Remember the “good ol’ days” of manual processes? The timecard punch clocks. The little piles of T&E receipts that had to be stapled together and photocopied prior to processing. Running around the office reminding employees to submit their timesheets or expense reports. Weren’t those the days? Truth be told, these memories remind us why we’re so grateful automation has taken over where manual tasks left off. But if these memories are actually not so distant, it’s worth taking a look at how manual processing might actually be holding your workforce back and how the alternative—a cloud-based automated system—can help your workforce work smarter, not harder.
The Costs of Having a Manual Workflow
Traditional timesheet and expense tracking systems rely on manual tasks that can frustrate and even overwhelm employees and administrators. These include “offline” tasks like searching through stacks of paper (including sticky notes and crumpled receipts) and physically routing documents through the approvals chain. In addition, “online” tasks include calculating overtime or foreign currency, sending follow-up e-mails, and cross-referencing/rekeying entries between different systems. It’s a time-consuming, not to mention error-prone, way to work:
Important paper documents can get lost;
Details related to hours worked and money spent can be easily missed (or forgotten);
It takes longer for employees to get paid or reimbursed;
Correcting mistakes requires extra time and money.
Cloud-Based Expense Software Delivers the Freedom of Automation
Your workforce can reclaim much of their time and energy by leveraging cloud-based timesheet and expense reporting solutions. Web-hosted software enables users to access their productivity tools from any connected computer or device, around-the-clock. And they’re freed from the hassles of:
Chasing Paper – Thanks to the digitization of data, timesheets and expense reports can be created, approved and processed through a web interface or mobile app. Workflow doesn’t have to stop on someone’s desk—or for that matter, in their wallet or file cabinet.
Maintaining Hardware or Software – SaaS vendors handle all of the technology-related details: the servers, databases and upgrades as well as user training and support. Administration is easy—from implementation through daily processing.
Making (Lots of) Entries – Highly configurable cloud-based solutions integrate with most of your financial management and accounting applications including travel management and payroll systems, corporate credit card feeds and direct deposit systems. That means when administrators and employees enter data, it syncs across all systems.
Welcome to the Cloud
If your workforce is managing timesheet and T&E paperwork using punch-clocks, dog-eared receipts and fancy footwork, it might be time to consider letting go of the old-fashioned manual processes. The solutions on Nexonia’s SaaS platform including Nexonia Timesheets and Nexonia Expenses can help your organization automate your manual timesheet and expense reporting processes.
Remember the “good ol’ days” of manual processes? The timecard punch clocks. The little piles of T&E receipts that had to be stapled together and photocopied prior to processing. Running around the office reminding employees to submit their timesheets or expense reports. Weren’t those the days?
With each sale comes a wide variety of costs that are attributed and associated with it. Those costs include travel, marketing materials, meetings, processing and other operating costs. One of the biggest expenditures is employee expenses; noted as the second largest controllable expense by both PayStream and Aberdeen Research.Inefficiencies throughout the expense management process leads to lower margins for the organization as a whole, less time sales people have to actually sell and more headaches for individuals throughout the organization as a whole.To help you understand ways to improve how your organization manages expenses, we would like to highlight 3 expense management weaknesses that a manual expense management process might present, affecting everyone from the sales traveler to the CFO.
1. Unenforceable Policies
Lack of compliance and poor visibility all begin with issues in your corporate policy. 41% of respondents to a recent Aberdeen survey reported poor visibility into T&E spending, compliance, and suppliers, and another 37% reported lack of control over T&E spending. A straightforward policy is essential and should include these four points:
Additional concerns of the respondents to the Aberdeen study were ‘reduction in processing costs (35%)’ and ‘eliminating manual- and paper-based processes’ (30%).Common concerns for organizations, with answers to each inherently tied: Automation and Mobility.Automation will help reduce costs by reducing work for administrators, minimizing the amount of policy uncertainty for travelers and allowing your organization to have improved internal customer service. For more, see the Nexonia article, 3 reasons to automate your expense reporting process.Mobility on the other hand provides a path to automation for your organization, allowing for reduction in administrative workload for both the traveler, who, with an expense app, can upload his or her receipts by phone. Administrators also benefit from mobility, as they can receive documented receipts and reports without having to sift through piles of paper. For more information, see 3 reasons to go mobile with your expense reporting.
