Since the COVID-19 pandemic started, more employees have been asked to work remotely. As part of this arrangement with their employers, they may have been asked to track certain expenses incurred in working from home, such as their internet or telephone costs so the employee can be reimbursed. This means the employee is required to submit expense reports regularly for processing.
Processing expense reports can be a tedious and time-consuming process. Receipts must be manually logged into the company’s accounting system. Cloud-based mobile software can help.
Businesses that take advantage of next-gen Advanced Expense Management Software within the right cloud ERP solution are fast-tracking the process, utilizing artificial intelligence (AI) and machine learning (ML) to automate and streamline the process.
Cloud-Based Mobile Expense Reporting
Over a year ago, having almost 60% of US workers working remotely—either always or sometimes—would have been a surprising statistic. Now, having more people working from home than the office doesn’t raise many eyebrows.
The COVID-19 pandemic altered the “business as usual” mentality. It also revealed an important fact: companies that embraced integrated, mobile-friendly cloud ERP software have been able to ensure business continuity by providing real-time information, up-to-date files, and embedded collaboration tools (unlike their competitors who continued to rely on legacy infrastructure and siloed applications).
Cloud ERP software that seamlessly incorporates cloud-based, AI-enabled mobile expense reporting is a boon for employees who travel (yes, business travel was reduced during the pandemic but not eliminated) or who have work-from-home expenses. The process that once took many time-consuming steps is reduced to a few clicks.
Users open the AI-enabled app and scan a receipt with the camera. The app automatically populates an expense report using the field identified on the receipt (e.g., date of expense, dollar amount, location, expense type, etc.). The last step is attaching the picture of the receipt and verifying the expense classification.
From saving physical receipts, entering data into a spreadsheet, and submitting the expense reports to opening an AI-enabled app, scanning a receipt with their phone or mobile device, and letting ML do the rest, the process becomes efficient, streamlined, and stress-free.
Cloud-Based Mobile Expense Reporting Benefits Employers, Employees
Cloud-based mobile expense reporting is a beneficial tool for both employees and employers, especially as the pandemic-induced new state of work continues. Companies and their work force will be able to:
- Save time with automatic filing and by filing multiple expense reports quickly
- Submit reports immediately, eliminating the need to save paper receipts
- Reduce the number of errors
- Reduce the cost per report
- Receive financial information in real time
- View every expense report as it is approved or rejected
- Gain a big-picture view of overall expenses/spending
In addition, cloud-based expense reporting systems can issue mobile notifications for unreported corporate card activities, automate corporate card bank reconciliations, and streamline reimbursements to employees. And if these benefits aren’tenough, these cloud-based ERP solutions offer greater data security.
Research has shown that businesses that turn to ERP-integrated cloud-based expense reporting showed “quicker employee reimbursement, improved visibility into spend, increased ability to enforce travel policies, and reduced processing costs.”
Find the Right Cloud-based Mobile Expense Reporting Software
Regardless of whether expenses are incurred on the road or at home, they must be accounted for. A cloud-based expense reporting tool within a comprehensive and integrated cloud ERP solution is quickly becoming a must-have for the remote workforce. With a few clicks, an AI-enabled app will automate the process and produce streamlined, accurate results.
As businesses research their options, they may want to consider adding Acumatica Advanced Expense Management for Acumatica cloud ERP to their list. The press release announcing the release of the expense management module (in Acumatica 2020 R1 with AI/ML mobile image recognition enhancements found in Acumatica 2021 R1) notes one more benefit of having this built-in capability, and that’s eliminating the cost of third-party add-ons, such as Concur and Abacus.
Interested in learning more? Contact our team today. We would be happy to answer your questions and arrange a demonstration for you.