Mobile expense reporting for corporate travel management

Apr 05, 2024

Finance teams are always swamped with expense approval and reporting tasks. Of all, corporate travel management is the most complicated. Only when employees submit reports on time can further action be taken.

A mid-level employee or a senior executive travels at least once every month, depending on their profession and hierarchy. They must allot specific time for expense reporting activities and meticulously collect receipts. 

This is harder when the company doesn’t have a standard procedure and relies on futile practices. Without the presence of a travel expense reporting mobile application, you will see papers and bills all around.

Modern businesses are ready to take shortcuts and simplify this back-breaking task. What can actually help here is a mobile expense reporting application.

Benefits of the corporate expense reporting system supported by the mobile application

Reimbursement processes are not just cumbersome but time-consuming too. It takes a minimum of 10 to 15 days to get a request approved and reimbursed. Mobile expense reporting replaces this.

It offers the following guaranteed benefits.

1. Shrinks administrative burden for employees

Check with a frequent traveler of your company. They will show you piles of bills they collect and explain what they go through after every trip.

They have to enter every receipt detail, bill amount, and reimbursement account detail in the form and wait for the next person to look at it. But if they have a mobile application, they can skip this and submit the report in seconds. 

Mobile applications come with a scanning option. They can scan the bill, upload it, and fill in other fields to submit a report.

Hotel reservations, airline tickets, or any other documents can be uploaded for reference. Travelers don’t have to carry the bills all the time and finish this on the go.

2. Convenient recording of expenses in real-time

It’s not real-time expense reporting unless the expenses are recorded in the same instance. With a travel expense reporting mobile application, your employees can upload receipts anytime, even while traveling.

Some applications allow offline uploading, too, which gets synced when it's connected to the internet. 

An employee can send the expense report to the finance team right after the spending. It inculcates the habit of traveling employees to submit on-time reports. This is the simplest solution to expedite the arrival of reports.

3. Maintaining compliance

The expense and travel policy is the foundation of corporate travel management. This is important to know what expense is allowable and what is not.

In order to not exceed your travel budget, expenses for reimbursements must be capped correctly. Also, when an employee submits a report for a wrong expense, that must be identified. 

If you have a mobile expense reporting application, it automatically picks unallowed expenses out. Without having to make presentations for employees to spread awareness, you can enforce policies on travel costs.

If your company has hotel or airline preferences, that can be shown to employees.

How it reduces hours of effort for the finance team?

Mobile expense reporting is for everyone. It helps finance teams just like how it helps employees. Here is how their work gets streamlined.

1. Reduces the chances of manual errors

Expense reporting is full of manual work. In such cases, errors are inevitable. Your employee would have sent the right information.

But if it’s captured wrongly on the way, it can ruin the entire process. Maintaining paper records or spreadsheets where there is a huge pile of data will only lead to further chaos. 

An automated mobile application captures data as it is and passes it through the network to the consecutive authorities.

There is also a cost associated with printing papers and maintaining storage files. To reduce manual administrative burden and increase accuracy, automation and digitization are mandatory.

2. Better record-keeping process

Instead of maintaining documents and expenses separately, storing them together works better for finance teams to check and authorize.

Expense reporting documents are crucial during taxation. Hence, the details and documents must be stored in a proper place for a long time. Travel expense reporting applications can be that centralized space for you. 

Also, employees don’t have to check with different departments to know the status of their applications. They can come back to the same place where they submitted the request in the first place.

It also gives other privileges like the ability to sort out expenses based on travel categories or organize them based on date, department, and other factors.

3. Reduces time investment & boosts productivity

Filling expense reports every day is not the primary task of employees. They shouldn’t be wasting more than half an hour on this.

The same goes for the administrative teams that handle corporate travel management. Enabling automated management of records and authorizing receipts as they come gives more space to breathe for finance professionals.

Thus, they can focus on other important tasks and be the backbone of the company. Also, finance executives look into the details and insights to understand if the budget works and how much is actually spent on travel expenses.

An expense reporting application can get this for them without spreadsheets or lengthy formulas. 

4. Mileage tracking

Mileage tracking is an option that can be added to the travel expense reporting mobile application. Expense fraud is becoming more prevalent, with employees submitting falsified documents with exaggerated numbers.

For companies that reimburse mileage expenses, this is golden as the mobile app shares precise mileage covered by the employee.

By connecting the app with the GPS and enabling this option, employees don't have to enter any values and let the system do it. 

Expense reporting done digitally reduces tangible costs for businesses!

We get that. Corporate travel management takes time. But investing in mobile expense reporting apps is expensive. If this is your voice, hear this.

Volopay is an affordable corporate travel expense management platform that can make your expense reporting stress-free. Your employees will have access to the mobile and desktop platforms from where they can submit reports.

For rapid expense approvals, finance teams can create and upload approval workflows for automated expense approvals

Other than reimbursements, Volopay can streamline every outgoing payment of your business. It is reliable, speedy, and fully digitized to send out business payments on time. 

If post-trip reimbursements seem like extra work, your employees can have corporate cards and plan travel expenditures with that. 

These cards are highly portable, as they are virtual and can be created in unlimited quantities. Even if you have created cards for every employee, as an admin, you can manage centrally within the dashboard.

This is also for every other business expense you make using Volopay. Thus, real-time expense reporting and monitoring are achievable with Volopay. 

Seamlessly manage your entire corporate travel expenses with Volopay!