3. Costs of (Lacking) Integration
Even if you have developed a perfect policy, automated the employee expense reporting process and worked to cut paper-based processes from your vocabulary, you could potentially be wasting money if your processes lack integration with your accounting system. For instance, an employee may have submitted his or her expense report and that report has been documented and approved, but what’s the next step? Manual data entry?For many organizations, this means a complex process to bring expense data into your ERP, resulting in wasted time and higher costs. Companies that are making the most of their expense management are turning toward effective, automatic and simplified system integrations.Top organizations that can integrate their expense management with other platforms gain visibility into the big picture of spending, creating an “operational nexus” for project management, accounting and expense reporting. For more information, download the whitepaper: Key Considerations for Selecting Expense Management Software.
Solving Policy, Processing, and Integration Concerns: Nexonia Expenses
If you are looking to simplify the entire process of employee expense reporting—the submission, approval, reimbursement, and the accounting for all of this—learn more about Nexonia Expenses: a user-friendly expense app that will help your organization save time and money, gain visibility into spending and much more.3 Things That Might Negatively Impact Your Expense Report ManagementVIEW VIDEOGallery
Inefficiencies throughout the expense management process leads to lower margins for the organization as a whole. To help you understand ways to improve how your organization manages expenses, we would like to highlight 3 expense management weaknesses that a manual expense management process might present, affecting everyone from the sales traveler to the CFO.
Millennials currently make up 37% of the workforce. By 2025, this number will grow to 75%.Millennials have a lot to offer employers. They are the most highly educated generation in western history, with 34% of 25 to 29 year-olds holding a bachelor’s, master’s, professional or doctoral degree. They are also entrepreneurial, team players, tech-savvy, creative, fast learners and good at multitasking. These skills are essential in today’s fast-moving business landscape. However, employers have a hard time finding and retaining Millennials. Ninety-one percent of Millennials stay in a job for less than three years. This is because many companies promote out-dated and rigid working styles that are at odds with Millennials’ values. According to a PWC study onMillennials at Work, this generation craves a management style and corporate culture that is different from anything that has gone before. The study states, “The companies that have already been the most successful in attracting talented millennials – Google and Apple among them – are naturally innovative employers who are never restrained by ‘how things used to be done’. These companies are not specifically targeting millennials, but their culture, management style and approach to recruitment and retention naturally appeal to the millennial generation. And because of that, they are able to take their pick of the best younger talent around.”Here are five things that can set your company apart, so you can find and retain the top Millennial talent:
Millennials don’t need to sit in a cubicle from nine to five to get their work done. Their office is on the road, in coffee shops and at home.To be productive, Millennials require mobility. According to a CEO.com study, 22% of Millennials say they would be less likely to accept a job at a company in which mobile technology is not part of the standard working environment. Being able to submit their expenses while riding in the backseat of an Uber or filling out online timesheets while working from home gives Millennials the freedom to work from any location and at any time.According to a study by Red Brick Research, 92% of Millennials want technology that they can access whenever and wherever they need it. When you offer this technology, you will be able to effectively attract and retain top talent.
Millennials value personal growth. In their free time, they watch educational videos on YouTube and take classes to learn new skills. A 2015 study found that Millennials rank “training and development” as the most important working benefit. This outweighed financial perks, such as cash bonuses and wage increases. Millennials aren’t motivated to work for someone for years if they never advance. In fact, the #1 reason why Millennials leave jobs is a lack of career opportunities. Giving Millennials professional development opportunities allows them to learn new skills, feel more valued and advance in their careers. It’s also great for your business, as you’ll have more skilled employees. For example, you can send Millennials to industry conferences, provide them with on-the-job training or pay their tuition for a night course. You can also develop a mentorship program in your company, where your senior leaders mentor new hires. When you purchase new applications, look for vendors who offer included support and training. By doing so, Millennials can take advantage of your apps and learn skills that will help them do their jobs better and more efficiently. Meanwhile your team can focus on what matters the most – not on training employees on how to use applications.
