Technology has empowered people to engage with businesses in new ways. With advanced technical options, people expect the same level of capabilities from travel and expense solutions.
Employee expectations about spending processes and systems are rising. Employee preferences have made businesses put greater emphasis on existing T & E processes and inefficiencies, considering the timelines for submissions & approvals, inaccuracies, and lack of connectivity and visibility into travel spending.
The advancement of technology has put more power in employee hands. This disruption makes it more difficult for businesses to manage employee-generated spend, especially travel-related expenses. Finance managers find themselves strategically involved with various parts of business, spending less time on expense management.
Today, finance manages are required to embrace T & E solutions to drive innovation in the business while effectively managing the typical aspects related to cost controls and compliance. Tracking employee related expenses is a tedious task for any finance manager; hence the need for efficient tools to simplify the T & E process has increased. Making smart decisions and enabling employees to comply with T & E policies is the key objective for any business. Reportedly, it is found that around 73% of companies are planning to update their T & E systems within the next six months and the acceptability of new T & E tools is projected to grow by 50%.
Finance managers believe that empowering employees to make smart decisions and abiding by corporate policies is something that drives travel and expense management. Therefore, companies need solutions that are user-friendly, easy to implement, and integrate with the existing systems. Cloud expense management solutions coupled with features such as integrated travel booking, receipt capture and auto-report creation are the perfect choice to improve employee experience and drive spending compliance.