Going somewhere? How the e-receipt has optimized business travel
Business travel can be as disruptive to the professional frequent flier as it is conducive to growing a business. Technology has solved many of the traditional problems associated with the hassles of traveling. From checking into flights, to scanning boarding passes, to organizing your rental car details, brands have built apps that streamline unavoidable travel processes, yet some businesses are slower to catch on. The Accounts Payable Network reports that 72% of its members require hard copy receipts to be attached to an expense report before the expense can be reimbursed. Innovation has allowed travelers to stay connected and productive wherever they are. The e-receipt has made tracking and reimbursement for expenses incurred during travel less of a hassle. With the electronic receipt, travelers no longer need to worry about keeping track of stacks of paper or the concern of misplacing one and losing out on gaining money back. For both professionals and business owners, the benefits of an electronic receipt are huge.
Let digital receipts handle the expense reports
The electronic version of your everyday receipt can be seamlessly and easily uploaded into your expense report, so you don't have to worry about keeping track of every penny you spend. The work is already done for you, and after navigating airports and overcoming jet lag, the last thing you want to do is go back to the office and input tiny details like room taxes and parking charges. Once an e-receipt is uploaded into your expense report, you can get on with business as usual, knowing your expenses are already being tracked. Eliminating paper receipts will make expense reporting easier and help drive compliance with corporate travel policies.
If your business is getting audited, data is already organized
When it comes to proving business expenses were legitimate purchases pertaining to actual business transactions, original receipts are required for internal and external auditors. However, the Internal Revenue Service (IRS) states that an e-receipt is acceptable as long as it contains all of the accurate information included in a paper receipt. Electronic expense management systems do a great job of storing electronic receipts, linking them to expense reports for review, and doing so while meeting the requirements of IRS.
Global business travel spending was forecasted to increase by 6.9% in 2014 and a further 8.6% this year. If business trips are booked using suppliers that send e-receipts and use a corporate card to pay for everything, there will never be another worry about having to keep track of expenses again. Are you a frequent flier currently using electronic receipts to mange your expenses? Let us know how they've made your travels easier. If you're looking for more information or looking to make the switch from paper to digital, contact us today.