Businesses need to invest in technology to drive efficiency in T & E invoice management. However, IT and finance department has unique priorities when it comes to travel and expense management. Say IT department focuses on usability and employee experience while finance department will focus more on spending reduction and less on usability and employee experience.
Unified Strategy Drives Greater Efficiency
Adopting travel and expense management solutions and automating the processes improves employee experience and reduce spending. IT and finance departments need to better communicate and collaborate to manage expense reporting and invoicing processes.
Businesses with a unified travel and expense solution report higher levels of satisfaction than those that do not. Lack of effective collaboration between IT and finance departments have a profound impact on overall expense reporting process.
Eliminates Manual Processes Completely
A unified travel and expense report software minimizes your workload and lets you focus much better on your job. Taking a standardized global approach to managing travel can help make the process smooth and efficient.
Greater Control and Transparency
Gaining control in terms of reporting, and assuring transparency of the overall process is something that should happen in real-time. Data should be available within the organization for making informed decisions. More data transparency is required while making purchasing decisions.
Technology can Help
Businesses that integrate with new technology find greater satisfaction. Choose travel and expense report solutions that integrate with existing systems, run in the cloud, and offer mobile access.
With new travel and expense report solutions, the benefits are significant – greater satisfaction, better compliance, travel & expense management, and cost reduction. Digitizing travel and expense report solutions is a quick win for finance department as improvements can be seen in terms of efficiency, productivity, and savings. To achieve significant benefits of automation, businesses should:
Align Finance and IT Departments
Before you begin digitizing processes, you have to establish great collaboration between Finance and IT departments to overcome the challenges you pursue. Unified solutions allow companies to focus on time and resources, which would yield better outcomes.
Eliminate Paper-based Processes
Avoiding paper is important for making travel and expense reporting process more efficient. This would eliminate errors, reduce time spent by employees and minimize the burden of support staff. Implementing automated solution allows businesses to eliminate most of the manual work, thereby speeding up the process and ensuring accuracy.
Invest in Travel and Expense Report Software
Companies that have a unified travel and expense report software will not invest more on audit processes as they get a holistic view of the business expense management. Organizations would experience greater growth compared to those of without unified strategy.