A 2019 survey by the Travel & Expense Management Trends Report showed that nearly half of companies (46 percent) don’t track the management of expense reports, and 43 percent are still stuck in the manual process. If this sounds like you, you’re slowing down audits and wasting your time and that of your employees.
The good news is that there is a solution—the Xero expense recording app. Recording and reporting expenses in a mobile app can help make the entire expense management process super easy.
Employees spend a lot of time collecting paper receipts, and the accounting team faces a similar struggle of managing expenses. With the recent automated solutions, these setbacks are a problem of the past.
Why Should You Invest in a Mobile Expense Recording App?
Investing in a mobile expense management app can benefit your company in many ways. The most noticeable ones are;
Boost Speed and Efficiency
Digitalization of your accounting processes eliminates the frustrating, time-consuming manual process that is susceptible to errors. The tool provides a quick way for employees to record, update, and submit their out-of-office expenses. This helps reduce the time spent by the accounting team to cross-check submitted expenses, improving speed and efficiency.
Accurate Tracking of Journeys
It is not uncommon for business travelers to exaggerate their mileage expenses. Without a proper tracking tool, it’s hard to discover this form of expense fraud since you rely on travelers to estimate trip mileage. Xero mobile expense app can perform point-to-point recognition as well as auto mileage calculation.
Instant Checks and Notifications
Using an automated solution allows mobile devices to receive instant notifications, checks, alerts, and warnings. With real-time notifications and checks features, employees can be accountable for the reimbursements of their claims, and managers can identify and keep track of suspicious activities.
The ever-growing technology has popularized mobile operations. Before, most businesses used paper-based methods to process and manage employee expenses, something that’s being phased out. Today, more people can remain productive without leaving their homes as long as they have an internet connection. Luckily, cloud-based solutions for mobile devices offer flexibility and scalability to cope with the growing workforce.
Encourage a Strong Company Culture
In the 21st century, employees, particularly the millennial workforce, have no patience for outdated processes. One way to attract the best talent is to create an attractive, technology-friendly environment that everyone wants to be a part of. Recording expenses in Xero is a flexible, quick way to manage expenses through a smartphone app, which can help create an enticing company culture that adapts to today’s digital world.
Xero expenses app is a must-have productivity tool. It offers an easy way to record, track, and manage your expenses via a smartphone. This app also allows you to monitor employee expenditure and capture costs as they happen, and automate every aspect of your expense management process.