If your business requires your employees to travel across the world, managing their travel and the related expenses can be a real task. Identifying the best rates for flight tickets and hotels and then booking them accordingly, charting all the expenses in the ledger and keeping proofs of the receipts can all be a bit too much for the employees.
Doing all this manually can not only waste a lot of your time but also take a psychological toll on your staff. This is where a good travel and expense management software can save your day, as it pretty much does all these jobs in an efficient and automated manner.
Benefits of a Travel and Expense Management Software
To put it simply, a travel and expense management software saves you time and money, and helps you build a good work culture at your office. Let us look at some of the benefits in detail.
- The employees do not need to carry the receipts around till they get reimbursements as in this case, they just need to click a picture of the same and upload it in the system.
- Since the software can create a report on its own by collecting the necessary details, you save a lot of time.
- With automatic approvals and reimbursements in place, you can make the payments in a timely manner. This gives confidence to the employees to spend out of their pocket for official work during their corporate tour, as there is no more fear of not getting reimbursements on time.
- Employees, managers and the CEOs can all access the software by using the application at their end, making the system transparent.
- Up-to-date reports of the expenses always help you manage taxes in a better way.
Features of a great Travel and Expense Management Software
Features can differ from one software to the other, as most software are configurable, enabling you to make the changes as per your needs. Therefore, here is a list of some of the popular features you can expect from a travel and expense management software.
- You can save receipts as photos, thus making it easy for the employees.
- You have access to a built-in GPS feature, which helps in tracking the distance travelled during a trip.
- You can attach notes or comments to the receipts and the expenses to give a clear picture of why the purchase was made.
- You can integrate the company credit card with the software to automatically manage and reconcile the company spend in the expense reports.
- You don’t have to worry about manual data entry errors, as the software extracts all the relevant data on its own and records it in the reports, which makes it an efficient management system.
- You can download the expense reports whenever you want and keep hard copies of the same for documentation purposes.
How to choose the right Travel and Expense Management Software?
With so many travel and expense management software out there in the market, it can get slightly difficult to choose the right one. You should always look for software that can be easily customised and configured later on, if required.
Out of the box, it should be able to aid you with all the basic features like automated expense processes, easy integration with the finance management apps, hassle-free creation of expense reports, easy receipt scanning with the option of saving receipts as a picture, integration of company credit card, and so on.
Another thing you need to look for is the pricing of the software as small and medium-sized businesses have a limited budget for such things. If you are looking for an affordable, yet robust travel and expense management software, then ExpenseOnDemand is an effective option for you.
Visit www.expenseondemand.com to know more in detail.
Peter Gena is a senior writer at ECN, where he covers media and advertising and co-hosts the Original Content podcast. Previously, he worked as a tech writer at Adweek, a senior editor at the tech blog VentureBeat, and a local government reporter at the Hollister Free Lance. He attended Stanford University and now lives in Brooklyn.