What Makes You Choose an Integrated Travel and Expense Solution?
What makes you choose an Integrated Travel and Expense Solution?
Expense and travel are very closely connected. Corporate travelers have to control employee travel and set tentative budgets for travel bookings as they travel most often. But, the finance department is not aware of the business trip until they get expense claims on their desk. As a result, it is difficult to get visibility into expenses or budget in real-time. This is happening because of not maintaining any correlation between travel and expense processes.
The solution is to integrate both travel and expense systems. When you streamline the processes by moving away from spreadsheets to an integrated Travel and Expense (T & E) platform, spend becomes more clear and transparent. Technology can benefit the business of any size and scale with the company as it grows. So, how an integrated travel and expense software benefits your business?
Simplify Expense and Travel Process
Switching to a cloud-based solution puts an end to the old system of spreadsheets, paper receipts, and expense claims. When an employee makes bookings with travel solutions, all the data including the costs and itinerary details can be imported automatically into the expense report. As data will be directly imported, you don’t need to bother about data inaccuracies and loss. And, all the travel requests can be automatically converted into expense reports with just a click. Moreover, using an integrated system will make it easy to access the data when required. This makes everyone’s life easy and encourages the employee to submit reports in a timely fashion.
Reduce Data Entry and Improve Accuracy
As travel bookings get automatically posted to expense report systems, there is no manual data entry. Since there are expense and travel apps, employees can capture receipts that need to be added to the expense report, which would actually save time in keeping hold of paper receipts. This would result in significant time savings and improved accuracy. Not only the integration would speed up the process but also makes it difficult to submit fraudulent expenses. As everything will be imported directly from the system, employees cannot tamper expense reports. Ultimately, fraud gets reduced on a whole.
Save Money When Making Booking
Organizations want employees to get the best deals when it comes to corporate travel. You can figure out this only when you gain insight into corporate travel data. Using solutions such as SutiTravel to capture corporate travel data can help give you control over what your employees are booking. You can easily get to know all the deals you are getting with flights, hotels and other suppliers.
Integrated solution gives you a centralized repository where you can have access to the travel information all in one place, while allowing you to see where and when travel is taking place. This allows you to forecast travel spend, negotiate discounts, and most importantly you will know where your travelers are going.
Incorporate Policies in the Process
Simply having a travel and expense policy isn’t enough; you have to make sure employees abide by the corporate rules and regulations. Cloud-based expense report software solutions allow policies to be embedded into the solution and can easily flag when employees book trips or submit out-of-policy expenses. Artificial intelligence can help slash out-of-policy claims by defining business rules within the system. This way you can catch non-compliance spending before it happens.
Configuring business rules will avoid duplicate and out-of-policy spending. Say, your company has capped the food category to $15, when an employee tries to submit the line item of $20, the system would not allow the employee to submit and shows an error. Employees will be able to submit when they enter the amount defined in the policy. This way you can avoid out-of-policy submissions and keep the budget under control.
Visibility into Spending
Corporate travel is one of the largest spending areas of business. Automating the process would make it easy for organizations to keep an eye on expenses and controls budgets. Also, you can figure out inefficiencies in the processes and streamline every procedure in the reimbursement cycle. By gaining visibility into hidden processes, you will be able to understand in and out of the expense management, so you can make better decisions and informed choices.