Is corporate travel the source of new business for your company, but also the source of increasing costs? You are not alone. Many companies face the same problem and struggle to identify ways to keep costs under control, but constantly fail in the absence of an automated travel management tool.
You are probably already in over your head with work related to travel expenses and possibly don't have the time to research a suitable software for your company. However, there are signs you should look for that delaying the implementation of an automated travel management solution is increasing your costs.
You are inundated with paper files
Gone are the days when you only had a few documents to go through from your corporate travellers. With an increased number of paper files comes an increase in time and energy lost on paperwork. Instead of focusing on things that are more important, such as strategic decisions, you are locked in printing, updating and filing anything from flight tickets to receipts. But all this work can be eliminated by using the digital versions of all these paper files. There are many reasons that companies are shifting from paper to digital. Approval can be given faster, OCR systems make digital receipts available to you, receipt claims can be submitted from a mobile app and human errors are eliminated, helping your company increase travel policy compliance.
You are wasting time on manual tasks
Filing travel documents is one thing, but the work of your your employees does not end here. There are still a lot of manual processes to be completed. Multiple spreadsheets to update, error checking to be done, payments to be chased, and cost calculations are just some of the processes that can be automated with a dedicated travel management software. Today, implementing a T&E management software helps your company save both time and money, keeps your employees compliant to the travel policy and offers you better visibility and control over the way money is spent in your company.
Your employees are not reimbursed on time
When you manage travel expenses manually, the reimbursement is constantly delayed by the paperwork and compliance checks your employees have to go though. It becomes a serious problem, especially if your travelling employees pay their business trip expenses from their own pocket, which can generate a lot of frustration and decrease the satisfaction of your travellers. All these problems can be eliminated by stating to use a software that allows you to integrate your travel policy and automate the approval processes to get your employees reimbursed on time, without needing to double check compliance.
Your employees do not submit receipts on time
This is another cause of delayed reimbursement. Nobody in your company likes repetitive work such as submitting a pile of receipts from their recent business trips. When they keep postponing the submission of these papers, your are not able to reimburse them. When your employees finally submit their receipts, you probably have to pay them back a lot of money and when this is a generalized problem among your employees, it can really cause your company cash flow challenges. All this can change with a travel management tool that helps travellers submit their receipts instantly.
You do not know why travel expenses are increasing
We are not talking here about the rising prices of flight tickets or accommodation as these costs are out of your control. We are talking about all the costs that are generated by those employees who do not comply with the policy or do not follow the protocols you set. When you do not have an automated management tool, it is difficult for your financial team to go through all those papers in order to identify the source of increasing business trip costs. With automation, you gain knowledge on your employees' travel habits and you may start to discover that there are multiple sources of unjustified costs that you can control in order to save more.
Your reports are inaccurate
When your reports are inaccurate, so is your idea of your company's financial health. When you can't run reports, you are not able to look for return on investments, you cannot see trends in your travel planning or travellers' behavior. An automated travel management solution can help you obtain accurate, in-depth data to work with to generate the insightful reports you need in order to take documented decisions.
In a digital world, every business that depends on the success of corporate travellers should implement an integrated and automated solution to improve travel and expense management in a way that benefits both the employees and the company's budget.