Travel and entertainment expenses are in the second place on the list of items difficult to control for businesses. Around 80% of employees reported that they are manually entering the T & E data, resulting in time-consuming processes and employee dissatisfaction. While other costs are monitored and analyzed by the respective controlling departments, T & E spend is left untouched for a number of reasons:
Implementing Bespoke T & E System
Employees of most organizations are reporting their expenses into a custom-built or homegrown application. By using in-house applications, not only should employees spend time on manual data entry but also IT staff should spend most of the time in updating the system data against constantly evolving travel preferences, regulatory requirements, industry standards, and tax implications. All these would cost a significant amount of time and money because the process continues to evolve as time moves on.
Data Sources are Not Consolidated
Having different systems for various business processes will make it difficult for you to access the data. Different data sources are not consolidated easily, resulting in lack of transparency in the T & E spend. Data from diverse sources such as corporate cards, travel systems, expense reports, and supplier invoices should be consolidated together for easy access. Data centralization helps in gaining insights in no time so that you can make quick decisions.
Companies Rely on Spreadsheets
Spreadsheets are the key resource for companies to analyze their T & E costs. Spreadsheets could be a great tool for individual analysis of data, but it cannot support policy-driven analysis.
Organizations can have real-time visibility into T & E expenses when they have automated travel & expense report software in place with real-time integrations with vendors and travel partners.