Technology has brought several changes in today’s enterprise. However, there are still some processes where businesses need to drive efficiency. Expense management is one such process that needs to be streamlined and made efficient. Travel and entertainment expenses share the greatest portion of the budget in organizations. This is set to increase in the coming years. Key factors contributing to the growth are mobile workforce and improved business collaborations.
Managing travel spend is a big challenge for large organizations. This is due to the lack of data tracking tools that gives you some useful insights into employee spending. In expense management, there is a lot of data coming in. Analyzing all the data requires you to access critical information to make business decisions. In expense management, data flows from various sources such as employee reimbursement, accounts departments, vendor invoices and credit card statements.
Moreover, travel vendor choices and payment methods are also expanding. According to the BCG -Google report, mobile will be taking the lead for all travel bookings by 2020, with around 62% of bookings happening from mobile. Bookings through Ola/Uber are also increasing as opposed to corporate travel agencies.
While airfare and accommodation seem to be the highest expense, other expenses such as luggage fare, meals, and travel expenses also cost a considerable amount. All these expenses add to the corporate expense. Gathering all the information from various sources and putting it into a centralized system can be tedious. There is a scope for errors, if not done in the right manner.
Most businesses rely on a traditional way of expense filling, requiring users to manually enter the data. Also, lack of insights is another concern for finance and HR department in taking business critical decisions with respect to employee productivity and organizational efficiency. This can prevent businesses from adhering to compliance.
Travel and expense management system with advanced analytics can help get the smart data faster for actionable insights. Essentially, this means that organizations will have real-time insights into employee spending.
If you are having an instant view into all travel and entertainment spending, you can review expenses, approve requests instantly, see who are the top spenders, who are efficiently spending, track how much money is being spent in a deal, and ultimately view the monthly spending.
The insights you get can improve the efficiency of the process. With expense report software, you can set daily limits for corporate expenses on each employee and make sure that spend doesn’t exceed the specified budget. Otherwise, if you want to increase the spending limit on the card, you can do it instantly. Insights allow you to negotiate discounts with vendors and optimize the cost of airfare and hotel bookings. The benefits of real-time tracking and analyzing the employee spending are immense.
SutiExpense integrates with travel booking portal such as SutiTravel to enable users to manage their corporate travel easily. SutiTravel and expense solution provides a uniform view of travel and expense data from a single and cloud-based platform.