When it comes to corporate travel expense reporting, accounting professionals are being asked more: minimize time spent on tasks, increase cost savings, improve compliance and support business priorities. Automated expense, travel, and invoice systems can help accountants work more efficiently and effectively.
The following are a few ways accountants can maximize ROI with regards to travel and expense management:
Mobile to Empower
By adding mobility to travel, expense, and invoice processes, employees can effectively manage tasks in real-time. This would result in improved productivity, less human errors, and increased cost savings. Also, mobility allows users to get their work done anytime, anywhere, without having to wait until they return from their trip.
Integrate Business Systems and Applications
When travel and expense systems are able to integrate with other business solutions and third-party applications such as ERP, human resources, credit card companies and other travel agencies, there would be a direct impact on the ROI. This integration allows for an automated and connected platform that saves time associated with managing disparate systems and brings visibility into invisible areas of corporate spend. So, organizations can help clients improve financial management, make smart decisions, and figure out cost savings. Integrating travel, expense, and invoice data can automatically calculate and reclaim value-added tax for corporate travel which accountants can directly add savings to their bottom-line.
Make Data Work for You
Businesses should not only use travel, expense, and invoice data to save money but the solution can support business objectives as well. Another advantage is integrating expense data with a CRM solution gives you clear visibility and allows for greater improvements in revenue generation. Having all the data stored in a centralized system allows businesses to establish more strategic relationships with c-level clients. Analytics can be used to make decisions that impact the corporate travel experience and help you in better forecasting.
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