Travel expense tracking software is evolving rapidly. As a result, the next wave of innovations promises to make managing travel expenses easier, more accurate, and more integrated with other business systems. The main aim of an intelligent expense tracking software is to reduce the wastage in travel expenditure for a company – and to achieve this goal in the most efficient way possible.
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Managing Travel Expense Efficiently
When an organization puts checks in place to monitor the spending habits of its employees, it has to focus on some notable features. Consequently, these features should make it a delight for every user to reach out to a daily expense checker for viable solutions rather than groping in the dark .
This relatively new vertical of software dealing with work travel expense management is gaining attention in a big way. Additionally, new product features make a splash every year and set the trend. As per a report, the next four years will see a handsome growth of 12% CAGR in the travel and expenses software market.
What to look for in Travel Expense Software
Here’s the latest to look out for in the expense tracking software segment in 2022:
Cloud Based Solutions
The ease of implementation and maintenance are driving more companies to employ cloud-based expense tacking software. It would be counterintuitive to own an expensive expense tracker. Cloud-based expense reporting solutions are total winners in keeping costs low as there is no upfront investment needed . One only pays for what they use.
Mobility
An expenditure app is most useful for an on-the-go employee when it can be opened on a smartphone. There is a clear preference for using mobile phones over laptops and desktops , especially when one is required to manage expense accounts on the go. The 2018 expense management report from Certify suggests that 47% of organizations across the globe see mobile accessibility as critical to expense reporting.
Integration
The higher the integration levels, the more accurate is the travel management system in tracking expenses and balancing the books. A expense tracking software must integrate well with ERP, CRM systems, and booking engines to capture flight ticket fares and enable access to travel compliance policies . It has to pre-approve or reject specific budgets and integrate with online maps to track, generate, and store commute bills efficiently . It is in this context that solutions such as TESS360 have zoomed ahead in popularity.
Usability
Unless a website or a web app scores high on usability, it will not achieve success. If the automated process is as arduous as the manual process, it may require several clicks to submit bills, making popularity and success distant dreams. Major players understand this and rejig their focus by making these expense apps intuitive to use. Quick results with intuitive, handholding features engage the user or employee to make the app the primary go-to solution for choosing a hotel, flight, cab route, or entertainment venue, or to submit bills .
Reporting
Data analytics and report generation aid leaders in analyzing spending trends and implement processes to cut down on wastage. Companies use analytics for generating meaningful reports that can help them save on indirect costs, increase productivity, identify expense patterns and avoid frauds.
AI-driven Technology
Artificial Intelligence (AI) has taken user experience to great heights and helped generate real-time invoices, receipts . It can calculate taxes and extract data from submitted bills in mere seconds. AI can also automate the travel expenses system, allowing dynamic policy modification and in-house auditing. This will make managers more efficient and help them take smart decisions. AI-driven technology is fast and accurate – a potent comb o that is too hard to ignore!
Conclusion
The future of travel expense tracking software looks promising, with technology making it more efficient and user-friendly.
TESS360 is an intuitive and dynamic expense tracking software with exciting features that have driven it to success among its customers. Why don’t you too experience ease and accuracy for yourselves? We’re eager to give you first-hand experience on how TESS360 can transform travel for your business. Please connect with us on sales@tess360.com or click here to schedule a demo.
