Top 5 Ways Travel and Expense Management Solutions Can Help Companies

ANUSREE BHATTACHARYA | December 23, 2020

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A recent study stated that the travel industry faced an estimated $519 billion loss in 2020 due to the pandemic. Some of the challenges that most companies came across are managing travel expenses, maintaining travel and expense process flow, using the right expense management solutions, and more. As the travel industry is getting back in business, it is overcoming challenges sturdily.

To simplify travel and expenses process flow, managers need instant and effective travel and expense management solutions to organize travel plans, submit expense reports, and control overspending on their travels. Before you dive into details about solutions that can improve the travel and expenses process flow and logistics of your company, here is a brief about travel and expense management solutions.

An Overview: Travel and Expense Management Solutions

Travel and expense management solutions are only relevant businesses that need to control the travel-related expenses of their employees. These solutions help you in understating the integrated spend data and deliver a better user experience. Other than this, these solutions can also help with:
  • Making clearer and smarter data-driven decisions

  • Encouraging policy compliance automatically into travel and expense process flow
  • Saving time to collect data from expense reports automatically
  • Simplifying budgeting
  • Forecasting a more accurate data of the spend

How Can You Streamline Your Travel and Expense Management Process?

Automated travel management software can help your employees and finance team use the travel and expense management solutions for their benefit. But how? Here are the reasons to support:
Employees could:
  • Effortlessly manage receipts and submits the details of corporate travel
  • Submit digital travel and expenses report instantly using a centralized travel and expense software
  • Maintain compliance with the existing reimbursement policy for corporate travel and expenses in your company

Finance teams could:
  • They can create transparency in corporate spending reports by using travel management software and its automatic function.

  • They can have better control over their travel expenses.

5 Ways Travel and Expense Management Solutions Can Help Companies

Travel and expense management solutions give all travel and expense management services easy access to align in one place. By doing this, you will be able to gain more control over services and enforce compliance. Here are five ways your business can effortlessly adopt new travel and expense management solutions and help you win challenges faced during the pandemic.

Review the Selected Solutions

Before you implement a travel and expense management system, it is vital to review preferred travel and expense management solutions that your business requires. This will help the travel expenses workflow align seamlessly and make employees understand what it takes to manage the entire travel expense scenario accurately.

Conduct Surveys

If you are going to switch the old travel expenses method and adapting advanced travel and expense management solutions, it is crucial to survey the users who have used the solution and know its performance. This survey will help your employees to know if the chosen travel management software suits your requirements. The next step is to keep an eye on the most frequent and critical users, which will help you to have a clear insight into new trends that are being followed in terms of managing the workflow efficiently. By this, you can also implement it in your company. It also helps identify where your process needs refinement to facilitate efficiency in the expense management system.

Prioritize the Must-haves

The next step should include the collected input from the survey for setting up the foundation of priority of needs. In this case, creating a checklist is an ideal option. Prioritizing the best travel management software with apt travel and expense management solutions according to your workflow can help you select the right travel expense software for your organization.

You can select travel and expense management solutions that consist of:

  • Report building automation
  • Auto fill options
  • Remote access
  • User-friendly interface
  • Helpful support
  • Mobile functionality
  • Quick international payment

Introduce Demo Sessions

If you use an advanced global travel and expense management system, it is recommended to provide demo sessions of the preferred travel and expense management solutions to your team. The demo sessions could be an opportunity for your team to witness travel and expense management services created from reputable travel management software in action. With this, you can know about a host of details about the implementation of travel expense software, integrations, user training, travel and expense process, and its flow. This contributes towards the successful adoption of a travel expense system and proves the abilities of the travel and expense management solutions selected by you to scale your business as it grows.

Choose a Solution

Once you have organized multiple demo sessions of various global travel and expense management solutions, it's time to choose the best travel expenses management software that fits your company's culture and requirements. Take a good look at the pros and cons of the final travel expense planner you consider for integrated expense management solutions to combat your existing challenges. Being cautious while choosing the right global travel and expense management solutions will benefit your employees, and they will be able to use it for the company's advantage at a much faster pace.

Frequently Asked Questions

What you should know about expense management software?

Here are some benefits of an expense management software:
  • Ease of access
  • Minimum manual intervention
  • Higher cost savings
  • Faster reimbursements
  • Eco-friendly process (no paperwork)
  • A simple process that simplifies workflow
  • Encourages errorless work and delays

Your employees can find the best travel and expense management solutions using various expense travel management software. 

How to manage travel expenses?

There are several travel and expense management solutions to manage travel expenses. Here are some ways in which you can manage your travel expenses:
  • Keep a track of expense details
  • Plan ahead before setting a policy
  • Stay aware of the policies
  • Have an effective approval process of expense
  • Organize spend data

Why use an expense management software?

An expense management software helps a business ease expense reporting, manage other aspects, and deliver the right travel and expense management solutions. It offers efficient workflow to the finance teams while recording expenses, data, approvals, controlling costs, and more.

What are the most crucial features to manage expenses?

The most crucial features to manage expenses are:
  • Real-time policy checks
  • The seamless expense reporting process
  • Digital audits
  • Advanced level of data analyses
  • Easy approval process

Spotlight is a premium-experience travel website. We offer flights to over 3,000 destinations, hotel stays in over 85,000 properties around the world, holiday experiences and much more. The word musafir (pronounced moo-saa-fir) means “traveler” and we at live by three promises to all our travelers in everything we do – great choice, no-nonsense convenience and a premium experience was founded by Sheikh Mohammed bin Abdullah Al Thani, Sachin Gadoya and Albert Dias in August 2007.


