Expense Management Solutions for Every Traveling Executive
While traveling for a vacation be a fun and exciting time for the whole family, the same can’t be said about corporate travel. When you have to pack up an abbreviated version of your life for an extended stay away from home for work purposes there are other things you have to worry about. Family vacations don’t usually require you to keep track of receipts for restaurants, lodging, and entertainment, but corporate travels do. While some executives will have the luxury of using a corporate credit card for the entirety of their trip, it’s not common. This means that the majority of those that are traveling for work have to pay for everything themselves and will later be reimbursed for those purchases once they’re back home and have submitted an expense report.
To ensure you’re paid back for everything you need to keep up with any and all purchases as well as the receipt for each one. This may sound easy, but given the small size of most receipts some may end up lost, causing you to lose out on getting all of your money back. In addition to just becoming more organized, there are plenty of other expense management solutions that can help you protect your wallet.
Expensify
With all the apps available for everything from games to grocery lists, it should come as no surprise that there is also an app that will keep your expense reports streamlined for you and the financial director of your company. Expensify is an app that covers almost every aspect of expense reporting for business trips so you’re able to have everything in one place. The app allows you to import personal, company, and commercial credit cards so expenses from each can be combined into one report. In addition to importing credit card transactions, you can also input cash expenses, track mileage, and even code certain expenses to a specific account or client.
When it comes to those pesky receipts, the SmartScan feature of this app will input all the pertinent information and match it to the expense so you don’t have to manually enter the information each time. You would even have access to eReceipts that are IRS compliant for bank transactions under $75. The cross-compatibility with Evernote, Dropbox, and Genius Scan will also help keep all of your receipts in order.
This app isn’t just for the employees or executives that are doing the traveling either. In fact, this app makes the financial side of expense reporting so much easier. The administrators can process hundreds of reports, verify company credit card transactions, and process reimbursements via Direct Deposit, PayPal, or through their own payroll department within the app itself. If keeping up with your receipts and corporate travel expenses are giving you a headache, try out this app and see how much easier life on the road can be.
NeatReceipts Mobile Scanner and Digital Filing System
The NeatReceipts mobile scanner is a device that is approximately the size of a paper towel roll and can easily be stowed away in your suitcase during all of your business trips. It hooks up to your computer or laptop with a USB cord and gives you the ability to scan receipts and documents up to the full 8”x10” paper size. Once you’ve fed all your important travel receipts and documents into the scanner, the information is then stored in a searchable database.
The software included with the device has the ability to extract specific pieces of information from the documents and receipts you’ve scanned that can be compiled into a PDF file to be printed off as a hard copy for your records. Additionally, the software can export your travel expenses to Outlook and Excel as well as Quicken and TurboTax for tax purposes later on. This device is definitely worth it for any prolific corporate traveler and can make the process of creating and submitting expense reports for reimbursement an absolute breeze.
You don’t want to miss out on getting the money back you deserve for the business trips you take for work. Make sure you use all the services, apps, and software out there to ensure you’re reimbursed for every penny spent out of your own pocket. Hopefully these two incredible expense management solutions can help you keep track of your travel receipts during your next business trip!
Image Credit: freedigitalphotos.net/Stuart Miles
