Top 5 Ways Travel and Expense Management Solutions Can Help Companies

ANUSREE BHATTACHARYA | December 23, 2020 | 617 views

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

Civitatis.com

With more than 15,400 activities in more than 710 international destinations, Civitatis.com is the project of Alberto Gutiérrez, a young entrepreneur of 35 years who has managed to combine the experiences of his travels and his passion for the Internet in a successful model. Passionate, competitive and very focused on providing the best experiences to the client, since its birth in 2008, Civitatis has grown to exceed 3,000,000 satisfied customers in 2018.

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Cain Travel agency signs GDS agreement with Sabre to drive agency sales and revenue growth

Cain Travel and Sabre | August 05, 2022

Sabre Corporation (NASDAQ: SABR) a leading software and technology provider that powers the global travel industry, announced a new distribution agreement with Cain Travel, a US-based travel agency. This new agreement will enable Cain Travel to complement services to their customers worldwide, drive efficiencies and support their economic growth by leveraging their proprietary technologies along with Sabre's travel marketplace (GDS). Cain Travel will have access to Sabre's marketplace of more than 400 airlines, 750,000 hotel properties, and hundreds of tour operators, rail, car rental and cruise providers, to sell customized travel packages from suppliers around the world. Additionally, the travel agency will use their proprietary technologies – powered by Sabre API's – along with the reach represented by the Sabre GDS to differentiate its services among their competitors. "The key reasons Cain Travel chose Sabre were its technology and strategic vision on NDC. We were looking for a travel technology partner that could help us address many aspects of our business – driving revenue, reducing costs, and improving our efficiency, Sabre's technology strategy including its approach to NDC will make it easier for our staff to find the content and personalized offers that our customers expect. We look forward to a successful and bright future with our new partner." -Michael Cain, President of Cain Travel Group of Boulder Founded in 1985, Cain Travel is one of the nation's largest independent travel management companies, providing a unique set of travel solutions. "As the industry continues to recover, travel companies face the challenge of quickly adapting their business to this dynamic market's changing needs and requirements, We are excited to serve as the strategic technology partner for Cain Travel and to bring them onto the Sabre GDS where they will have full access to Sabre's leading technology and broad travel content." -Andy Finkelstein, senior vice president, Global Agency Sales and Corporate Solutions for Sabre Today, thousands of agency points of sale are shopping, booking and servicing NDC offers through the Sabre marketplace. Sabre continues to broaden its NDC capabilities, coverage and content from multiple airlines. About Sabre Corporation Sabre Corporation is a leading software and technology company that powers the global travel industry, serving a wide range of travel companies including airlines, hoteliers, travel agencies and other suppliers. The company provides retailing, distribution and fulfilment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveler experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre's technology platform manages more than $260B worth of global travel spend annually. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world. For more information visit www.sabre.com. About Cain Travel The Cain Travel Group of Boulder, Inc. (Cain) is a certified Woman Owned Small Business founded in 1985. Since our inception, Cain has grown to become among the largest privately held TMCs in the country. Cain has achieved this success through a combination of employing extremely experienced and dedicated staff, enjoying unparalleled employee and customer retention rates and conceptualizing, developing and deploying new technologies designed to enhance traveler experience and facilitate the success of travel programs. The Company is based in Boulder, Colorado.

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