Avoiding the 'Costanza Wallet' in Business Travel with Mobility

Avoiding the 'Costanza Wallet' in Business Travel with Mobility

George Constanza checking his overstuffed walletAs booking flights and hotels gets easier, information becomes more readily available and paper use in an office continues to decrease, why are your business travelers still carrying every single receipt from every single business trip, holding onto them until they return?

As the fictional character George Costanza learned during an episode of the popular Seinfeld TV series, a giant wallet is not an organizer, a secretary or a friend.

Your salespeople, executives and other business travelers are finding their heavy paper-filled wallets a literal pain in the butt, and headaches from the time-consuming expense reporting process constantly await your team when they return from a business trip.

A lost receipt means lost money, and if a traveler waits until the end of the month, the entire reporting, approval and entry into accounting becomes a marathon session that requires digging through cars for receipts, guessing and testing and the unfortunately common “submit and pray” method.

Travelers and financial professionals alike have seen their lives made easier by advanced technology in other fields—ERP, booking, even mileage tracking—but why not in expense reporting?

There is an answer, and it exists in mobile expense reporting.

Through an app, employees are able to snap receipts and send these receipts to Accounting and Finance for approval.

This shortens the process, improves accuracy and makes a travel and expense policy easier to administer, according to a recent article, “3 Reasons to Go Mobile with Employee Expense Reporting.”

By adopting mobility in expense reporting:

  • Receipts and reports are easier to submit on time, as travelers can just snap and go. No trips to the office, no spreadsheets, no manual reconciliation and most importantly no long waits for reimbursement.
  • Travelers are less likely to lose receipts: By shortening the time between receiving a receipt and submitting it, you minimize the rise of losing or destroying said receipt, leading to increased accuracy.
  • Financial professionals gain visibility and agility: For administrators, being able to receive digital copies of receipts, approving or denying them based on your expense policy, it makes the process faster and easier to administer.

Simply put, being able to stop the wallet stuffing is not only good for the traveler, but is good for the organization as a whole.

Want to learn more about how you can improve expense management in your organization? Ask a Product Specialist!

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