Organizations should carefully evaluate their options to ensure that the software they select fulfills their needs and aligns with business targets and goals. Though the cost of purchasing and implementing software could be one of the primary considerations for most organizations, there are a variety of features and capabilities they should look for when selecting the best expense report solution. Preferences can vary by enterprise size and other business characteristics, but there are a set of factors that are at the core of selection process. Here, we list a few of them.
In-built Travel Booking
This capability gives employees more autonomy and provides convenience. Organizations can have more visibility into what choices employees are making, enabling them to easily track spend and follow up with those employees who are not complying with business policy.
The system should generate reports that provide detailed insights into the booked travel and expenses. This allows organizations to better negotiate with suppliers, track employees’ whereabouts and compliance, stay within company travel budget, and forecast for the future travel plan. The real-time reporting capability facilitates more timely expense management and reconciliation, making it simple for travel managers to enforce travel policy.
Organizations can simplify their job by having access to a solution that provides seamless data integration between the various sources that feed into the application. The software should offer smooth convergence of platforms and enable organizations to view data from expense tools, online booking system, and other third party applications. This makes it simple for tracking bookings outside of the system and to encourage employee compliance.
No organization is same and each has requirements and goals that may be definite for their culture and employees. Expense report solutions with all the above features provide many benefits in streamlining the T&E expense management process.