Travel is critical to business development, and organizations must focus on improving processes in T&E management. A greater client outreach will naturally help organizations increase the scale and scope of doing business. However, an economic downturn has forced businesses to propose restrictive travel budgets and reevaluate existing strategies in T&E.
While most businesses would focus on cutting down travel, a better option would be to cut down expenditure in T&E. The first victim of an economic downturn is the employee, but organizations cannot afford to lose talented professionals in this manner.
A better option would be revise policies and procedures within T&E and attempt to make it lean. This is where online expense report software comes into play and is at its most effective. The solution brings end-to-end visibility into T&E management. Mobile applications help business travelers upload their expense receipts instantly for faster reimbursements.
The solution helps eliminate place and time constraints and provides end-to-end visibility when creating, submitting and approving T&E expenses. Basically, online expense report software will help audit and record the complete process a traveler will undertake. The necessity and requirements for travel, the itinerary, and the post-travel formalities will all be documented and recorded in a systematic manner online. Expense managers will be able to tally each receipt for corporate policy and budgetary compliance in a quick and efficient manner.
Any discrepancies in expense reporting will be made known immediately to the concerned parties. This ensures greater transparency in expense management right from the pre-authorization stage to the final post-travel reimbursement. The April 2013 Aberdeen report suggests that users of end-to-end mobile expense management solutions experienced 13% greater compliance to corporate policies than those that didn’t.
Adding mobile apps to end-to-end expense management solutions definitely provides the much needed flexibility in reporting expenses. The expectation from leveraging business process automation tools is for organizations to meet their business needs with the greatest efficiency while maintaining compliance.