Corporate travel has become so important, enabling businesses to build networks, close deals and achieve goals. For corporate travelers, it all starts with a set of challenges that often go unnoticed. Recent study revealed that the main concern faced by corporate travelers, reveals insights that hinder the productivity. Financial Challenges The key challenge for corporate […]
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Fraud prevention refers to implementing any strategy that helps to detect fraudulent banking activities or transactions and prevent them using the necessary steps. It helps to prevent damage caused to reputational and financial damage to the financial institution and customer. Due to the increase in the popularity of mobile and online banking channels and the
Is Fraud Prevention Process Necessary in Expense Management? Read More »
Organizational expense management processes and practices are hard to get right at the best of times. In many organizations, this process is still handled with methods that seem outdated in this digital age. By using paper expense reports clipped with bills, and engaging multiple personnel to pore over them and process them for reimbursement, organizations
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Today, some businesses are adopting a flexible and hybrid approach to working. Expense receipts for setting up home office are set be rivaled by claims for mileage and travel. The hybrid work model indicates that payroll and accounting teams are going to have a wide range of claims to contend with constantly. In reality, while
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COVID-19 pandemic has brought many changes and of all the changes, working remotely is one of the most significant changes today. Employee travel and entertainment expenses are set off due to this pandemic, but remote work has led to the emergence of new employee expenses today. Working remotely has increased the work-from-home expenses such as
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Finance, supply chain, and procurement departments have to work together to tackle broader business challenges. Though each team has a unique function, spending decisions should be made quickly. Adapting and responding to changes in the business, eventually creating new business strategies, and tapping into a new and changing workforce is important. To develop a strategic
Handling Difficulties in Expense Management with a Robust Spend Management Platform Read More »
Managing expenses manually can be a tedious process. When data is collected, it remains stagnant until there’s human intervention. Error-prone and clunky expense report forms, slow reimbursements, and confusing travel and expense policies are all key frustrations for your staff when it comes to expense management. Not only do your employees get annoyed, but also
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Business travelers frequently complain about always filing their travel and expense claims either on Excel sheets or utilizing their manager’s old and clunky solution. This process can be time-consuming, which makes it easy to put off, which ultimately delays the reimbursement process. Finance departments are also tired of having to process thousands of expense claims
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As Travel and Entertainment (T & E) expenses represent around 10-12% of company’s overall expenses, businesses are increasingly realizing the importance of having expense report software in place. Lack of visibility into business spending, lack of control, high processing costs and lengthy reimbursement times are some of the biggest problems businesses face with respect to
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Pain Points of Manual Expense Report Management Expense reports are one of the most exaggerating aspects of an organization. As the company grows, the number of expense reports also increases and expense fraud will cost you a huge money and time. Auditors in the finance department that need to audit expense reports face challenges in
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