Corporate travel is one of the uncontrolled areas of business spending and it is important for any organization to control total costs. While cost control is important, it is critical to identify options that streamline processes and improve the efficiency of the business process.
Automation for Complete Control
Organizations that tend to control and track expense claims are turning to automated expense report solution. Using expense report solutions benefit businesses in several ways, some of them are:
Control travel expenses in real-time
Improve business productivity
Manage corporate travel policy
Enhance audit performance
Automated expense system can eliminate delays and reduce the reimbursement cycle times from months to weeks. An automated system with built-in workflows, business policies, and rules will automatically check everything an employee submits.
The following are some of the best practices that organizations can implement to standardize the process:
Making employees understand corporate policies is important. You have to make certain expenses acceptable and make others require pre-approvals. Listing out ‘dos’ and ‘don’ts’ will make the process easy. Employees should know the time frame within which they can claim expenses.
The internal processes you create within your organization should be accessible to travelers in real-time. This would help them track compliance, identify pending approvals and ensure defined T & E policies are abided by travelers. This would help improve policy compliance rate while making sure travelers are within the budget.
Recording employee expenses as soon as they incur is important. It is quite easy to miss receipts while traveling, so employees should be able to capture receipts through smartphone and upload in the cloud. The easier it is for employees to manage expenses, the easier it will be for accountants to process reimbursements. Also, giving faster access to report expenses and allowing employees to promptly send and receive requests can accelerate the process end-to-end.