Globalization, expansion, and mobility have made business travel today more common than ever. With this rise, comes the upsurge of expenses and the challenges of T&E management.
Managing these expenses successfully is a challenge faced by businesses that aim to minimize paper invoices, manual processing, and saving money.
In this 4th article of our T&E series, we unveil the top 5 challenges organizations face when trying to control spends but also give freedom to employees to pursue their business trips.
Unclear T&E policy:
Difficulties in understanding the company’s travel policy can cost time with double-checking for non-compliant submissions. And unless you know how to properly define your T&E policy, you will most certainly be facing unexpected charges and unauthorized purchases. With clear and well-defined policies, your employees will have the information they need during their travels, and you will save yourself time that can be used more productively.
Poor Expense Visibility:
Accurate data and up-to date reports are important for management to be able to keep track of information like what are the top spending categories? What is the average amount an employee spends on meals on a business trip?
Insufficient data on travel expenses makes the auditing process even more complex and prone to error. This lack of visibility comes from an unclear view of employees’ expense spend and leads to overspending and mismanagement of the company’s budget.
Luckily, Expensya provides you with an efficient interactive expense follow-up system thanks to its smart dashboard and advanced BI reports. Get the most out of your data and extract the insights you need to lead your company’s expense policy. Thanks to this important feature, you will be able to:
- Display and control the expenses submitted by your employees.
- Identify your main cost centers and detect more financial saving opportunities
- Simplify the decision-making process thanks to the extended data.
Expense Reimbursement Delays:
You shouldn’t leave your staff waiting for reimbursements. Employees are often uncomfortable with any delays, which will most certainly impact their productivity and motivation. What they may not know, however, is that the primary reason for this delay is having to “chase down” employees for missing receipts or other missing key information required. This is one main reason why automation is necessary. By implementing an expense reports management software like Expensya, you make this process as seamless as possible. In order to minimize contact, our solution will notify employees who do not attach receipts to their reports and will send them follow-up emails every week until they have no more unjustified expenses.
Error in Data Entry
Unfortunately, spreadsheets are still common in many organizations, and they require large data entries, which very often lead to costly mistakes, creating frustration among management thus, wasting their time. An automated system like Expensya will help detect discrepancies and avoid erroneous entries in T&E reporting, making it a less tricky procedure.
Read more | 5 Costs of T&E Expense Reporting
Excessive Travel Costs
For large companies, T&E management is even more challenging. The more the volume of expenditures grows, the more time and effort is spent by the accounting and finance teams, and consequently, higher processing costs are incurred. This causes difficulties for organizations that are trying to control unnecessary spending by limiting the necessary trips.
Effective T&E management is a delicate process, especially when your expense management method is not digitized. Putting the right solution in place for each problem area and effective communication with employees is the best way to organize your Travel expenses management process.
Expensya vows to be your best business travel partner and companion.