There’s nothing a jet-lagged corporate traveler hates more than returning from a business trip to input a mountain of receipts into an expense report. But take heart: the days of mangling clunky spreadsheets are at an end.
A number of third-party companies offer expense reporting solutions for the digital age. Here are a few benefits of digitizing expense reporting:
- Often it can plug and play with your other accounting software. Many third-party options are compatible with QuickBooks and other common accounting programs.
- It’s paperless. Some programs allow users to upload digital receipts from email confirmations (think flights and hotels), and some also have an app that allows you to take photos of receipts with a smartphone. No more keeping track of paper receipts.
- Currency exchange is standardized. This is especially handy for multi-nation trips.
- It can also take the pain out of corporate credit card reporting. If a supervisor purchases an employee’s business flight on the corporate card, the supervisor can share the receipt with the employee digitally for the employee’s expense report.
- You don’t need to circulate an updated tracking sheet each year, so expense tracking updates can be made on the backend and adopted instantly.
By Prasana William