Interesting projects … not boring admin
Millennials are a creative and plugged-in generation. Forcing them to adhere to out-dated administrative processes when they know that automated solutions are out there will frustrate them. Rigid processes also slow Millennials down and prevent them from making the most valuable use of their time. Would you rather have your top developer create code or figure out where he put his timesheet? Providing streamlined tools to handle administrative tasks (such as timesheets and expense reports) that, let's be honest, no one likes to do, can give you an advantage when attracting Millennial talent. The less time they spend on these tasks, the more time they can spend innovating for your business.
Many companies still ban social media. While sites such as Facebook can distract employees and prevent them from getting their work done, social media has too many benefits to ignore.According to McKinsey Global Institute, social media could add between $900 billion to $1.3 trillion to the economy. It does this by improving communications and collaboration. When used correctly, it can even boost workplace productivity. For example, your HR manager will use LinkedIn to connect with potential hires. Your developers rely on forums to grab code and learn new skills. Social media is also an essential marketing and sales tool – allowing you to promote your brand and connect with customers. Social media is an integral part of Millennials’ lives. One minute, they’re tweeting your company’s latest blog post and the next they’re jumping to your timesheet app to submit their payroll. As masters of multitasking, they often use multiple apps and social networks simultaneously. For many Millennials, social media is non-negotiable. A Cisco survey found that 56% of Millennials won’t work for companies that ban social media. And 33% of Millennials would choose social media freedom and device flexibility over a higher salary.
Millennials are willing to work hard, but in return they want to balance their work commitments with their personal ones. According to an EY study, Millennials are almost twice as likely as Baby Boomers to have a spouse or partner who works full time. This means that older workers are more likely to have a spouse or partner who can run the home, while Millennials need to manage both their jobs and homes. It’s not surprising that “Finding time for me” is the top challenge faced by Millennials who are both parents and managers. Another significant challenge is managing their personal and professional lives. The EY study also found that Millennials would be willing to take a pay cut, forgo a promotion or move to manage work-life demands better. However, these drastic measures shouldn’t be necessary.One way that Millennials can balance their work and family lives is through technology. For example, AP managers may want accounts payable software that lets them do the company expenses from home, so they can also look after a sick child. However, their boss may see an empty desk and think that they’re slacking. To attract and retain Millennials, senior management must embrace new styles of working. They must let Millennials use technologies such as mobile devices, social media and business productivity apps so they can work from any location and at any time. Mobility increases Millennials’ job satisfaction and it will also boost employee productivity and the value that Millennials bring to your company.
By leveraging mobile solutions, such as Nexonia Expenses and Nexonia Timesheets, you can give employees the freedom to work remotely. These apps make it quick and easy to do administrative tasks, such as expense reporting and time tracking, which appeals to a Millennial workforce.Related Reading: For the Road Warriors: Mobile MileageHiring Millennials? Here’s 5 Ways to Attract the Best and the BrightestVIEW VIDEOGallery
Millennials currently make up 37% of the workforce. By 2025, this number will grow to 75%. Millennials have a lot to offer employers. They are the most highly educated generation in western history, with 34% of 25 to 29 year-olds holding a bachelor’s, master’s, professional or doctoral degree. However, employers have a hard time finding and retaining Millennials.
In today’s highly competitive business landscape, every new customer acquired is a huge win. However, many companies let their hard-earned revenue slip through the cracks.Outdated financial systems and inefficient, manual processes make it hard for you to see where your revenue is going. This leaky revenue impacts your bottom line and can prevent you from finding the funds to go after new business opportunities. Patching up your leaks in just a few places can help you regain thousands – or millions – of dollars in lost revenue. Here are five signs that your company is experiencing revenue leakage and what you can do to stop it:
1. You rely on manual time tracking.
Manually tracking employee hours is a long and complicated process. As data flows between employees, supervisors and the finance department, it’s easy to miscalculate a number and overspend on payroll. According to the American Payroll Association (APA), errors made when manually processing time and attendance can add up to 1–7% of your total payroll costs. If your annual payroll spend is $1 million, these mistakes can cost you $80,000 each year.For example, employees often don’t fill out their timesheets until the end of the pay period. Then, they struggle to remember when they worked and may overestimate their time, which leads to overpayments for hours not worked. Many employees fail to log their time at all, and someone in finance then needs to chase after them to complete payroll. This causes your financial team a lot of frustration and wasted time that could have been easily avoided with the proper tools.
