How to Automate Expense Management with Employee Tracking Apps?

Expense tracking and reporting: a chore task that managers and employees often dread. They indulge themselves in paper trails, drag down productivity, and escalate trust issues.

This brings back the finance team’s frustration and costs organizational growth overall. Instead, if the process is automated a whopping 58% reduction in cost can be driven compared to those who are getting stuck in a paper pile rut.

Now, think, when AI-powered automated expense management is at your fingertips, why would you go with the “nice-to-have traditional approach”. And, why not embrace advanced automation and apply the best hacks to slash expenses?

So, let’s dig out why and how your approach should be updated!

The Burden of Manual Expense Reporting is Nonetheless A Nightmare

Manual expense reporting is a productivity killer, including painstaking steps – entering amounts by categorization, showcasing authenticity with attached receipts, chasing approval status, and even repeating the same process if there’s a single error in any step.

Not worthy. Right? Because it strains resources in multiple ways, just similarly as described by GBTA:

• Employees give their precious 20 minutes to finish off a single report.
• Unfortunately, on average 20% of reports are filled with human errors.
• And, employees have to give another 18 minutes to correct those as there’s no other way out.

This merry-go-round type of steps sucks employees’ morale especially when they’re overwhelmed by constant follow-ups for getting approvals. And, in the meantime, the finance team reconciles it all while wasting their hours finding potential policy violations and expense fraud.

However, expense management automation can lighten the burden on overall members from employees to managers and the finance team.

The Automated Expense Tracking & Its Beneficial Impacts on Your Business

Imagine a scenario of monetary hitch – what if your employees make false reimbursement claims or they make their claims right but filled information with slight errors. In both cases, you may describe it like a scam that your employees hit to pull off a couple of dollars. Isn’t it?

But to save you, an automated expense management system gives you a birds-eye view of the entire expense process, likely

• Capturing receipts, saving data automatically, and eliminating digging in crumpled receipts at the end of the month.

• Automating expense categorization and timely reimbursement based on receipt information. For example, you can streamline travel reimbursement with Lystloc employee tracking solution.

• Gaining insight to optimize expense patterns and helping employees find potential areas for saving costs.

• Streamline different stages of approvals status to eliminate multiple follow-ups and faster reimbursement process.

And, when you get this futuristic automation, you may want to know exactly where it makes beneficial impacts. So, here is your ultimate advantage:

• Time is money, you know. Keep this math aligned on the go while freeing up your team for strategic tasks instead of worrying about expense calculation on their own. By using AI and automation-powered employee tracking software, your employees can submit all details from conference to business mileage in a pre-defined geo-fenced area.

• The bigger the business grows, the more essential it is to take the reins. To control employees’ expenses and use records as a goldmine in tax seasons, you can set limits and trigger push notifications, avoiding miscommunication or arguments over it.

• You can automate catching suspicious activities before it hits badly your business bottomline while freeing up your employees to carry soft copy evidence. When employees submit all documents from their current location and that too with different files, you know there’s no room for fraud.

The Steps You Can Follow to Automate Expense Management with Employee Tracking App

1. Enter the application and process the reimbursement request

You and your employees can take individual responsibility for streamlined expense management. Once your employees get into the web or mobile application of Lystloc, they’ll get an option ‘More’ to start with reimbursement operation while entering the start and end date of travel.

Moreover, they can list out expense types based on their requirements, which are likely, accommodation, food, fuel, and others. In this case, they can use separate forms and fields to segregate detailed data while providing multiple documents as evidence.

2. Verify reimbursement requests and approve timely to bring trust

As a manager, you won’t like to micromanage or follow up with your employees and ask them multiple times to get expense reports. To cure this exactly, the app sends you a notification as soon as your employees process reimbursement requests.

Additionally, in the process of fuel expense claims, it’s being calculated automatically based on pre-set rates per km, getting an integrated reimbursement feature as a default setting. Once you’re convinced by verified details, you can provide consent for approval or denial, all with briefing notes to avoid any confusion or doubt. And, once you’re done, your employees will be notified by emails and app notifications to overcome obstacles.

Pick Lystloc & Enjoy Benefits in Every Way!

Keep it simple while choosing Lystloc, of course.

But before that, jot down your plans about how you want to achieve your goals, set your priorities, and streamline your expense management strategy. Though your ultimate goal should be to bring trust and eliminate fraudulence within your organization.

When you get control over unnecessary expenses, you can control bucks and increase ROI in every way. So, let’s not get into more conversation, instead, try out a 7-day free trial with Lystloc to get every info at your fingertip.