Most companies are finding it difficult to track and manage travel & entertainment spending throughout the enterprise. In this article, we will focus on strategies that ease your job of tracking expenses by simplifying the expense reporting process. The following are a few strategies that help you keep spending in check.
Implementing Mobile in T&E reporting
- OCR (Optical character recognition) technology: Take a snap of receipts and automatically parse data into reports.
- Report creation: As every receipt is captured and saved, you can build expense reports on the go.
- Remote approvals: Reports can be reviewed and approved from any place to reduce possible delays.
Automating policy enforcement
- Set policy controls: Put caps on spending based on categories, reporting requirements, vendor preferences, and many more.
- Flag duplicate expenses: Expense report software will figure out duplicate expenses, identify out-of-policy spend, reduce fraud and save money.
- Timely reporting: Automate build reports, notify employees & managers, and submit expenses in a timely fashion.
Integrated travel booking
- Category spending limits: Set spending limits based on the category and type of travel.
- Travel vendors: Negotiate and select travel vendors for air, hotel and car rental services.
- Assign class of service: Set class of service for flights to employees based on the designation.
- Accounting integration: Integrate with accounting system to automate key functions and simplify workflow
- Corporate credit cards: Get complete control over employee spending and ensure faster reconciliation
- ACH reimbursement: Make direct deposits for faster reimbursements and simplify accounting processes
Insights and reporting features
- Spending: Analyze spend by category, department, employee and monthly reimbursements.
- Compliance: Review all processed and in-progress reports, policies , figure out-of-policy spend and improve compliance over spending
Workflow: Monitor approval processes and ensure expenses are reviewed and approved as per the company’s policies.