Why Working in Hotel Management is a Nightmare!

Article | January 3, 2022

If a kid comes to me nowadays and tells me about his passion for working in the hotel industry, he goes back home with a dream to become a pilot. I am not saying that the hotel industry is the worst kind of industry currently existing in today’s environment, but I am also not denying that. Now, no offence to the hoteliers. You guys rock! It is no joke to work on a New Year Eve and see other people celebrating it while you guys make it happen. You have my respect! But I am probably not that tough. It took me a whole trial and error approach to declare this industry a nightmare for me. But I have so many of my friends still working in hotels and loving every second of their life. (At least that’s what they tell me.) So why were our experiences so different? Why do I know that so many people are not really made for this industry? And what does it take to be a hotelier? I will try to answer these questions through my experience and observations. Why Hotel Management? It is that one question that is the most common and important one. Before taking any big decision, one should be asking a similar question. But what was my why? Allow me to rewind my journey. I was in my 12th with commerce stream, and I was going through that self-enquiry phase. What after this? There was no 13th, nor did I enjoy accountancy too much to do it until I die. So I used to surf the internet and explore different career options almost every day. That was one of my significant hobbies during that time. I used to evaluate my choices, and very soon I understood that I had limited options in the commerce field. So it was arts then? But what was the median salary in that sector? After a lot of research, I realised the median salary in the arts sector was ‘disappointing’. But still, if not that, then what? What was I going to do with my life? It was then that I saw the picture of a cruise ship and remembered 'Titanic'. It was then that I imagined the luxury of a 5-star hotel. It was that moment where I was about to make one of the stupidest decisions of my life. I had never stepped into a kitchen nor showed the slightest interest in making any dish. I never really fancied cleaning glasses, nor did I like managing people under me. I also didn’t know absolutely anything about what was this industry all about. But I dared to share it with my sister, and she was like, wow! It sounds so different! I told this to my friends, and they were like, wow! We always knew you would be doing something different! I told this to my father, and he told me students have to clean toilets during the internship, and I shouted, ‘But that’s not a big deal! Anyone can do that!’ Dad said, ‘Do whatever you want to do then, my son.’ Well, so what did I want apart from freedom in my life at that point? Maybe maturity? Oh! Screw that! So I gave the entrance exam and got a decent rank. I desired to stand in the lobby of a 5-star-hotel and meet salacious women. I was pretty sure that many women would choose that industry apart from me. That was enough motivation! So yes, my reasons to choose the hotel industry was very logical and thoughtful, suffice to say. What Happens in a Hotel? The hotel industry is one of the most glamorous industries out there. Everything is so clean, eloquent, expensive, and pretty. People come to a 5-star hotel, are warmly welcomed, served drinks; they are provided comfortable beds to sleep in, and they enjoy their stay and endless services. Then they simply check out. My only mistake while considering this option was that I wouldn’t be treated like one of those ‘People’ there. In our very first lecture, the term ‘Guest’ was taught to us and how we are not them. We are the ones who would serve them. We would be the waiters, the cooks, the greeters, the bartenders, etc. We wouldn’t be drinking with them but watching them while they would be cavorting. That was a shocker! So many things happen in a hotel, and hoteliers make those things happen. They do all the hard work. The Bakery Chef would spend hours decorating the cake, which the guests would smash on each other's faces. The housekeeper would clean the bathtub while the guest would take five more baths after that. The front desk agent would be greeting the guest during check-in, and the guest would throw tantrums because of his arduous journey. Suddenly my bubble broke, and I realised what I really signed for. I signed for an everyday vacation in hell. Who Survives? I think adulthood is about that realisation when you get to know that bread isn’t free. And what buys that bread isn’t that easy to get. And how much that thing matters to you is going to decide how happy you are going to be in your life. If I was that guy who had grown up watching Masterchef and experimenting in the Kitchen all my life, then a Gordon Ramsey could have come out of me. If I were a fastidious guy who wanted everything to be clean and perfect, then an entrepreneur or a manager could have come out of me who would have tried to do that during his job. If I were a guy who loved making people smile, then interacting with guests while serving the food or taking their check-ins would have been the best things out there for me. You get my point! There are so many things that could have made hotel management an ideal career choice for me. It really is a glamorous industry, and it can provide satisfaction as a career option to some people out there. But that wasn’t the case with me. Sadly that wasn’t the case with many of my batchmates and colleagues of mine as well. After completing my three-year graduation, four-month industrial training, and one-year job as a Front Desk Agent, I quit. Nor could the managers inspire me, nor any other incentives that the industry had to offer. My future looked as grim as the life of an insect (No offence to you if you are an insect.) So yes, be wise before choosing this industry because this industry demands a lot! It is one of the most selfless jobs out there, and you have to be prepared for the nasty feedbacks after all your hard work. So do some self-inspection (Unlike me) if you are stuck in this industry or are planning to do so. And if you love where you are right now, then as I said, you have my respect.

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Spotlight is a premium-experience travel website. We offer flights to over 3,000 destinations, hotel stays in over 85,000 properties around the world, holiday experiences and much more. The word musafir (pronounced moo-saa-fir) means “traveler” and we at live by three promises to all our travelers in everything we do – great choice, no-nonsense convenience and a premium experience was founded by Sheikh Mohammed bin Abdullah Al Thani, Sachin Gadoya and Albert Dias in August 2007.