As the world becomes more connected due to globalization, business travel is inevitable. Your company may need to spend money on a variety of travel expenses, such as international trade expos, client meetings, team-building trips, etc.
Normally, when a trip is planned, three things happen.
- A travel request is raised and approved.
- The person goes on the trip, spends money, and makes a note of it.
- The person returns, prepares a detailed report of expenses, and presents it for reimbursement.
This may sound simple, but the process of tracking and reimbursing business spend is something that takes up a lot of time for your company.
Firstly, it kills the productivity of the employee who must fish around for old receipts and figure how much the company owes him. Next, it opens the possibility of fraud or a lack of compliance with company policy. This leads to the management & accounts team wasting hours making sure that every penny of the business expense is justified.
Want to avoid all this?
This is where an expense management solution comes in.
With the right software, you can automate the entire expense reporting, tracking, and reimbursement process. This comes with substantial benefits.
As per the Level Research 2018 Travel and Expense Management Insight Report, having an expense management system boosted the efficiency of the reimbursement process by 71%. Also, processing costs went down by 53%, and visibility of spending rose by 66%.
Notably, the employees do not have to carry around old receipts. When they spend money, they can snap a picture of the receipt, and instantly, the expense is tracked, and the receipt is stored digitally for future reference.
Moreover, you can enforce your company’s spending policy much better and stay within budget every time.
Conclusion
With all these needs of companies in mind, we have created ExpenseOut, a cutting-edge automation solution for all your travel expense woes. It will make your expense reporting and reimbursement process simple and ensure you do not waste precious hours poring over old receipts.
