Outdated manual expense processes are costing your company more than you can imagine. By combining travel expense management with automation, you can do more than just understand where your money is going - you can clearly view your costs and identify opportunities to save by considering options you would have otherwise ignored.
From requesting a business trip to booking flights and hotels to submitting and checking receipts, employees waste a lot of time going through a manual expense process. How much money do you pay each employee? How much time does it take them to complete each action? Do the math and see how much manual processes actually cost you. Travel and expense (T&E) management automation doesn't just increase productivity, it also helps you save big when it comes to time and money.
While you can't completely eliminate human errors, you are actually encouraging them by having a manual expense process from submission to checking and reporting on travel expenses. People get tired, a business travel management tool doesn't. An automated solution thus increases the accuracy of expenses and decreases operating costs in your company.
There are many costs that may remain hidden if you manage your expenses manually and, if these costs are not accounted for in your budget, you will wonder why your finances look so bad at the end of the month. With an automated solution, you can track your travel costs in real-time. You can then start to understand your employees’ behavior during business trips. This visibility will help you understand where your money is going and identify methods to decrease business travel costs in your company.
When expenses are checked manually, the risk of asset misappropriation increases due ill-intentioned people becoming aware that controllers are too busy to properly check business spend. Automated processes aligned with your travel expense policy will increase compliance while decreasing workload among your employees.
When your expense submissions and reports are accurate, you can be sure to only claim those taxes to which you are entitled. An automated solution offers you the visibility and the tools you need to immediately identify the expenses for which you must pay taxes in order to comply with local legislation.
If you are looking for a long term way to gain more control and reduce travel expenses, we cannot recommend investing in an automated travel and expense management solution enough. Just think about how much you can simplify expenses processes by automating them and how much time your employees can save and use on tasks that have a measurable impact on your results.
An automated travel and expense management solution brings you more than control over how much your employees spend on business trips - it is a tool that gives you control over your business travel expenses, and the power to enforce a policy that keeps your employees’ needs and the company’s financial efforts in harmony.