In travel and expense reporting, accounting professionals mainly look for ways to reduce time on tasks, drive cost savings, improve compliance and other means to support business goals. Automated expense solution will help them work more efficiently and get things done in a more organized way. The following are three ways accountants can roll their sleeves up to maximize return on investment with regards to travel and expense management:
Give Employees the Mobile Advantage
Today, business happens everywhere and at all times. With travel and expense report solutions, employees can more effectively manage tasks in real-time. This would result in increased productivity, less human error and improved savings.
Integrate ERP Systems and Applications
By integrating travel and expense solutions with enterprise resource applications (ERP) and third-party applications such as accounting systems, you can automatically improve the ROI. Centralizing the booking process will save your time associated with managing disparate systems and brings visibility into previously invisible areas of corporate spend. You can easily track every booking your employee makes and every dollar you spend in real-time.
Connecting with credit card companies and suppliers like Airbnb and Uber will help you know what exactly is happening in real-time. As a result, organizations can help clients improve financial management, make smart decisions and figure out new areas for cost savings. For instance, integrating travel with invoice solution allows you to automatically calculate and reclaim value-added tax, so there is no need for accountants to worry about tax calculation and can directly add savings to the business bottom line.
Make Data Work
Using travel, expense and invoice data will not only save time but also help you make better decisions in regard to employees spending. Integrating expense to CRM solution allows for greater improvements in revenue effectiveness. Every purchase your employees make, expense report solution can help you record transactions easy for you.