Best Corporate Travel Expense Management Software

 

Travel is inevitable for any business expansion. When businesses go global, employees travel to meet partners, visit clients, attend conferences, and hold meetings. While corporate travelers work towards expanding business network, and increase the company's exposure, finance managers are responsible for finding ways to reduce corporate travel expenses and maintain the company's financial health. Managing travel is a tedious job, but it can be made stress-free with travel management software that simplify processes and ensure compliance with organizational requirements.

Need for Travel Reimbursement Software

When employees travel frequently for business, the HR team has a tedious job of keeping track of flights, hotels, ground transportation, and food vendors. Since travel expenditure is a variable expenditure, if you do not possess the right travel expense reimbursement tools, your organization might end up losing precious man hours at work and be prone to human errors.

Your workforce deserves agile expense management processes, so they can spend less time on manual operations and more time on business goals. This gives you reason to use modern expense management tools that streamline and automate expense management. Travel reimbursement automation refers to a digitized process that pulls information automatically so anyone can create, send, and process travel itineraries quickly.

Manage your expenses on the go with corporate travel expense management software

Corporate Travel expense management software helps you track and manage all your business travels spending. From travel plannings, approvals, to booking travel, managing traveling employees, or creating expense reports, a travel and expense management software is a must for businesses sending employees on corporate travel.

Corporate travel expense management software benefits each category of business. It helps manage corporate travels and their expenditure, in compliance with the organization’s travel policy, while streamlining the invoice process and speeding up the expense reimbursements.

Features to look for in the best corporate travel expense management software

When deciding on travel and expense management solutions, it is important to know what features you should be looking out for. Whether it is travel booking, mileage tracking, approvals, reimbursements, non-travel expense approvals, or any other corporate travel need, a travel management solution can simplify your corporate travel.

Corporate travel and expense are the second-largest controllable expense for companies, after payroll. Since it makes up such a large share of a company’s spending, travel expenses are difficult to manage using paper records, manual receipts, or even Excel spreadsheets.

You should consider the following factors, for your organization’s unique travel needs.

Simple to use travel management platform

You need to ensure that the travel and expense management solution is user friendly, and all employees can use the platform. The user interface should be easy to navigate, and integrated.

Enables multiple user profiles for seamless travel management

Your travel and expense solution must be able to create multiple user profiles as required in the organsiation. Not all roles require the same access to your travel management solution. Such a feature enables you to set grade wise travel budgets and allowances. It ensures that the travelling employee is allowed to make travel arrangements within the approved limits. The approvals and expense submissions also take place according to set roles.

Travel policy integration and compliance

Each organization has a set of rules and policies which is expected to be followed by the employees. Your travel policy outlines the rules relating to travel spending, and ensures your employees stay within your travel budget. The expense software you choose should work in compliance with your travel policy. That way, you can keep track of travel expenditure and ensure your employees remain in-budget on their travels.

Efficient reimbursement process

Immediate reimbursement of the travelling employees should be a priority, especially when they are cash strapped. It affects employee satisfaction. A travel and expense management solution with expense tracking and receipt scanning capabilities helps manage expenses and reimbursements efficiently.

Automate approval workflow and reporting

Getting approval on proposed trips or online expense submissions, a good travel and expense management solution streamlines your travel booking and reporting.

Seamless integrations with third party tools

Most travel and expense management systems offer a variety of third-party integrations. Integrations are essential for ensuring a seamless travel management process.

Real-time data analytics

Real-time analytics is a common feature amongst top expense management software that gathers all the information related to your company spend in real-time. The feature allows you to view spends based on categories such as department, projects, employee level, and more.

Cloud based travel and expense management solutions.

Automation of travel process through the cloud, saves time and improves accuracy by foregoing forms passing from hands to tables causing delays in the expense reimbursements. Cloud based travel and expense automation makes the process instantaneous.

·       Faster and accurate employee requests with OCR

·       Easier for reconciliations

·       Reduction in human error

·       Faster reimbursement

·       Software integration removes friction between HR systems

·       Ability to process requests from anywhere.

·       Real time data driven insights.

·       Duplicate detection

·       Simple approval workflows

Available online in the form of mobile apps and web applications, these software tools make it easy to upload receipts and claims on the road, while enabling integrated travel booking and powerful analytics. Expense management software can speed up the expenses process and reduce manual workload for employees and finance teams.

Conclusion

Businesses are increasingly attempting to automate travel management to save time and improve efficiency. An automated expense management system reduces the manual workload associated with reporting, approving and reimbursing expenses. Simultaneously the risk of errors is also minimized. Finally, record-keeping and expenditure trend analysis is also made easy with the right expense management tool.

TESS360 is a SaaS-based corporate travel and expense management solution, which acts as a virtual assistant for corporate travelers. It comes with a user friendly and intuitive dashboard that gives you complete control of your business travel and related spending, while enabling the administrator to better handle the entire process and analyze the employee expenses efficiently.

With TESS360, you can create a workflow that handles routing the travel approvals to the right people, availability at the right price, and expense reimbursements at the right time.