The COVID-19 pandemic ushered in the urgent need for employees to work remotely but that hasn’t stopped the requirement to submit expense reports…nor the tediousness of the task. It’s time for cloud-based mobile expense reporting.
Why is expense reporting a painful process? A pile of receipts waiting to be manually logged and submitted is akin to waiting for a dial-up connection, but it doesn’t have to be this way. 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 and the remote workforce
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 everyone
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’t enough, 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.”
A win-win for everyone.
Finding the right cloud-based mobile expense reporting solution
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 with any questions and/or to set up a demonstration.