Many companies have had to and have to continually fight to get their employees to adequately register their company expenses. The department of Accounts Payable must execute a Herculean task when it comes to dealing with annual or periodical reports that are passed to them by employees and try to balance them with the data that they have from company credit cards, the general company expense policy, and reflect this all in the company accounts.
BYOD Policy: Mobile technology and employee expense management
As it is a laborious process, and doesn’t always function with the necessary fluidity, one of the parties always loses out. When an adequate follow up is not carried out of the employee expenses, the company loses money or the employees are not adequately compensated on time nor in quantity. Either of these is a disadvantage for the company and reduces efficiency.
The revolution that society has experienced through the introduction of “smartphones”, has transcended to companies and it has extended quickly thanks to policies like BYOD (Bring Your Own D or an investment in technology by the company with the goal of creating an advanced and evolved corporate model.
BYOD Policy Benefits
The key to incorporating mobile technology into employees' daily lives is real-time accessibility and connectivity from any location. With the right employee expense management app that allows mobile access, employees can record an expense as soon as it occurs, assign it to a category, take a photo or scan the receipt or invoice... and everything is recorded and accounted for on the platform accessed by employees, supervisors, and accounting department staff.
Without a doubt, mobile phones are now an important professional tool for employees who are highly mobile and need to be able to access work-related documents and applications. However, they are also a strategic asset for companies, as they facilitate the task of recording, approving, and accounting for expenses in real time, thereby substantially improving the process and increasing agility and efficiency.
Obviously, mobile access is a strategic issue as long as there is an adequate platform that organizes the entire process and fulfills the required functionalities. In this video, we can see how employee expense management improves when a smart application is incorporated that allows employees to record expenses with their cell phones.
