Today, in our digitalization age, automation and cloud technology are changing the way companies do business, the last year and a half more than ever. That's why now more and more companies stop keeping a manual book record of their expenses and switch to cloud & data-based expense management software. This solution is always supported by a smartphone app, which will positively impact the way you manage employee expenses as well as your bottom line. Below are some of the most notable benefits you will experience with the use of a mobile expense management app.
What is a mobile expense management application?
But before listing the most important reasons to use mobile expense management applications, it has to be first explained what it is and how it works.
Mobile expense management application is a solution that enables companies to maintain the updated financial record, proceed with clear expense management and reimburse their employees. Every time employees make a purchase as part of their professional work, they can provide information about the transaction to the accountants with the help of a mobile application.
With that being said, there is an assortment of expense tracking apps available. Most apps are available on both platforms , Android and iOS, while other apps are presented only on one platform.
First, let's start with the provided features in the mobile expense management app, which simplify the employee life.
- No more lost receipts
As many of us know, the pain point of expense management is the risk of damaging or losing receipts during business trips. And there is nothing worse for a hard-working employee than to travel at some risk to themselves only to realize the money they spent out of pocket may not be recovered due to a lost receipt.
The provided feature of a mobile expense management app called an OCR, allows them to scan receipts in real-time, thus avoiding data loss of any kind. The OCR software converts the text - such as scanned documents or image files - into machine-readable data within editable computer files that can be used for efficient data processing.
- Possibility to reimburse in different currencies
Depending on the size of the company, many employees regularly travel abroad. In this case, accountants are just having a headache controlling receipts with the different currencies and calculate the actual reimbursement amount. For saving your company time and having more clear control over expenses, the expense mobile application makes it possible to download foreign receipts with OCR and automatically calculate the right amount.
- Real-time monitoring
With a mobile expense management app, it is easy to ensure compliance with your corporate expense policy by automating approval processes and providing useful notifications to employees.
Automated approvals reduce the time employees spend checking claims, allowing them to focus on inappropriate or unusual items. They also reduce the time it takes to process most expenses, resulting in happier employees and cleaner books.
Notifications help to positively influence user behaviour and monitor possible suspicious activity. For example Jenji has thought about this problem and designed a product, which can monitor all suspicious purchases and prevent expense fraud.
- Stay connected anywhere and anytime
A mobile expense management application combined with a cloud-based database means employees can submit, approve and access expense reports at any time and at any place. They can finally forget about tedious but necessary tasks such as submitting expense reports, because everything they need is an internet connection.
- 100% audit of your expense reports
Working with spreadsheets, which can often also be prone to error requires extra work and time, as well as additional workforce. It is therefore almost impossible for employees and managers to get a global view of expenses using paper processes.
With a mobile expense management app, a digital database and integrated corporate policies do all the work for you. What's more, it provides you with business information upon which you can make data-driven decisions. It also provides some level of accountability to employees, making them more aware of their own expenses and reminding them of existing policies.
- Say goodbye to paper stacks
Sometimes paperwork can just prevent us from being effective. Just imagine, an employee is focused on preparing a presentation for an important meeting or analyzing the results of a meeting, but they should take time and manually fill out all expenses during their business trip. And that's exactly what you want them to spend their valuable time and energy on, not on manual, low-value-added tasks like expense submission.
The ability to submit expenses using a mobile app allows an employee to do so straight away after a trip or meeting, rather than waiting until they get back to the office. This removes the risk of error and allows them to concentrate on more relevant tasks rather than trying to remember which train they took for their business trip three weeks ago.
Fortunately, Jenji has thought about all of the pain points employees have with submitting their expenses and designed the expense management system which is supported by mobile expense management applications as on iOS as on Android. For more information don't hesitate to contact our team firstname.lastname@example.org