Corporate expense tracking is something that companies have to do, but it’s usually not very exciting. It involves keeping track of receipts, filling out expense reports, and following company policies. It can feel boring and like a lot of work.
As a result, companies often have trouble getting users to stay engaged and follow expense policies.But what if there was a way to make this process more interesting and even fun? That’s where gamification in finance comes in – it’s a strategy that’s making corporate expense tracking more engaging.
Gamification means taking ideas from games and using them in other areas, like finance apps. Instead of just using spreadsheets and complicated financial terms, gamification adds elements like earning points, getting rewards, competing with others, etc. These things make managing corporate expenses more easily.
Types of Game-like Features in Expense Management Apps
Gamification in finance apps can be implemented in finance in various creative ways to engage users and encourage adherence to expense policies. Here are some common methods:
Points and Rewards System
Gamification motivates employees to stick to expense policies and rules more effectively. It makes users want to earn rewards, badges, or recognition for following the expense guidelines, which ultimately results in better adherence to these rules. This means that more employees are likely to follow the policies correctly.
Savings Tiers
Implement a tiered system where employees earn different rewards based on the level of savings achieved. For example, reaching 10% savings could earn a small reward, while saving 20% or more could earn a larger reward.
Savings Streaks
Create streaks for consecutive months of saving. Employees who maintain a streak of saving for multiple months in a row could earn special rewards or recognition.
Leaderboards
Set up leaderboards that show the best performers in submitting expenses or following the rules. Users can try to move up the leaderboard, which creates competition and makes the experience more engaging.
Achievement Badges
Give out badges when users achieve certain goals, like consistently submitting expenses on time for several months. These badges serve as visible symbols of their accomplishments and inspire users to earn even more of them.
Challenges and Missions
Make challenges or tasks related to expenses that users can finish to get rewards or recognition. These missions might have time limits or be connected to specific objectives.
Progress Tracking
Use visual progress bars or graphs to let users see how close they are to finishing expense-related tasks or reaching their financial goals. This tracking feature gives them a feeling of achievement and motivates them to finish their tasks.
Virtual Currency
Add a virtual currency to the app that users can earn by actively using it. This currency can be used to buy virtual items, get discounts, or access special features.
Feedback and Instant Notifications
Give immediate feedback and notifications when expenses are submitted correctly or when users achieve their expense-related goals. This positive feedback keeps users engaged and motivated to keep participating.
How does Gamification in Finance Apps Benefit Companies?
Gamification in financial apps can bring lots of advantages to both companies and their employees who use the app for tracking expenses. Let’s break down how this helps companies.
Increased User Compliance
- Gamification encourages employees to follow expense policies and guidelines
- Users strive to earn rewards, badges, or recognition by adhering to expense rules
- This leads to higher compliance rates
Improved Data Accuracy
- Gamified expense submission processes prompt users to pay closer attention to details
- This results in cleaner and more accurate expense data
- It reduces errors and streamline reconciliation
Timely Expense Submission
- Gamification encourages users to submit expenses promptly to earn points
- This results in more timely expense submissions, reducing bottlenecks in approval flow
Expense Policy Compliance
- Gamification aligns with expense policy objectives by offering rewards
- Users are more likely to follow expense policies when there are clear incentives to do so
Budget Adherence
- Gamified expense apps can help users track their spending against budgeted amounts.
- Progress bars or visual indicators show users how close they are to their budget goals
Enhanced Employee Engagement
- Gamification elements make expense management more engaging
- Employees are more likely to actively participate in expense-related tasks
Enhanced Cost Control
- Gamified apps can help companies gain better control over their expenses.
- Real-time tracking and reporting features enable organizations to identify trends
Employee Motivation
- Motivating employees to be more frugal with business travel expenses.
- Employees may actively seek cost-saving opportunities.
Reduced Financial Stress
- By breaking down financial tasks into smaller, manageable goals
- Gamification can reduce the stress associated with expense reporting and budget adherence
- Users feel a sense of accomplishment and control over their financial responsibilities
Rewards for Savings
- Some gamified expense apps offer rewards or bonuses
- This encourages users to be more frugal and seek cost-saving opportunities
Enhance User Experience With Gamification in Finance
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Are you ready to explore the benefits of gamification in finance? Then book a free demo with us today!
