Mobile Expense Management: Definition and Tracking Expense

As a business owner, tracking expense details can be time-consuming and overwhelming. There are multiple areas of your business that you need to worry about. The good thing is that there are some things that you can do to help make things easier.

Mobile expense management is one of those things that can be time-consuming and confusing at times. This can be especially true if you have a large number of employees who claim expense items on a regular basis. Managing all the expenses requires a certain skill set and knowledge some companies don’t have.

Here’s What We’ll Cover:

What Is Mobile Expense Management

3 Ways to Help With Mobile Expense Management

Key Takeaways

What Is Mobile Expense Management

Several businesses have some type of mobile expense management process or company policy in place. This is a good start when it comes to controlling overall costs. Some businesses overspend on their technology while others can efficiently manage expenses.

One of the best things that you can do is to automate your mobile expense management processes. It can help to manage all the different expense entries and allow employees to submit any claims as soon as possible. This will lead to a more efficient process and can contribute to overall employee productivity.

3 Ways to Help With Mobile Expense Management

There are some things that you can do to help with mobile expense management. Here are three ways to reduce employee expenses and make your expense reports more efficient.

1. Establish an Expense Policy

Clearly defining the list of expense categories that employees can claim is a great way to help manage expenses. You can create categories for expenses and include any per diem limits. You can also include more information, like whether or not an expense type requires managers’ approval, to add an extra layer of control.

2. Automate Approval Requests

Sometimes an expense needs to get approved, but it could become difficult to manage a verbal request or an email request. This might lead to duplicate expenses or expenses getting lost. You can specify certain expenses to get approved automatically.

Or, you can use expense tracking software to alert you to any new approval requests. You can quickly see any information in the dashboard. And any unapproved expense requests can get sent back to the employee with further clarification.

Automating approval requests can help lead to fewer delays in processing. It can also help you generate detailed reports for individual expenses, which can come in handy for audit purposes.

3. Explain the Benefits to Your Employees

There can be a lot of benefits to managing and submitting expenses properly. Approval time can speed up which will lead to less frustration among your employees. And using a mobile expense reporting system can make it as simple as possible to submit any expenses.

The entire expense approvals process will become more efficient and streamlined. So even if an employee wants to submit an expense while still on the road, they can. By submitting their expenses as soon as possible, it’s less that they have to worry about in the long run.

They don’t have to think back to where they left their receipts or how much something costs. They can submit the details right away and have more time to focus on their other tasks and responsibilities.

Key Takeaways

It can be difficult to manage mobile expenses, especially if you have a bunch of employees who need to submit expenses regularly. It could be because they travel frequently for work or they entertain potential clients. Whatever it is, monitoring any data related to your employee’s expenses can let you identify areas for improvement.

When you understand reimbursable employee spending, you can find opportunities to manage it. You will be able to better manage any spending rules, approval requests and overall communication. Having an expense policy in place can help contribute to this.

Since everything will get outlined and defined, there will be no confusion or miscommunication. Employees will know exactly which expenses they can claim and how they need to submit them. This can lead to less downtime and increased productivity.

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