(Originally published on xpenditure.com)
Expense management might not be the sexiest topic within your company, but having your expense management system on point can save you a lot of time and a considerable amount of money.
It’s not just us saying it, it’s research:
According to a 2014 ACFE global fraud survey, the average business loses 5% of its revenue to fraud each year. Malevolent people have nothing to do with it, this revenue fraud is mainly due to honest mistakes and non-compliance with tax regulations. Streamlining your expense management process can help you increase control and compliance, which will save you from annoying expense management tasks and from wasting those 5% each year.
The one friend that helps you save time and avoid mistakes like no other is technology. Using the latest technologies to manage your expense will enable you and your colleagues to concentrate more on bringing in revenue instead of losing it.
But how to choose an expense management solution that you’ll actually love to use?
For technology to help you streamline your expense management process, it needs to adapt to your needs, be mobile and allow you to submit and manage expenses in real-time, anywhere. Xpenditure new fully mobile solution is designed to maximise your time and underden you from the heavy tasks of expense mangement.
Let's have a look at the advantages of a mobile app with the right features:
- It allows you to manage expenses anywhere at anytime simply by taking pictures of your receipts and instantly submitting them for approval. Approvers can approve and reject in real-time from their smartphones.
- It reduces the time spent managing expenses by 70%, giving you more time for to concentrate on your core business.
- It gives you access to cutting edge technologies such as OCR (Optical Character Recognition)* to automate tasks and significantly reduce errors and improve accuracy.
Over the past few months, our team has been updating Xpenditure’s mobile application to deliver a better user experience and the latest innovations. No need to open your laptop anymore.
Discover Xpenditure’s latest mobile features below:
With the new in-App approval feature, managers can approve or reject expenses submitted by co-workers directly from their mobile app. A simple swipe to the right to approve and a swipe to the left to reject. If an expense is rejected, the rejection reason can be added directly in the app.
If a company works with per diems, the framework set on the web application is now available to employees in the mobile app. They can add their travel details in the Xpenditure app and the platform will automatically calculate the due per diems.
While some say that errors within the expense entry process are inevitable, we say they don’t have to be. Xpenditure automatically detects any duplicate entry and allows the user, approver and controller to easily review it and delete it, if necessary, directly from the mobile app.
Communication is crucial when it comes to expense management. With the new mobile activity tracking feature, you can now monitor all activities within each expense in the activity tab.
With these new mobile features, your company can put in place a real time, seamless and digital expense management flow. No more miscommunications between employees and approvers and no more waiting to get reimbursed.
*OCR scans your receipt to extract relevant information such as date, merchant, currency and amount.