Tracking employee information just got easier. Gone are the days of the spreadsheet for each step. They equip apps with simple systems for an employer to see what they’re paying for. Here, we’ll look at how the apps keep track of information in the areas of sales, IRS mileage rate, and business expenses.
First, how does using an app benefit you as a business as opposed to the traditional way you may track your statistics? An app can track everything in real-time. You’ll have all the facts without your employee having to explain themselves and you having to take time out to verify. Trust and confidence in your employees and less stress for both of you is the core benefit.
Not all apps do the same thing, so you must research them and look at the features and reviews before implementing them companywide. Like anything else, it may take a little comparison between a few for a while but it’s worth it and easy to go from one app to another. Save reports in Google docs on some and in the cloud or printed in most of them. Losing information isn’t an issue.
Benefits of Using an App
Time is money and spending time on tracking money the old way is a drain on your business in more ways than one. A business owner can spend more time growing the business and less time and money on accounting projects. The employee or contractor can spend more time on creating business for the company and their commission when applicable instead of wasting several hours on paperwork.
Travel expenses manage well and it doesn’t take months to investigate and rectify discrepancies. The business runs smoother and we boost morale across the board because an app can relieve tension caused by a disorganized system of paperwork.
Apps allow you a real-time experience. You can see where you stand and rectify issues in a timely manner and move on. Revenue-driven projects take less time to complete because you can make quick adjustments.
Apps are the best AI invention used today for small businesses, companies, and the self-employed to bolster organization, trust, and efficiency.
Reimbursing mileage is easy with an app. The app tracks your sales or other field employees with a GPS in actual time. It will show you the route they’re taking and any stops and starts along the way. You’ll know what to reimburse for and there will be no question about the rate when you have it all recorded.
The mileage tracking is just the beginning. For you and your employees and contractors, some apps have a deduction finder. Connect the corporate or their personal credit card they’re paying business expenses on and the app can show the amount deductible and provide an IRS ready report.
Expense tracking allows your employees and contractors to track expenses with a separate personal and business receipt tracker all in one space. Employees can connect banks and bank cards. Choose an app with unlimited receipt uploads.
Some expense trackers turn out to be valuable tools for both the business and the employee. You can track where your money goes and get alerts. You’ll know what they spend in each category throughout the month.
Revenue tracking is a popular feature with a variety of companies. Apps can track on a total job and single job basis. Meaning, you can see how much revenue each salesperson or project is bringing you. Businesses love it because they’ll know where to improve and omit what isn’t working so they can expand what is.
The apps give you more than unlimited receipt uploads. You can organize both personal and business receipts for better tracking.
Some apps will give you customizable policies and spending limits. Peace of mind comes for both employees and business owners when you can customize. No one likes to go through reams of paper to find where someone may have overspent. You’ll be able to better prevent shadow spending that you can’t see, which is the softer end of embezzlement. Meaning you won’t be nickel and dimed until you’re in hot water.