2. You pay employees when they’re not working.
Long lunches … leaving early … arriving late …The APA found that the average employee steals more four hours than each week.A few minutes here and a few minutes there can wreak havoc on your payroll. Buddy punching alone – clocking in your friends when they’re not at work – costs U.S. employers $148 billion per year. Employees can manipulate archaic time tracking systems, such as pen and paper. It’s easy for them to pad their hours to make it seem like they were working when they actually came in late or took time off. If their supervisors don’t pay close attention to their timesheets, you’ll end up paying employees for unworked hours. In addition, distractions such as social media, texting and personal phone calls take hours away from your employees’ productivity. A University of California, Irving study found that it takes office workers 25 minutes to refocus after a distraction. With so many technological distractions, it’s nearly impossible to get anything done.
3. Your employees manually track their expenses.
Here’s a familiar situation … You log all of your expenses from a recent trade show into your accounting software, and just as you finish reconciling these expenses, someone from marketing shows up with a pile of receipts that he found in his suitcase. More work for you!As you know, paper-based expenses are difficult to track. Employees must save all of their receipts, log them into a spreadsheet and remember to send them to accounting. It’s easy for them to misplace receipts, forget what they purchased, and over or under-estimate their expenses. Manually logging expenses also takes valuable time away from their jobs. Should your CEO be running the company or digging around for her lunch receipt? You also have to monitor employees to make sure that they’re not putting personal expenses on the company credit card or flying first class when you can only afford to send them in coach.
4. You buy technology that doesn’t deliver ROI.
People love new, shiny things. Many departments purchase technology without first figuring out the business driver for it. How will new software help the business achieve its goals? How will it integrate with your existing technologies? Will its maintenance and support costs override its value?The financial team needs insight into what technologies people are buying and why.
5. Your billing systems are out of whack.
Many companies still run their accounting like it’s the 1980s. They mail customers invoices and send vendors paper-based payments, such as cheques and wire transfers.But these outdated practices hold your business back.Manually entering invoices and payments into your accounting system leads to errors and lost revenue. A study by the Aberdeen Group found that manual billing has error rates of 12-15%. These errors make it hard to gain a clear view of your finances. Manual processes also slow your billing cycles and eat into 1-5% of each transaction. Here are some signs that your billing systems are out of whack:
Customers don’t pay you promptly, as they don’t receive your invoices promptly
You don’t pay your vendors promptly, as their invoices get lost in piles of paper or mismatched systems
Waiting for customer payments means that you don’t have enough funds in your bank account to take advantage of new business opportunities
You bill products or services at the wrong prices, or your sales team offers unauthorized discounts
You find errors in customer and vendor contracts that can lead to disputes
You don’t bill customers when their contracts renew
You spend too much time reconciling payments manually
How to Stop Revenue Leakage
Inefficient, slow, and error-prone manual processes cause all of the problems mentioned above.Moving to electronic systems can help you minimize human error and put an end to leaky revenue. Here are three areas you can automate:
Timesheet apps make it easy for employees to send you their hours. Instead of logging their hours on a piece of paper or spreadsheet and personally handing it to you, employees can update their timesheets with a swipe on their mobile device. Timesheet software will automatically send employees reminders and sync submissions with your payroll system, so you won’t need to chase after employees to get their hours. Cloud-based time tracking can also automate your corporate payroll policy, so you can ensure that timesheets are submitted during the correct pay period (e.g. daily, weekly, monthly) and are routed to the right people for approvals. Timesheet software that integrates with your accounting or payroll system greatly reduces the risk of manual entry errors. It also gives you full visibility into employee-tracked time, as you can easily and securely view this information online.
