Expense App TravelBank Rewards Traveling Employees for Being Frugal
Alyson Wyers — December 7, 2016 — Tech
References: travelbank & springwise
This expense app provides an incentive for employees to come in under budget. The smart and modern TravelBank app for businesses makes expenses more predictable by calculating how much company trips will cost. It also pays staff who underspend.
The frugality-encouraging application addresses the second largest controllable spending item for companies after payroll -- business travel and entertainment. Using real-time price analysis, the predictive expense app says how much workers should be spending, helps them file their expenses and provides cash rewards when they come in under. It's also easy to use; employees simply take pictures of their receipts and upload them to the app. TravelBank can also sync to financial software like QuickBooks.
The cash incentive is one way to foster a collective responsibility in organizations for budgeting.
The frugality-encouraging application addresses the second largest controllable spending item for companies after payroll -- business travel and entertainment. Using real-time price analysis, the predictive expense app says how much workers should be spending, helps them file their expenses and provides cash rewards when they come in under. It's also easy to use; employees simply take pictures of their receipts and upload them to the app. TravelBank can also sync to financial software like QuickBooks.
The cash incentive is one way to foster a collective responsibility in organizations for budgeting.
Trend Themes
1. Predictive Expense Apps - Expenses apps that calculate travel costs and suggest spending limits are on the rise
2. Frugality Incentives - Incentivizing employees to spend less on business travel and keep under budget is becoming more popular
3. Real-time Expense Reporting - Expense reporting that is done in real-time, with pictures of receipts and automatic uploads, is the future
Industry Implications
1. Business Travel - Expense apps like TravelBank are revolutionizing how businesses manage and monitor travel expenses
2. Financial Software - Financial software companies are incorporating expense tracking and reporting into their products to keep up with demand
3. Employee Incentives - Companies are looking for more ways to incentivize employees to save money and be responsible with expenses using new tools like TravelBank
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