The way we work is changing. Employees are no longer confined to their desks at the office. Instead, they are embracing the freedom of working from anywhere, anytime. In fact, Australian workers and employers have become used to hybrid work. Almost all workers (94% in June 2023) would like to work at least part of their work hours at home, and 64% would like a hybrid arrangement where they work both at home and the office.
This indicates a significant shift in the way we approach our professional lives. However, this newfound flexibility comes with its own set of challenges, especially when it comes to managing expenses.
As workers are not tied to any one location, it becomes imperative for businesses to ensure that their mobile workforce is well-supported, efficient, and productive. This need is especially acute for companies that rely on employees being on the move, leading to the complexity of managing and reimbursing various expenses incurred during these journeys. A robust and streamlined expense management process is essential to support these workers effectively.
Consider this common scenario: the finance controller is surrounded by a mountain of paperwork. Frustration lingers in the air as they spend hours painstakingly tracking down receipts for claimed expenses from each staff member. In this typical situation, they are struggling, burdened by the daunting task of sifting through a maze of receipts, trying to match each expense to the corresponding claim.
So, how do you navigate the challenges of managing expenses for mobile and remote workers?
Best Practices for Easy Expense Management
1. Set Clear Budgets
One of the fundamental aspects of efficient expense management for mobile workers is establishing clear budgets. Each employee should be aware of their allocated budget and adhere to it diligently. This helps in preventing overspending and keeps expenses in check.
You should make sure that this is part of your onboarding program - and if you don’t have this formalised, feel free to use our free Staff Induction Checklist Template as a starting point.
2. Track Receipts Rigorously.
Accurate record-keeping is crucial. Mobile workers should be trained to keep receipts for every transaction, and companies need to have a process in place for handling lost receipts. Implementing a digital receipt tracking system can significantly ease this burden, ensuring all expenses are accounted for.
3. Go Digital Where Possible
Embrace technology by allowing employees to submit digital copies of receipts, such as scanned images or photos at the time of spending. Corporate cards like Budgetly often come with mobile apps that allow staff to take photos of receipts and upload them on-the-go. This not only saves time but also reduces the chances of receipts being lost or damaged, making the expense management process more efficient.
4. Provide Payment Alternatives
Minimise the need for employees to pay out-of-pocket by providing company cards or cash advances. This reduces financial strain on the workers and ensures they can focus on their tasks without worrying about personal expenses.
The rise of the mobile workforce means that businesses need to adapt their approach to expense management. By embracing expense management technologies, companies can empower their mobile workers, streamline expense processes, and enhance overall productivity.
Is your company managing expenses effectively? Your company might be spending an unnecessary amount of time and money managing expenses ineffectively. Use our quick expense process audit to get a better understanding of how to maintain compliance, reduce admin time, and minimise overspending at your company.
