As per the projections by the Global Business Travel Association (GBTA), corporate travel will totally recover to pre-pandemic levels by 2024. Many companies continue business trips as in-person meetings and return to normal operations, requiring firms to adopt stronger travel management strategies. To avoid the hassle, companies need a framework to systematize the process, whether it’s just ensuring that the trips stay within the budget or recording them for tax write-offs. The travel and expense software optimizes employee travel spending while also enhancing the trip experience for higher efficiency.
What is travel and expense management software?
For proper expense management, travel and expense management software keeps track of business trip costs. Furthermore, it accelerates the process of generating and reporting expense reports, which saves time. Along with helping employers in fulfilling their duty of care policies, the software also facilitates the booking of travel and lodging. The features include the following-
- Spending limits for minimizing travel expenses
- Employee travel and hotel booking with an app
- A tool for planning travel expenses
- 24X7 Support for the Duty of Care
- Improve smooth, interruption-free travel
- Centralized system for creating, reporting, and reimbursing bill reports
- 24/7 access to inventories
- Effortless collaboration with other divisions, such as HR and Finance
- Simple integration with travel policies
SaaS-based travel and expense management software offers a tool to identify out-of-policy travel bills. Corporate travel managers can tailor policies and enforce guidelines to avoid duplication and fraud. Employees have the convenience of submitting cost reports via an app. Employees can send in the report instantly and attach a softcopy of their receipts for quick compensation.
Benefits Of Travel and expense management software
Smart travel and expense software boosts corporate travel managers’ efficiency while letting their employees plan their own travel and accommodations via an app. The benefits include the following-
1. Help the travel manager out in their job.
With the help of this software, a travel manager can effectively manage various travel requests for both small enterprises and large organizations.
2. Optimizes efficiency
All-in-one travel and business costing software streamlines the trip plan by optimizing compliance to travel policies.
3. Improves visibility of travel expenses
By providing real-time visibility into travel expenses, the software helps decision-making with actionable insights. It facilitates the audit of the financial effect of corporate travel.
4. Smoother and quicker approvals
The cutting-edge travel and expense management software speeds up the approval procedure for business travel expenses and reimbursement, accelerating report processing.
5. Analytics data access
Without having to wait for paper-based statements, finance teams can generate expense analytics with the help of real-time expense reporting. An ideal travel management tool comes featured with built-in analytics for detailed insights into travel spending by expense category and employee level.
A travel policy is mandatory for letting staff plan business trips while complying with travel guidelines. Top corporate travel management companies (TMCs) and travel managers are responsible for delivering smooth business travel while maintaining strict compliance to travel policies. If a robust travel management solution is not in place, achieving absolute compliance could be difficult. Travel and expense software simplifies the process of planning business trips, tracking expenses, and reimbursing bills.