Businesses can enforce a variety of strategies to resolve common expense reporting headaches. Although some approaches may cost money it can save company’s time and money in the long run. The following strategies might help travel managers or accounting departments that deal with reimbursement process.
Customized T & E software for your business
Poor visibility into spending due to missed or inaccurate information can be handled effectively with online expense report software that streamlines the processes. Travelers can book travel easily while allowing managers to see detailed analytics about employee spending. With approval routing, policy enforcement, mileage calculation, per diem allowances, and mobile receipt capture, expense report software allows you to take the hassle out of travel and expense management. Travel managers may still have to deal with data entry errors and inefficient process workflows if they do not choose the right TEM software.
Taking a holistic approach and evaluating all steps in the expense reporting process eliminates the pain points throughout the reimbursement process. Since the cost of processing expense reports is high, travel managers have to focus on reducing the cost of flights and hotel bookings.
Itemizing expenses also make it easy for travelers to be more conscious of their spending and may allow travel managers to get the accurate data on travelers’ spending habits. This would also encourage employees to comply with T & E policies and empower them to know about company’s preferred choices for booking.
Detailed Expense Policies
Travel managers should have policies clearly outlined for what documentation is required and why. Including all the details such as “Is receipt photocopy enough? What if a receipt is missing? What expenses are reimbursable?” Considering all the details and outlining specific policies helps you in dealing with incorrect expense reports. Creating travel policies and giving out reasons for those policies may help travel managers reduce expense reporting hassles.
Ultimately, travel and expense report software can simplify employees’ life while making it easy for travel managers to keep track of business spending.