Do you ever wonder what makes corporate travelers happy? Automated travel and expense reporting solutions can help take the stress out of business travel. With the right expense report software in place, you can ensure efficiency and save your business money. Find out how automated expense reporting solutions can help your company thrive.
Cut the Costs That Are Difficult to Control
Travel and expense costs are the second highest expense in organizations. Working with outdated systems and misplaced documents makes the process even worse to handle. Old-fashioned methods make it difficult to consolidate and report employee travel costs, losing both the company’s time and money. With cloud-based expense report software, employees can easily track spending on the go and get access to detailed analytics and reports for accurate decision making. The ability to submit expenses as they happen allows you to keep track of what is happening with the cashflow. This would guarantee that businesses would no longer lose money year-by-year.
Visibility into Spending
The system allows you to track immediately, and the consolidated view would eliminate the possibility of you losing insight into where the money is being spent. Greater visibility into spending allows you to better understand the budget, and forecast the future expenses efficiently. You won’t encounter any hidden costs when your travel and expense reporting process is done in real-time.
Enforce Policies the Better Way
With manual policies, it is becoming hard for managers to review expense items against policies. As corporate travel policies differ with respect to the department, expense category and division, it has become extremely difficult for approvers to audit every expense report and with the opportunity for things to be overlooked; out-of-policy expenses can go unspotted. All this would cost businesses more, as tens to hundreds of expense reports get submitted. Overlooking policies will cost you more in the long run.
Companies don’t always know where their money is being spent. Often, businesses are unaware of employees using the recommended suppliers or traveling to the same places. Commonly,travelers run spending out-of-policy, leading to confusion and unnecessary expenses. By accessing the travel data, you can leverage the intelligence to negotiate the best deals with suppliers and save significant money, while making sure the spending is within the corporate travel policy. This would save time and money for those who are involved in the expense reporting process.
Expense reporting software can help avoid expenses falling through the cracks, and you will never find human errors popping up because everything can be done automatically.