The Aberdeen Group found that companies that use cloud-based expense management tools spend 83% less on expense processing than companies who do not use these tools. For example, expense management apps allow employees to instantly log their expenses into their mobile devices when they are on the road. They won’t need to bring piles of receipts back to the office or try to remember how much they spent at a client dinner. Expense management software can also automatically reconcile expenses with your accounting software. This gives you visibility into how people are spending company money, so you can control and monitor unauthorized expenses.
Moving from paper-based to electronic AP systems is key to bringing your business into the 21st century. With manual AP, paper invoices sit on employees' desks until they are routed to Accounts Payable. You don’t have visibility into your liabilities until you receive the invoice and enter it into your Enterprise Resource Planning (ERP) system. Relying on paper-based processes often leads to lost, missing, or duplicate invoices – increasing your liabilities with vendors. Automation with front-end capture, on the other hand, gives you immediate, real-time visibility into the entire AP process. Automation also provides you with audit proofing and better controls. Every action on a document is automatically logged and tracked, so you can run up-to-the-minute reports on transactions to satisfy your compliance obligations. Look for an AP system that eliminates the risk of errors or missing information. It should organize and synchronize even the most complex vendor payment information – making it accessible from anywhere through a user-friendly vendor portal.
By leveraging Nexonia’s fully integrated management tools such as Nexonia Expenses, Nexonia Timesheets, Nexonia Accounts Payable and Nexonia Purchase Order systems, you can gain visibility into your finances and put an end to revenue leakage. Nexonia gives you the tools you need to streamline your finances, prepare for an audit, and report on the KPIs that matter to your organization.5 Signs That Your Company is Leaking Revenue (and How to Fix It)VIEW VIDEOGallery
Welcome to the inaugural Employee Spotlight from the Philadelphia office! Previously known as ExpenseWatch, the Philly office was acquired by Nexonia back in March 2016 and since then we have been immersing ourselves in all things Nexonia. With that, let’s start getting to know those that live and work in and around the City of Brotherly Love! In most organizations, introducing a product or service to a prospect is considered a completely different role from supporting customers that have been onboarded for days, months and even years. Here in Philadelphia, we have one employee who has taken these two separate roles and wrapped them into one. Her name is Cindy Hollenbach, and she is the Team Lead of Customer Retention at Nexonia. Cindy is not only involved on the presales side by conducting product demos and supporting the sales team, but she also assists current customers after the sale has been made. Cindy has built up a wealth of knowledge from her dual role and continues to be a huge asset to the organization. I sat down with Cindy at Redstone Grill in Plymouth Meeting, PA to learn more about her role and life outside the office.
KARI: Tell me about yourself? What did you study in school? How did you find yourself in this role?
CINDY: In a nutshell, I’m a wife, mom, daughter, sister, aunt, hard worker, a good friend and a recently-minted Nexonian. As for my education, I graduated from Temple University with a degree in business. I chose business as my major because of my parents; they ran their own company and that inspired my dream to become an owner and CEO of my own technology company. After college, I started working in the tech industry and eventually got a job at a company that employed thousands of people. One day, Bill Vergantino called me for a phone screen/interview. Due to his passion and charisma for a very small Philadelphia tech startup (ExpenseWatch), he convinced me to come in for an in-person interview and the rest is history. I celebrated 10 years with the company on May 15th, 2016. It has been an incredible ride with ExpenseWatch and it has been filled with a ton of memories and life experiences. With the acquisition, I’m looking forward to all the new possibilities and another 10 years as a Nexonian!
KARI: You are a pivotal person in keeping our customers happy. What keeps you coming to work every day and being so successful in your position?
