When corporate travel plays an important role in your company's success, you want to be able to accurately measure the result of each of your employees' business trips. Travel and expense management is always challenging, but with the help of the right software solution you will generate the results you expected by automating manual processes that otherwise cost you money and time.
There are several signs that prove that the way you are currently managing travel expenses is keeping you from achieving your goals, such as the ones you set in order to improve cost control, policy compliance or employee performance. Some of the signs are:
If travel & expense management improvement is one of your top priorities and you are still managing processes manually, you need to start looking for an automated solution that is suited to your needs. It might not be an easy process, but if you focus on the following elements, it will be easier for you to choose a winner:
1. Identifying the company's needs
Along with the managers and stakeholders from other departments, first identify the challenges and problems you are facing to know which are the most important needs when it comes to automating travel and expense management.
2. Choosing the right features
For each one of your expense management needs, there is a dedicated feature. You must prioritize the features you will need based on the problem they solve, how much you save by using that feature and keeping in mind integration with other systems in your company, user experience, mobility, etc.
3. Time, budget and technological constraints
These are the three parameters you should keep in mind when defining the features and characteristics of a travel and expense management solution which are most important to you. Think on long- and short-term cost related benefits, focus on the support required from an IT team and take the time to analyze the alternatives.
4. Making decisions together
The solution that you choose will have an impact on all the departments in your company, meaning you should involve the stakeholders and create a team with members that will provide different perspectives on the alternatives.
5. Comparing alternatives
You might want to request some demos from the selected vendors before you make your final decision. One way to ensure your decision is well documented is to document your specifications (such as for an RFP) to remain focused on the important criteria and provide your potential vendors with clear demands to follow.
Why sabotage your company's success by manually managing expenses when there are so many features and updated expense management solutions that can help you achieve your goals? Solutions such as:
So, what are you waiting for? It may not be an easy process, but choosing the right travel and expense management software plays an important role in the way you will be able to achieve your expense related goals. We recommend you download our free guide to help you write an effective RFP!