What is Expense Management?

PrashanthField Service, Management

The process of handling and reimbursing any field tech or worker’s expenses is known as expense management. When this process is carried out manually, it can become incredibly challenging, especially when a large team is involved. In most businesses, this is another time-consuming responsibility entrusted to the administration. With ServiceEcho, this process may be completed promptly by your field workers, saving your administrative assistant time. 

In this blog post, we will go over the advantages of using the ServiceEcho digital expense management function rather than doing it manually.

Manually vs digital process

Receipts will be required to repay and track total expenses if this process is carried out manually. As a result, all field workers must save all of their expense receipts. This may cause them to misplace or lose their receipts, resulting in a loss of reimbursement. With field workers constantly on the go and juggling multiple work orders, misplacing loose receipts is unavoidable. 

Moving on to the administrative side, on a daily basis the administrative is responsible for filing and storing hundreds of documents and so adding invoices and receipts to the table will not only increase the time wasted but also lead to manipulation of records and misplacements. 

When we perform this procedure manually, we may conclude that there are too many touchpoints where receipts or invoices can be destroyed, misplaced, or tampered with. That is why we developed an expense management function that digitizes this procedure and decreases the possibility of misplacement and other errors.

When executing this procedure digitally, all your employees will need to do is take a picture of the invoice or receipt and upload it to the cloud. In which the office personnel would later validate the photograph and commence the refund process. With our solution in place, there will be no need to urge your field workers to save their receipts, there will be fewer risks of losing or misplacing receipts, and finally, it will help decrease the amount of paperwork that the administration must go through. Finally, by implementing our expenditure management function, we can secure reimbursement to all employees who need it while also increasing overall productivity.

Expense tracking is an important process that all companies should prioritize because it is a process that shines a light on company expenses and cash outflow. This is something that should be recorded and aware of because it truly helps you understand your company’s financial standing and allows you to calculate key metrics like profits and total income. With this function in place, companies will be able to revisit and track their expenses if needed without going through receipts and paperwork. This functionality will help field service companies manages their expenses in an organized manner and will increase transparency in leading to more informed decision making.  

At ServiceEcho, we strive not just to streamline field operations from the field to the office, but also to make field workers’ jobs easier and more efficient. With that said, book a demo and speak with a representative to discover more about the other fantastic features our solution has to offer.