CINDY: What has kept me coming to work for 10 years and still does to this day is the fact that I’m truly invested in this organization and the employees. Not only do I want the company to be successful, I want every person here to be successful in their role. I’ve learned that keeping our customers happy is the key to any successful business. I think a pivotal part of this role is talking to those unhappy customers, resolving the issues they are experiencing and converting them to happy customers. I’ve found that the key is to listen, listen, listen and let people express any frustrations, problems and/or issues they are experiencing. I make sure I truly understand their situation and reassure the customer that we will work with them to find a resolution. Finally, I work with the customer and internal teams at the office to come up with a plan of action. Many times these interactions are over web conferencing, but myself, John Neri, Brian Evans and others from Customer Satisfaction will go onsite to retain, support and even upsell clients – whatever it takes to resolve their issues and make them comfortable. It all comes down to the customer’s happiness and success.
KARI: You’ve been instrumental in getting members of the Philly sales team educated on the Nexonia products and company culture. How are you bridging the gap between ExpenseWatch and Nexonia?
CINDY: I’ve spent time in the Toronto office getting first-hand experience with many members of the team. I’ve found that there are a lot of similarities between ExpenseWatch and Nexonia, and that includes the products and people.Being a member of the Philly team for 10 years, I’ve gotten to know everyone pretty well, they are like a second family to me. Everyone here is hard working, caring, willing to help and a lot of fun. When I visited the Toronto office and spent time getting to know the company during the team off-site, I found that the crew up in Canada has very similar qualities. I had positive interactions and found everyone very helpful and supportive! Many people took time out of their day to help me get up-to-speed and even took me out to explore Toronto! I want to thank the entire crew for all the time they have given me, making me feel welcomed and a part of the Nexonia team. As for the features and functions of the product, we are in the same competitive space so it’s not a huge shift in terms of features and product/feature positioning. There are differences, however, and I’m in the early stages of fully understanding the solution. I must send out a very special thank you to Andrew Gadsby on the Product Education team who has been generous with his time and knowledge of the application. I am continuing to learn more about the Nexonia solution by playing around in a Nexonia demo account and watching videos -- all graciously supplied by Andrew. I am looking forward to continuing to learn the solution and transitioning fully.
KARI: What’s one thing that helps you get through your busy day?
CINDY: I have a love for all kinds of music and listening to my playlist daily. When I’m not on customer calls or doing product demonstrations, I like to put in my headphones in and get in the zone. I like to keep my playlist up-to-date and my top songs are:
KARI: What’s a fun fact or experience that you’d like to share with our audience?
CINDY: I think many people would be surprised to know I’m a bit of a thrill seeker.Several years ago, my best friend was getting married in Costa Rica, so we made a little vacation out of it and even signed up to zip line through the jungle. At the time, I wasn’t a big fan of outdoor adventures, but zip lining seemed like something I could handle…until I got up on the first platform.For those that haven’t been to Costa Rica, the jungle was so thick and the zip lines were so long, you couldn’t see where the line ended. You basically had to leap off the first platform and hope you make it to the next. You also wear thick gloves, one of which serves as your break, but if you break too early, you run the risk of getting stuck in the middle of a zip line in the jungle. I really didn’t know what I got myself into until I was hooked up to the line and it was my turn to go. Long story short, I made it through the zip lining experience alive! It was one of the scariest, yet exciting things I’ve ever done. I guess I was feeling extra adventurous that day, because my best friend and I jumped into small pond in the jungle. It felt so great to cool off from the jungle heat, until something in the water started biting us! By the time we got out (after laughing hysterically from our panic to survive) we felt lucky we didn’t get eaten. Our tour guide was so shocked we went in there, he couldn’t stop laughing at us! We still haven’t discovered what creatures were biting us that day.
KARI: Since the Philadelphia office is relatively new to Nexonians and Nexonia blog readers out there, what are some of your favorite spots in and around Philadelphia and why?
Peddler’s Village – This is a quaint little shopping and dining destination located in Bucks County, PA. This is the area where I grew up and I have so many fun and memorable life events with friend and family.
Valley Green – This outdoor spot is a favorite of mine from childhood. My great aunt used to take me here and we would feed the ducks and wander around the park for the day. It’s a beautiful spot, especially if you’re a fan of the outdoors!
