An expense report is a total of an employee's expenses that they incur while working. These reports are normally submitted once every pay period and are necessary for many reasons-including for when tax season rolls around-so it's obviously important that the report contains all the required information.
Sadly, many companies still have their employees keep a physical copy of all their reimbursable expenses. And while this used to be the best way, there are now quite a few quicker and easier methods for expense tracking. One of these more convenient methods includes the use of mobile apps. Using these handy apps allows your employees to report their expenses in real time, which then helps your business keep more absolute and prompt records. Also, the information is never lost or damaged.
A couple of the reasons why the abandon of traditional reports is preferred by many small business owners include the ability to approve or deny expenses by simply pushing a button, reducing fraud or overspending. Also, they now have the ability to reimburse employees for the cost, down to the cent instead of approximate numbers. This could include things like food and lodging allowance. Finally, employees are no longer buried under piles of receipts and reports!
Smart phone apps eliminate the need for all that paper, and are better for the earth. They also help avoid incorrect reports because of lost receipts and is generally faster.
There are various apps available to help with expense tracking, and some even sync with Quickbooks. Also, some apps offer milage tracking and time tracking features. Even receipt scanners are available for use, right on the phone! Why would employees fill out so much paperwork when expense tracking is available right from their phone?
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