The decision makers in businesses invest in travel and expense (T & E) reporting solutions with a common goal in mind – simplified expense management. Figuring out and showcasing potential outcomes is important when implementing the solution. The following are common outcomes that should be expected from T & E software:
Improve Process Efficiency
The T & E process features several steps, and each step is often hindered by the manual and paper-based process. This is why most organizations see automation as key for improving their process’s efficiency.
Drive Productivity and Satisfaction
Managing expenses can be cumbersome for travelers. Giving them access to the cloud-based solutions from their mobile device will encourage adoption and reduce frustration with the overall process. Any solution that is not intuitive and easy-to-use will fail to meet employee requirements. T & E is a painful process for everyone involved, and making it painless is what automation can do.
Having better policies and tools to track expenses can help make employees more responsible fortheir spending choices. Improvement in productivity enables employees to do more in less time, which saves money altogether.
Better Expense Management Will Cut Costs
Better management of employee expenses results in a greater emphasis on cost reduction and reporting. The following are a few outcomes of effective expense management:
Every company wants to cut down expenses. Expense reporting solutions can ensure expenses are submitted on time and help to reduce the time spent when managing expenses.
Improved Process Efficiency
The expense management process can be complicated, especially when managing expenses across several vendors and business units. Simplifying the expense submission, review, and approval process would result in improved efficiency. Expense management will become a lot easier if there is one system across the company that can control, monitor, and centralizes the processes.
Improved Analytics and Reporting
Organizations need visibility into what is being paid, for what, and to whom. This type of reporting is important for managing budgets and supporting future financial decisions. Additionally, visibility is important for auditing purposes.
Unified Strategy Drives Greater Satisfaction and Effectiveness
Embrace T & E management solutions and implement automated processes to reduce spending and improve the overallemployee experience. IT and finance departments should be able to better communicate and collaborate to accomplish goals.
Companies with a unified strategy report greater levels of satisfaction with travel and expense management solutions. So, what does a unified strategy entail?
EliminatesManual Processes Completely
The solution should cut down tasks where human involvement is required. Doing so will lessen the workload, directing focus toward more productive aspects of the job.
The Solution That Can Be Implemented Globally
Looking at the international systems, policies, and different approaches to travel, businesses need to implement a global solution to manage T & E expenses.
Greater Control and Transparency
Another part of expense reporting is gaining control in terms of reporting, transparency, and accessibility to the data within the organization. The more transparent the data is, the more it helps in making the best decision out of all the travel management choices.
Technology Can Help
The criteria that organizations look for in the next-generation is as follows:
- Integration with existing solutions
- Cloud-based solutions
- Mobile accessibility
- Great user experience
The benefits of T & E solutions are significant: higher satisfaction, improved compliance, travel and expense management, and cost reduction. Modernizing the travel and expense reporting process by going digital is a win for finance and IT departments, as the improvements can make a real impact for all employees by driving efficiency. To achieve the benefits of automation and improved travel and expense software, companies have to:
Build a Unified Spending Management Strategy
Before making any improvements, you have to plan to enforce the system effectively. Lack of collaboration between IT and finance departments will inhibit the processes due to resources being split. A unified strategy allows the different parts of the company to focus on essential activities and mutually benefit, yielding better outcomes.
Eliminate Paper-Based Processes
Companies agree that eliminating the paper-based processes is important for making the travel and expense management process more efficient. This will not only eliminate errors, but also reduce the time spent by employees and minimize the burden. Implementing automated solutions eliminates around 40% of manual tasks, thereby allowing AI to process tasks easily.
Invest in Travel and Expense Management Technology
Companies with a unified travel and expense management strategy can get a holistic view of the potential outcomes. The solution comes with enhanced transparency, visibility, and detailed analytics, providing accurate information for better decision making.
Kevin Peterson is a content marketing enthusiast, freelance writer at SutiSoft, specializing in Business, ERP, Technology and Cloud/SaaS trends.