Dalessandro's Steaks – For all those cheesesteaks fans out there, this is the only (and best) place in Philly to get a cheesesteak…Jimmy Fallon even agrees with me!
Redstone Grill – This restaurant is located right across the street from the Philly office. I’ve spent so many good times with my coworkers here laughing and getting to know them outside the office. Now that the weather is getting nicer, we all get together on the outdoor patio and I’m looking forward to the Montreal and Toronto offices joining us here!
Nexonia Employee Spotlight: Team Lead, Customer RetentionVIEW VIDEOGallery
Welcome to the inaugural Employee Spotlight from the Philadelphia office! Previously known as ExpenseWatch, the Philly office was acquired by Nexonia back in March 2016 and since then we have been immersing ourselves in all things Nexonia.
Technology innovations have ushered in a new set of rules for business travelers and their corporate travel managers. Sophisticated yet user-friendly enterprise systems and cloud-based software services have made working anytime/anyplace the new reality for today’s professionals—and many have embraced it with open arms. Or, shall we say, with connected devices?
Expense Management 2.0
The widespread business use of smartphones and tablets and the proliferation of mobile apps—not to mention the prevailing preference for hopping on the web to get things done—are driving change in corporate travel programs. New policies, new processes, and, let’s face it, new ways of working are being adopted across industries (and time zones). Here’s what business travelers need to keep in mind as they traverse the globe:
1) Travelers must know their corporate travel policy
An evident challenge for many organizations is a shrinking travel budget, or rather increasing travel costs that strain travel managers to do more with less. It has become more important than ever that business travelers know what’s expected—what can be expensed, and what can’t—so they can respect the policies of their travel programs. This means they need to carefully review their T&E policies and be held accountable for staying in compliance, addressing concerns with their managers early and often and ensuring their travel expense reports are accurate and timely. While an automated expense report solution will keep users in line by flagging submissions that fall short of their corporate policy, having a strong familiarity with the in’s and out’s of their travel policy will mean quicker reimbursements for these business travelers in the long run.Read Why Create A Travel Expense Policy (And How To Do It) and 4 Must-Haves for a Winning Expense Report Policy for further insights.
2) Travelers must stay connected
Aside from helping them stay organized and productive, web-based tools like the Nexonia Expenses Mobile App make it easy for people to manage expense reporting while on the road. Software-as-a-service (SaaS) tools in particular keep travelers’ expense report data synced across their devices (e.g. laptops, smartphones, tablets)—and keeps them running even if they find themselves offline. Additionally, cloud-based software connects travelers to their management and admin team back in the office, so everyone stays on the same page.Explore the 3 Reasons to “Go Mobile” With Your Employee Expense Reporting
3) Travelers must provide detailed reports
There’s no way around it: business travelers need to be specific about their T&E expenses. The digitization of expense reports has made it possible for travel managers (and executives in the C-suite) to use data in value-added ways—and it’s making a big impact on the creation of travel program design, policy and bottom-line goal setting. At the same time, technology has made such things as “forgotten expenses” a thing of the past. Using today’s web-based expense reporting software and apps, travelers can easily track their expenses as they go, with a number of added benefits:
They can take pictures of receipts and load them directly into entries;
Their credit card transactions can be linked to their reports;
They can use multiple currencies during their trips and enjoy automatic calculations;
They can create their expense report from anywhere, including on the flight home (and can submit the report once they’ve established an internet connection).
“Getting specific” with expense reports is a no-brainer with Nexonia Expenses. Our robust tool is as easy for business travelers to use as it is to administer. There may be new rules to follow as corporate travel programs become more tech-infused, but these applications are made to enhance the expense reporting experience for everyone. We’d love to show you how.3 Expense Reporting Musts for Modern Business TravelersVIEW VIDEOGallery
Technology innovations have ushered in a new set of rules for business travelers and their corporate travel managers. Sophisticated yet user-friendly enterprise systems and cloud-based software services have made working anytime/anyplace the new reality for today’s professionals—and many have embraced it with open arms. Or, shall we say, with connected devices?