supplies. It is estimated that a company spends $1000-1200 per employee each month. Thus, in a sense remote working also saves money. Nevertheless, there are some expenses to be considered, like supplies such as computers, laptops, or printers that the employees might need to get their work done. Your company might also stipend internet connection and even phone bills. As disconcerting as this might seem, it is not actually expensive. An average monthly internet and telecom bill costs around $150.
An expense management application such as 24Stack can help you track the expenses of employees. First, you must set a clear guideline and policy regarding reported expenses for reimbursement. For example, you can ask your employees for receipts of all expenses. The employees can snap and upload their receipts for their report right into the business app or expense management software. If a receipt is missing, then the software itself will prompt your employee from submitting their report and ask for the necessary documentation. Otherwise, they will not be reimbursed.
This way your workers from the accounting office will have an easier life. They will be able to reorganize the expenses ledger by categories, including all receipts and documentation necessary. It will be also easier for them to spot out-of-policy items reported.
24Stack will allow your company to automate reports by offering one-tap approvals for your employees in submitting receipts and categorizing them. It also provides transparency in how much your company is spending, by providing insights and analytics.
Expense management software is an integral part of a company if its employees are working remotely as it affects many people within an organization, like employees, human resources, finance teams, approving managers, leadership, and the IT staff (if a company has one). Since your employees are working elsewhere than down the hall, it is crucial that an expense management software is available, so your operational efficiency is guaranteed.
Apart from keeping track of your employees’ expenses, these types of software will also streamline expense reporting, the process of reimbursement, and also offer a platform to integrate your policies. They are turning into essential business tools as more of them are moving into the virtual landscape, as they provide support for business operations, and offer insights to budget expenditure and compliance.
