We are in an age of automation. It is taking over industries and field forces are not behind on the trends. This is why field force management systems are becoming more and more popular with a growth rate as high as 12.8%.
Having to handle a large workforce’s finances is tough. But imagine your frontline employees being on field for the majority of the time. This is where expense management software comes into play. It not only helps managers maintain order but also aids executives to get easier reimbursement methods.
So what exactly is the expense management solution? Let us learn through this article.
What is Expense Management Solution?
For companies that work with a deskless workforce, employee compensations include both salaries and reimbursement for expenditures done while they complete tasks. This is why executives have to save their receipts and invoices for submission.
These reimbursements can include travel, food, stationary and other forms of utilities. Traditionally, managers have to keep track of each and every transaction manually. That is not only difficult but is also prone to errors that can lead to losses.
Features Included in Expense Management
Expense management software is fully equipped to help your managers understand and optimise their workforce. Each feature serves a unique purpose in the overall automation process. Some o the most popular features expense management solution has to offer are:
- Reimbursements: Field force management system simplifies the employees’ payment process for all the expenditures they did while completing tasks. Expense management solution takes care of this for managers. All employees have to do is enter their expenses and managers will get alerts directly.
- Proof Attachment: To save businesses from spending money on illegitimate payments, the expense management solution has a proof uploading option. Employees who wish to get reimbursed for their expenditures have to provide visual evidence for them. Payment is not processed without this proof.
- Status: Traditionally, employees have to wait for a long time period before getting their payments. This process lacks transparency as employees do not know where to go to enquire about their money. But with the field force management system, employees will have access to their transaction status at all times.
Benefits of Expense Management Solution
Now that we have understood the working of each individual feature of this solution, let us look how they come handy for businesses. Expense management solutions have several benefits for both managers and employees. Let us have a detailed look into some of them:
Automated payment processing consumes way less time than a human-operated management system. This is why, through expense management, employees can ensure timely payment. The time traditionally spent on trying to apply for reimbursements is also reduced through this solution.
This time is instead spent on task completion instead. Earlier, executives were forced to travel to offices in order to provide their expenditures receipts. But now all these things can be done online, saving employees time spent on travelling.
Expense management solution allows employees to stay connected to their managers at all times. All information related to transactions is available on the software itself. Employees do not have to send information to each person above them in their hierarchy differently.
Managers also do not have to reach out to their employees to confirm reasons behind expenditure. The proof uploading process simplifies all these necessary practices. All they have to do is log in and check why their employees have requested reimbursements.
When employees are expected to upload proofs for all forms of expenditures, be it food, stationary, or travel. This reduces the chances of faked expenditures to almost negligible. A lot of business expenditure which was earlier wasted on such false transactions is now saved.
This also helps owners increase the profits for their businesses. Traditionally, it was too easy for employees to produce fake invoices for reimbursements.
Employees can also keep track of their reimbursement status at all times. This means they do not have to waste time trying to contact their managers and worrying about that matter.
There are several categories that you can add to expenses in the software. This helps managers organise their company’s expenditures better. This also helps them produce more detailed reports for later observation.
These categories also eliminate confusion from employees’ end. It makes it easier for them to navigate what kind of transactions should businesses fund and which ones are personal. This saves them the effort and time normally wasted keeping track of their status.
With technology-driven functioning, the margin for any kind of error gets eliminated. Transactions are done online which also saves employees from wasting time trying to collect receipts. In case of lost invoices over time, employees do not have to worry since they have already uploaded proofs to the system.
During traditional methods of handling business expenses, payment approval goes through several people in the hierarchy. This can cause human error and lead to losses for either businesses or executives. Thus, using expense management can eliminate this problem as well. The receipts get approved right on the application, reducing margin for mistakes.
Field force management systems keep track of all their employees’ expenses. This information is then stored in the software as reports. These reports are available for employees to study and form decisions for their workforce.
Reports in the system include individual employee expenditures. This way managers can decide which executives require training to help them manage money better. Reports can also display which kinds of categories are causing the business to lose money. Owners can work on finding better alternatives for them.
For example, reports highlight that employees spend the most money on travel. Then managers can instruct their workforce to either use public transportation or find ways to carpool to save fuel costs. This way they can reduce expenditure to a large extent.
We have looked at all the small ways in which a business can save money. It might not feel very significant, but all these smaller savings ultimately make or break a field force. If proper care is not maintained, businesses can lose money very easily.
One of the greatest expenditures conserved through the expense management system is money wasted on manipulated receipts. Employees cannot do that when field force management is in play. They are required to produce legitimate visual pieces of evidence like videos or pictures to show where they spent their money.
The software also allows managers to put a limit on their employees’ expenditure. This means that no unnecessary expenditure takes place during the task completion process.
Do Not Know Where to Start?
Is your business also facing issues with budgeting and you do not know what to do? Well, field force management systems can be your one-stop for complete automation. With its multidimensional solutions like expense management, task management and attendance management, you can optimise your workforce easily
Managers do not have to waste their time on collecting receipts and proofs from executives. Just sit back and let technology do the work. Don’t know where to start though?
Check out TrackoField, the leading field force management system in the market. Get a demo and witness just how our software can help you grow with its customizable features.