Today’s workforce isn’t made up of 9-to-5 employees in the office every day, but rather increasingly mobile professionals who need to be able to seamlessly connect their work and life wherever they go. One area where this shows up is in the mobile workforce technology you provide your employees. Technology is ubiquitous when it comes to business, whether it be in the office or on the road. Hardware is everywhere, from tablets and smartphones to keyboards and mice. But software has been a little trickier—until now.
Organizations have finally begun taking software for mobile workability more seriously to close the final gap in their workforce technology strategy. And not surprisingly, there are many different options available. The best choice will depend on an organization’s needs, but one thing is clear: they need to take advantage of these new tools or risk being left behind by those who do. An area where this has become clear is mobile employee expense management. This article takes a look at the kinds of technology that a truly mobile workforce needs, with a particular focus on mobile employee expense management.
Should We Update Our Mobile Workforce Technology?
That depends; when did you last update it? If the answer isn’t something similar to “within the past two years,” then the answer to your question is a big YES! Mobile workforce technology is far more than tools like cell phones and tablets. So while you may provide your employees with the top-of-the-line iPhone, without the right software, it won’t be the best tool it could be. This is especially true when it comes to employees needing to perform tasks that are required but not necessarily part of their job description, like managing their work-related expenses or tracking the mileage they drive for work. Sadly, this is one area where many companies have dropped the ball resulting in lost time, revenue, and efficiency.
How Will Updating Our Technology Help?
Historically, paper expense management has been a time-tested way for employers to provide insight into what their employees spend money on. But, as more and more people are becoming mobile workers, this traditional approach is proving ineffective. Mobile employees who work outside of an office need access to all of their expenses with one click (or tap)—and without having to search through stacks of receipts or pages of paperwork. Mobile workers also are at higher risk of losing things like receipts meaning they may never be reimbursed for the expenses they’ve incurred on the business’s behalf.
If your business relies on outdated mobile workforce technology to do things like expense management or mileage tracking, you’re missing out on opportunities to maximize revenue. Let’s look at the ways that integrating updated technology can help.
In a report released by the Global Business Travel Association (GBTA), it will take an employee, on average, 20 minutes to complete a single expense report. If there are mistakes to be corrected, that adds 18 minutes. Even if your employees only need to fill out an expense form a few times a week, this adds up quickly. This is time that could be used for working, but instead, they are pulled away from their primary duties for what could be hours a week. With the right mobile workforce technology to manage expenses, this time can be reduced dramatically.
Though we don’t like to think it is happening, expense fraud is a reality for millions of businesses across the globe. In fact, according to the 2022 Report to the Nations released by the Association of Certified Fraud Examiners, expense fraud can go on for months to years without being detected and is the third most common form of employee fraud. Having technology in place to detect unusual patterns or behaviors can help catch fraud early, ensuring you reduce the harm it causes.
Reduce Processing Costs
In the study released by the GBTA, they found that the average cost to process a single paper expense report is $58 if there are no mistakes and an additional $52 if it needs correcting. The study found that one in five reports had errors, translating to a considerable cost in both money and time. By integrating expense management software into the process, you can automate most tasks, reducing the amount of time and money you spend per expense report.
Increase Employee Satisfaction
Taking time away from doing your job to fill out expense reports can be frustrating for employees. This frustration only increases when reimbursements take a long time to fill out, process and get repaid to employees. By updating your mobile workforce technology to suit their needs better, you can reduce the stress and annoyance employees have when they are required to submit expenses.
Update Your Technology With CompanyMileage
Weighing the potential costs and benefits of introducing new technology to your business can be challenging, but it is essential to adapt as technology progresses. That’s why CompanyMileage designed a suite of mobile workforce applications—SureMobile, SureMileage, and SureExpense—to make expense management and mileage tracking simple.
With CompanyMileage’s solution, you can automate expense reimbursements, generate accurate and reliable reports, and streamline management processes. After each workday, expense reports can be created and sent directly from the app in just a few minutes. You have a flexible approval structure and workflow to suit your needs, and with our integration with major accounting and payroll systems, there are no bottlenecks in the workflow.
We don’t stop at the mileage expense reimbursement process, either. With CompanyMileage, we give you the tools needed to support your mobile employees wherever they go. With address book integration, directions, and an easy-to-use check-in process, we help ensure your employees arrive on time and safely while ensuring their mileage is tracked accurately.
See how updating your mobile workforce technology with CompanyMileage can help your business by requesting a demo today.