There are many ways the best business mileage apps optimize expense tracking. Keeping a manual log of distances, travel categories, and other costs can be time-consuming. In addition, it can be tedious to translate this raw data to know exactly what expenses are tax deductible. As a business manager, you need to automate your mileage tracking to increase accuracy and efficiency in your daily expense logs. This way, you can reduce costs and streamline complicated tracking procedures. In this post, you’ll learn about the most important ways best business mileage apps optimize expense tracking.
Automatic Mileage Tracking
With automatic mileage tracking features, you can optimize your company expense logging procedures. Typically, you can flag certain routes as “business.” Then, the application will automatically detect them when you drive. Next, it classifies them as expenses. This feature is especially useful if your employees often drive the same routes for business. Plus, automatic mileage tracking significantly improves accuracy in your reporting and reduces the tediousness of manually calculating your miles. In this way, automatic mileage tracking increases efficiency in your expense logging procedures.
Travel Expense Logs
In addition, the best business mileage apps feature travel expense logs. Besides mileage tracking, you can log other employee travel expenses such as fuel, parking tolls, maintenance, insurance, lodging, and meals. To streamline this tracking, many top applications let you capture expense receipt photos and upload them to the cloud. This is especially useful when your company attends business conferences or training sessions. By tracking these other expenses, you can accurately cite all of your business expenses for tax deductions. Surely, travel expense logs will optimize your company expense tracking procedures.
Measurable Cost Reduction
Next, top mileage apps can also measurably reduce your business costs. According to studies, the best applications can reduce costs for expense reports by 70% on average per employee. In addition, you can save up to 2 hours on mileage reimbursement time per employee per month. Over 80% of the companies using these applications report more accurate employee mileage reports. This way, you can ensure your employees do not over or under estimate their traveled distances. Research shows that the best mileage apps considerably reduce company costs.
Additionally, many advanced mileage tracking apps offer intelligent customization features. For example, you can set country-specific or custom tax deduction rates. Plus, there are many applications that facilitate multi-vehicle support. Certainly, with this custom feature, you can separate expenses by multiple vehicles. Moreover, many top apps also generate rich custom reports with time, vehicle, and trip status. Indeed, intelligent customization features allow you to accurately record your tax-deductible expenses for multiple vehicles in your business.
Furthermore, many of the best mileage apps offer route optimization tools to increase your earnings. For instance, many applications can analyze routes to find the most efficient way to get to your destination. In addition, this feature is perfect for ride sharing businesses. These apps can draw heat maps that plot other drivers’ locations. This way, you can see under served areas and opportunities for your employees to maximize your revenue. Many apps also come with a built-in compass tool that analyzes past fares and recommends profitable routes. This adds certain travel incentives to make your employees better equipped to bring home more profits. Top mileage tracking apps can optimize your route for more efficient company earnings.
There are several ways the best business mileage apps optimize expense tracking. For instance, automatic mileage tracking takes out the tedious process of calculating traveled distances. In addition, travel expense logs can streamline cost recording procedures. Next, the best business mileage apps measurably reduce costs by saving you time generating expense reports. Intelligent customization also allows you to input your tax deduction rates and vehicles for more efficient and accurate calculations. Furthermore, route optimization tools find the fastest and most profitable business paths. Consider the points mentioned above to learn about the most important ways best business mileage apps optimize expense tracking.