Automated Travel and Expense Management Software – Know Why It Makes Sense!
Luxury cars waiting at the airport, private jets boarding off to exotic destinations, expensive dinner meetings in five-star hotels, and of course the hotel suite – undoubtedly business travel rocks. While this might be the situation with CEOs of top organizations and politicians, for most of the employees, official travel does not reek of luxury.
Besides, official business tour starts way earlier and end much later. They need preparation both for managers and employees, hours of manual reporting, and meticulous expense tracking. Along with following the expense management policies, employees need to store documents and receipts required to fill in the expense sheet or travel report that has a time-constrained attached to them.
While travelers need to figure out the expenses that can be reimbursed and the best to get them transferred, organizations too experience a tough time sorting the reimbursements and trip claims.
Is there any solution to help organizations and employees manage their travel expenses efficiently and easily?
Yes, Travel Expense Management Software!
Often termed as TEM or T and E, these expenses are part of corporate expense management that deals with tracking as well as controlling business travel expenses. To decide how such expenses will be managed, organizations need to create an expense and travel policy to let employees stay aware how much they have to spend and what.
The various TEM goals are:
- Expense control
- Financial Reporting
- Preventing Disruptions
- Productivity Control related to approving, reimbursing, and submitting expenses
- Negotiating with 3rd party vendors
Manually managing expense reports is less than a suitable solution, especially as the company expands. Most of the issues involving expense claims can be solved efficiently with a Travel and Expense automation software.
But this is not it! A travel and expense management software can serve you with more perks. Read this post to discover the reasons that confirm why including a travel and expense automation software for your company makes sense.
- Track Paperwork
The manual system makes it easy for employees to lose documents or receipts to enter in reports accidentally. The automated travel and expense management software eliminates the need to keep track of paper copies. You can just take a photo of paper receipts with an electronic email or smartphone directly to the expense reporting system.
Therefore, it turns into an easy solution to track information related to employee expenses. Also, entire information is kept intact so that you don’t have to worry about mixing up things from one employee to the other.
- Save Time
Filling expense reports and collecting receipts using a manual system is time-intensive for employees. Moreover, they have to keep maintaining the paper receipts even while working on a business trip. An automated travel and expense management software streamlines the overall process of report submission so that employees can easily submit information on time.
Even business organizations can use the automated system to move reimbursements quickly and let employees focus on their work.
- Reduced Costs
Most of the companies are even not aware of the cost they bear in processing an expense report. If expense reports are managed manually, then this can be really expensive. But with a fully automated system, the cost is reduced to a great extent.
The automation of such processes not just drop the cost per the report, but also gives you additional saved money that can be spent on more productive works. The best part is that such software does not involve any hidden fees or risk.
- Enhanced Satisfaction
It is a notoriously complex process to submit expense report manually. In some situations, the process is so complicated that employees are even not concerned about submitting expense reports in a proper manner and format. As a result, employee satisfaction suffers.
If you don’t want your employees to feel the same about your company then using an automated travel and expense management software is the way to go. Automation is a simple way to instantly transform your cumbersome claim process into a user-friendly and systematic process. And since the software speeds up the overall process, hence employees are able to achieve quick reimbursements.
- Enforce policy
Fraud of the expense report is a common problem that most of the businesses experience. It can occur accidentally when someone generates an error in reporting. As a result, this can cost thousands to the company.
Determining expense fraud and enforcing the policy of company through a SaaS-based technology provides ensures that everything functions smoothly and in a hassle-free manner. It lets you customize the software to enforce the policy of the company and determine such errors before they become a major issue.
- Manage Finances
Besides offering up-front savings, the automated travel and expense management software makes it easier to budget the expenses. This system automatically processes, tracks, and stores all expense related reports to offer your company increased visibility into how your present spending is going. Undoubtedly, it allows for more precise budgeting.
Also, the software can help you carry company audits with ease.
- Expand Quickly
If you are fast expanding company, then you must have a travel and expense reporting system that will grow with you. You don’t have to practice the conventional system or fall behind others. It is because an automated system helps you perform more efficiently and ultimately scale to your company’s needs.
With technologically advanced travel and expense management software, you don’t have to worry about meeting your company’s expanding needs.
Bringing an automated travel and expense management software to your company’s need is a win-win situation for you as well as your employees. While your company can prevent fraud, save money, and enforce policy, your employees can claim expense quickly, get reimbursements fast, and eventually earn great satisfaction.
So, get an automated travel and expense management software for your business to end up in a winning situation.