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Conquering Travel and Entertainment Expense Management Through Automation
Manage expenses. Cut costs. Happier, more productive employees…all at the same time?
According to a recent AccountEx report, travel and entertainment (T&E) expenses rank as the second biggest expense for most companies. Not to be outdone, this financial behemoth also places silver in its difficulty to be managed effectively, especially at the strategic level.
Clarifying the Numbers
One of the main issues with current solutions and outdated systems is the inherent lack of visibility.
Who reviewed the expense? Who approved it? How does the reimbursement impact the bottom line?
These are all critical questions when it comes to accurately forecasting how to manage your available capital. An effective automated T&E solution will:
- Improve both visibility and control at the individual, departmental, and even company levels.
- Include customization options for submitting and receiving expense reports.
- Streamline the expense report submission – processing – and reimbursement periods.
- Will ALWAYS be mobile friendly. Mobile compatibility maximizes productivity through flexible use. Employees can receive notifications and even review expense reports while offline.
Appropriate solutions facilitate predictability, which leads to more accurate forecasts.
The Forgotten Factor – Employee Morale
Outdated systems can cause delays and processing errors, which lead to irritated, less productive employees. If a traveling employee is constantly wondering whether or not they will be reimbursed on time, they are already operating at a performance deficit.
Effective management of T&E expenses will save time, money, and employee headaches.
Read the full article “Harness T&E Expense Automation to Deliver Strategic Value” here.
What does expense automation look like up close? Check out Teampay.