In the current competitive era, a great deal of organizations still manage their travel expenses in a very unorganized manner. The conventional way wastes employee time and productivity and raises the stress of Account payable and Finance team in managing the process manually. To gain competitive advantage, organizations need to move to travel expense management platform that integrates travelers, approvers, travel desks, travel agents, accounts payable and finance on a single portal to reduce miscommunication and streamline the procedure. Unnecessary trips and wasteful cancellations are decreased, travel is only with licensed vendors and travelers function within the suggested procedures and systems. This saves both time and money. Below mentioned are few benefits of an efficient Travel Expense Management Software:
Structured Travel Policy
Earlier when accounting for travel expenses was done manually, it was hard to keep track of all of the expenses and cost incurred. With the travel expense management software, the travel policies will be very clear and erroneous payments could be emphasized. Common travel expenses including food and hotel should be written down clearly. This helps in preventing issues in the future.
The finance and accounts receivable group can find a clear visibility on the spend made. They can easily know which section is spending how much and can place budget control wherever needed.
Entering expenses manually into a spreadsheet can be really tedious and can often be inaccurate. It becomes hard for the accounts receivable and finance team also if you have several hundred employees in an organization. This is where the travel expense management software enters the picture. The software allows employees to report their expenses in the machine that automatically follows the workflow and goes for approval. Post approval it goes to the relevant department for authenticating and processing the payment. The whole process is seamless, automated and quick for employees and internal departments.
If you take too much time to reimburse your employee, it is going to lead to growing bitterness. It could also lead to employees hesitant to go on business trips and maybe even flat-out refuse, which would ultimately impact the business. The software allows the workers to report their expenses on the go and it instantly goes for acceptance and payment. The whole process is quick and automated which saves a whole lot of time and helps to reimburse employee expenses on or before time.
With a spreadsheet, it is difficult to say if a specific employee’s expenditure is atypical to the typical pattern. The software helps to capture information and analyse the trend based on historical data. Management can run a number of reports and receive analytics to help them make business decisions. For ex. It’s simple to look up different excursions and find out whether inflation is bringing up the expenses or if the employee is skirting along the edge of allowed expenses. Both the Travel Expense Management Software and the Procure to Pay Software helps bring financial control in the organization saving a lot of time and cost.