T&E Management: Understanding Travel Spend & Cutting Costs

Apurva Pathak | August 5, 2022 | 934 views | Read Time : 02:29 min

T&E Management: Understanding
Corporate travel and entertainment are almost every company's second-largest controllable expense after payroll and other benefits offered to employees. When it comes to such expenses, manually recording them on paper, saving crumpled receipts, or even creating Excel spreadsheets doesn’t ensure efficiency.

Businesses are implementing software that automates travel and expense management to streamline operations, cut costs and reduce the frustration that repetitive tasks bring. They are leveraging expense data to categorize their travel spends based on projects, departments, and cost centers to stay on top of all their travel-related expenses and financial operations.


Control & Transparency Matter

Global accounting teams put two things above all else: control and transparency. Without these two, they leave room for risk and mishaps and cannot function efficiently. Travel and expense automation allows financial and accounting teams to see where every dollar is spent. Bills and reimbursements are paid diligently and without much scope for error or expense fraud. Accurate, transparent data can then become the foundation of business decisions on spend and expense forecasting.


Employees Dislike Mundane Tasks

Your employees have important job functions that they need to carry out on a daily basis. A cloud-based tool that they can access at anytime and from anywhere helps them look at travel expense reporting in a different way. They can spend their time doing productive tasks that do not involve mundane paperwork or tallying expenses manually.


Managers Expect Budgeting Compliance

No manager is a fan of going over a long paper trail of expenses and verifying if every expense complies with company policy. A travel and expense management software highlights employee travel expense that does not comply with business policy. As approvers, managers can access this data from any place, discuss the matter with the employee in question, and get a quick resolution.


Controlled Spending Makes C-level Execs Happy

Implementing travel and expense management software helps keep the company’s spend under control. Low spends and high profits make every C-level executive happy. To top it off, it also makes them happy to make their employees happy while maintaining travel spend transparency.


Features of T&E Management Software That Make a Difference

  • Extracting important expense data from receipts by scanning
  • Option to submit expense reports via commonly used apps and text messages in a single click
  • A comprehensive view of a trip spend in a single, error-free report
  • Option to set up automated expense approval workflows
  • Quicker employee reimbursement turnaround time
  • Instant expense report submission notifications for prompt review


Bottom-line

Streamline your T&E process, tackle expense reporting challenges for traveling employees, and simplify expense tracking, approvals, and reimbursements using T&E management software. Empower your finance teams with complete visibility of travel spend to create a seamless automated expense management experience.

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