In today’s competitive era, a great deal of organizations still handle their travel expenditures 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 will need to move to travel expense management platform that integrates travelers, approvers, travel desks, travel agents, accounts payable and fund on one portal to reduce miscommunication and streamline the process. Unnecessary trips and wasteful cancellations are decreased, travel is only with authorized vendors and travelers function within the suggested procedures and systems. This saves both time and money. Below mentioned are few Advantages of an efficient Travel Expense Management Software:
Structured Travel Policy
Before when accounting for travel expenses was done manually, it was hard to keep track of all of the expenses and cost incurred. Together with the travel expense management software, the travel policies will be quite clear and erroneous payments can be highlighted. Common travel expenses including hotel and food should be written down clearly. This helps in preventing issues later on.
The fund and accounts receivable group can get a very clear visibility on the spend made. They will have all the related information available in the system with details of the same. They can easily know which department is spending how much and can put budget management wherever required.
Entering expenses into a spreadsheet can be really tedious and can tend to be inaccurate. It becomes hard for the accounts receivable and finance team also if you have several hundred employees in a company. This is where the travel expense management software comes into the picture. The software allows employees to report their costs in the system which automatically follows the workflow and goes for acceptance. Post approval it goes to the relevant department for authenticating and processing the payment. The entire 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 resentment. It could also cause employees hesitant to go on business trips and maybe even flat-out refuse, which would ultimately impact the business. The software allows the employees to report their expenses on the move and it immediately goes for approval and payment. The whole process is fast and automatic that saves a whole lot of time and helps to reimburse employee expenses on or before time.
With a spreadsheet, it is hard to say if a specific employee’s expenditure is irregular to the typical pattern. The software will help to capture data 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 is easy to look up different trips and find out whether inflation is bringing up the expenses or if the worker 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 Lots of cost and time.