Agents Urged To Go Mobile To Track Expenses, Save Time

Mobile technology can help agents track info and be better protected.

By James Thomas January 29, 2019

As a financial planner or insurance agent, you know it’s extremely important to track every expense you incur. Every penny must be tracked within a very highly-regulated industry. Many firms even have limits on what you can spend per client.

So how do you track these expenses? If you enter this data manually, you know it’s tedious, time-consuming and expensive. Plus, there is always the risk of human error.

What will help you manage client purchases – and travel expenses – is investing in automated expense management technology. This eliminates all manual entry, better organizes and tracks expenses, and ultimately saves you lots of time and money. It’s simpler.

Now, you may already know about expense tools – but do you know if you’re using the right one? Is it tailored to your line of work as a financial planner or insurance agent? We’ll get to that.

Using the right kind of tools here leads to getting reimbursed faster. And who wouldn’t want that? We tell you how this smart and easy-to-use business technology will help you manage your expenses and, ultimately, become more productive and profitable.

It's Easy To Use

At the end of the day, the government wants to know what you are spending in order to attract certain customers. This means tracking every single penny each day. It doesn’t matter if you work at a large institution or a family-owned shop when it comes to tracking expenses. Everyone must do it.

Expense management technology makes your life a heck of a lot easier here: Connect to your e-mail on your cell phone, or take a picture, and all of your expense documents automatically come together. You can even upload paper documents through apps and websites if you prefer.

Now, here is where you need a specifically tailored expense management app that really helps you out: one that allows you to add project codes and notes. Forget writing, for example, “This is for the Johnson Project” on a receipt. Instead, do things digitally: fill in the so-called “metadata” fields for each uploaded receipt so that you know which client gets billed for which transaction. There is no more guessing. No more missed reimbursements.

It's Mobile And Will Go Where You Go

You’re on the go. You meet customers at different places and pay for their coffee or their meal. You also pay for your own gas in order to meet them. Now, sometimes you can turn those expenses into reimbursement that gets added to your commission. But that doesn’t always happen. You can't (and don't want to) spend more money on the customer than your potential upside to attract the client or win the deal.

So how do you avoid this situation? Simple: Use expense management technology that you can take anywhere. This allows you to manage these costs as they happen. Imagine this scenario: Connect to your e-mail on your cell phone or take a picture, and all of your expense documents automatically come together. You can even upload paper documents through apps or a website if you prefer.

The big draw here: doing this on your mobile phone. Why bother with some type of fancy accounting software on your computer when you have what you need anywhere you are? You will only end up paying a lot while receiving very little. It’s not worth it. Keep it simple and use your mobile phone. If you can operate a mobile phone camera, you can operate expense management tools. That is the only training criteria. Yes, you are probably ready to use it right now.

It Will Save You Time And Money

Many financial advisors simply don’t have time to stay on top of their own bookkeeping. They need to spend their time working with clients. This is where expense management technology can help.

Staying on top of your business’s accounting requires time to get organized and categorize expenses correctly. Why spend all of this time on data entry if there is a smarter way to do it? For example, we know one financial advisor who has saved about five hours each month once they started using expense management apps. That turned into nearly 60 hours each year. That is 60 hours they can use to invest in their business and clients -- not in tedious data entry.

What about money? You can probably save yourself an extra $500 to $2,000 each month, depending upon how much work you do. Can you imagine what that would look like over the course of an entire year?

Bottom line: If you want to take control over your expenses – large and small – use automated expense management technology. You will spend more time doing your actual work and less time on mundane data entry. This means more time to focus on the core of your business: your clients.

James Thomas is the founder and CEO of Itemize. He may be contacted at james.thomas@innfeedback.com.

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