Need for a corporate travel management solution
Challenges in travel and expense management
Post-pandemic change in work conditions has consequently led to travel expense management challenges in every organization. Organizations across all industries are facing changes in travel and expense audit procedures. An understanding of the root cause of these challenges and a suitable corporate travel management strategy along with the right set of tools, can ensure seamless employee experience for your organization.
- Time consuming reporting
- Tedious Receipt Tracking Mechanism
- Lack of Insights into Spending Trends
- Unclear Travel and Expense Policies
- Delayed Reimbursement Cycles
- Outdated systems/technology
- Lack of system integrations
Automated travel and expense management solutions
An online corporate travel management solution can enrich your business trips and respond effectively to new requirements. Post pandemic, travel, digital transformation, and business sustainability will continue to be important for companies, as they resume activity. With digital transformation at the top of business priorities, travel services will emerge more resilient, more sustainable, and more digital than ever before. With cloud technologies playing a crucial role in integrating travel services, travel management is sure to be benefitted. With the right travel policy, the development and implementation of emerging technologies will accelerate to reduce risks, fraud and improve employee confidence.
Improved compliance
Business travel management software ensures that business policies and regulations are adhered to while submitting and processing a reimbursement claim.
Enhanced accountability
The accountability of employees improves by automating the expense management process, reducing the scope for expense fraud and duplication.
Reduced paperwork
Corporate travel management automation eliminates the need for paperwork and spreadsheets during processing of a reimbursement claim.
Compliance-based approvals
Automated expense management systems comply with organisational travel policies.
Higher productivity
Automated expense management workflow is streamlined, improving overall business productivity.
Faster and easier identification of bottlenecks
Automated corporate travel management services provide real-time visibility into the status of expense claims. Better visibility and transparency into the claim processing ensure faster and easier identification of errors and bottlenecks
Conclusion
An efficient business travel management solution, like TESS360, handles all the essential corporate travel related tasks including submitting the plan for approval, to moving it back to the employee for review, to the management for approval, and to the payroll team for automatic reimbursement. Along with saving your time, TESS360 provides you with a complete audit trail and a full accounting of business expenses, enabling you to determine the compliance and operational metrics.
To know more about how travel expense management solutions can save your business’s time and money while making the system compliant with the organizational policies, connect with the TESS360 team now.
