If you’re looking to enhance the way you handle your corporate travel expenses, then one of the best things to consider is travel expense management software.
In this article, you’ll learn what travel expense management software is, along with the top five benefits it can bring your company.
What is travel expense management software?
Travel expense management software enables you to expertly track all of your corporate expenses that result from business travel.
This can span across a variety of different things, since naturally, there are many expenses needed on a business travel trip.
For instance, this can include accommodation, transportation, food, any many other things employees will need to pay for on their trip – and which your business will need to reimburse.
Your travel expense management software takes all of these expenses, and gives you a more efficient and effective way of monitoring them, as well as a variety of features which help you control how each expense transaction is executed.
What are the top five benefits of travel expense management?
1. Complete visibility on expenses
A main benefit of your software is that you gain full visibility on every one of your travel expenses. This means every single transaction that takes place on a business travel journey is recorded by the software, as well as various data surrounding each payment.
This includes what was purchased, how much was spent, and which credit card was used, giving you a full picture of each transaction.
This results in a more accurate overview of your company travel expenses, where no crucial data is left un-recorded or logged incorrectly.
2. Advanced spend controls
You can also gain access to a variety of spend controls with your software, which enable you to adjust various aspects of your expense payments to suit your business.
For example, one of the spend controls offered is the ability to set spend limits on your expenses. This means any payments which exceed a certain amount in value – which you can set yourself – will be prevented from processing.
This full control over your travel expenses helps you tailor each area of your business travel to align with your company budgets, and keep employees within the desired limit of spending.
3. Intricate expense insights
Another benefit of travel management software is that you receive a wide range of detailed insights, which help you see the bigger picture of your expenses, and any ways you can be more cost-efficient.
One insight available with your software is that when a travel expense is paid for, your software will suggest some more cost-efficient alternatives to the payment – this could be cheaper accommodation available in the area, for instance.
4. Seamless workflows
Your expert software also creates a more seamless workflow for all your travel expenses, to create a smoother and more accessible process.
Whenever a transaction is made, your employees won’t need to fill out any lengthy expense reports, but simply photograph their receipt to automatically record and analyze it within the software.
This ensures all your travel expense data is kept up to date, and there aren’t any delays with long-winded processes for recording expenses.
5. Once central platform
It’s also important to have all your travel expenses managed from one central place, and this is why your software is key.
All your expense data is uploaded, evaluated, and adjusted from one central platform. You can also customize how you want to structure the data, so it’s displayed in a way that best suits your viewing, and can help you see a full picture of your corporate travel expenses more easily. This organization will help save you time, and enable you and your finance team to have a more accurate basis on which to form your financial strategies.