Technology is disrupting every industry and increasing user expectations. Employee experience is becoming critically important in business travel; reliable and easy-to-use solutions can help achieve the desired positive outcomes.
The critical on-to-go solutions are travel, expense, and invoice management. Only a few companies are satisfied with their solutions within these areas. There is a lot of room for improvement within the steps taken to overcome the following issues:
Manual Processes Result in Increased Timelines and Inaccuracies
Manual processes are not only clunky and time-consuming, they are also highly prone to errors. Expense report inaccuracies can result in auditing headaches and additional work hours. Managers and employees rank manual processes as one of the top challenges when managing expenses. The finance department experiences more pain as they have to manage expense processes, accounting, and compliance through a mix of digital and hard-copies.
Lack of visibility into employee expenses and projections is often the biggest challenge for managers with current T & E management. Without better tools to manage employee expenses, managers struggle to keep control of costs and properly forecast budgets.
Very few companies are satisfied with the ease-of-use and accessibility of their travel and expense reporting tools and processes. And, some employees reported the difficulty of getting expenses approved in a timely fashion, in addition to the inefficiencies when submitting them. Technology can help streamline the processes, while taking the most painful tasks out of travel and expense reporting process.
Looking Forward to Automating and Simplifying the Travel and Expense Reporting Process
Businesses know that technology can help them in a better way. Technology can streamline and simplify travel and expense reporting process through:
Considering cumbersome manual processes, financial decision makers report automation as a top priority for all organizations. The future benefits of considering automation are clear: fewer errors, minimal manual intervention, and standardized information entry. Artificial intelligence can help simplify the process to be even easier.
Cloud-Based and Mobile Solutions
Effective travel and expense management starts with adopting cloud-based solutions. Cloud solutions are important to enable the efficiency that companies tend to lack. The solution minimizes the burden placed on the finance team, allowing them to focus on supporting employees in other more productive ways.
One Solution for All
Besides optimizing the travel and expense management process, employees look for ways to improve travel, expense, and invoice management across the various departments. A detailed view of T & E with standard information provides managers with a high-level view of the expense reporting process. It enables businesses to facilitate better budgeting and projection, which addresses the core of T & E challenges. This would also help to achieve compliance. Additionally, you can now know where adjustments or changes in the policy are needed.