Lisa, Here Are Your Articles for Wednesday, February 20, 2019
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Is This Your Situation: Travel and Expense Recording Out of Control

 

When your employees travel, are you still asking for paper receipts to document their time away? This not only creates the chance that receipts will be lost before they return to the office, but also creates room for error when manually entering receipt data into QuickBooks. Many solutions on the market streamline travel and expense processes and several integrate with QuickBooks. 

Scenario: Your Employees Travel a Lot

During each trip, employees collect hotel, meal and transportation receipts. Those receipts likely include a combination of business credit card, personal card and cash purchases. Back in the office, employees spend hours going through these receipts, assigning them to a particular expense category or client project and listing them out on an expense report. Or, they simply give the receipts to an admin or bookkeeper who has to figure it all out. In short, a lot of time is spent before the data even gets close to being entered into QuickBooks. And the chance of data entry errors is always looming.

Many solutions on the market can streamline your travel and expense recordkeeping process, and in turn, they can transfer this information directly into QuickBooks. As you try to identify the best solution for your business, start by ensuring that it has mobile access and integration with QuickBooks.

Mobile Access

Employees use their phones or tablets for work, so it's natural that staff would want to be able to use those devices for travel and expense tracking. A recent study done by Forrester Consulting, on behalf of Concur software, reveals that:

"Travel and expense tools and capabilities must evolve to match technology and tools that employees already use in their personal lives. Mobile and digital technology have expanded how users make and track purchases in their personal lives and they now expect their employers to support those same capabilities. Companies rate mobile apps as the most effective way to get employees to comply with travel and expense policies. By giving users mobile travel and expense support, finance managers gain real-time insights into expense trends and evolving travel plans."

QuickBooks Integration

Ensure that any travel and expense solution you look at integrates with your version of QuickBooks. Some apps integrate with only QuickBooks Online or only the desktop version. With the one solution mentioned earlier, Concur, data from receipts will go into QuickBooks and can be linked to Account Codes, Customers, Jobs, Classes, Vendors and Employees. It is not only a matter of knowing that your data is going directly into QuickBooks, but also about ensuring that what comes out of QuickBooks provides the business intelligence you need on your travel and expense spending. Concur provides nifty dashboards that show where and how travel money is being spent, and management across all areas of the company can be privy to this information.

The Bottom Line

The Forrester study shows the time financial managers have to spend on employee travel and expense is getting squeezed, so finding a solution that improves efficiency and the company's bottom line should be a priority. If you're still using paper receipts and manual data entry, it's time to free up that time and find a solution that will work for your business. A good place to start is www.appcenter.Intuit.com. Be sure to contact us if you have any questions.

 
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McCullough Rossi & Company, Ltd.
McCullough Rossi & Company, Ltd.
Trusted Accountants. Confident Advisors.
2300 Barrington Road, Suite 260
Hoffman Estates, IL 60169-2034
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info@mrcltd.com
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