3 Ways for Effective Employee Corporate Travel Expense Management
Most of the expense reporting errors will occur with an outdated reporting system. Modern expense report software can track spending better, saving you more money and ensuring compliance. With many financial pressures, travel and expense management can’t be overlooked in a company. The following are three travel and expense reporting features that will help you stay ahead of overspending:
Reporting Integration
Integrating travel and expense reporting with your accounting system makes it easy for you to track employee expenses and process reimbursements. The integration centralizes your financial data in one place, so you no longer have to switch between platforms. Additionally, your staff no longer has to manually enter data and they can access travel data anytime, anywhere. Automated data results in less human errors, miscalculations, and duplications.
Mobile-Friendly Technology
Modern travelers want to work on things on the go. Mobile applications allow for instant tracking and can prevent fraudulent expenses before they happen. You can access reports and receipts in real-time. Travelers can use mobile apps to capture receipts, manage expense reports and keep track of when and where employee spending is happening. By having constant access, the process becomes transparent and everyone has a keen eye on business travel expenditures.
Linking Corporate Credit Card
Corporate credit card integration ensures travelers will stay compliant with their purchases. However, tracking each transaction can be difficult, corporate card integration can help streamline the expense tracking process. When integrated, you will receive alerts for transactions and anomalies. The integration would also help the user to spot out-of-policy expense claims. Managers can save time with technology that approves recurring compliant expenses.
Automation
Timely reimbursement process can completely do away late payments, missed expenses and frustrated employees. The automated solution makes the reimbursement process quick and efficient. Investing in expense report software makes the reimbursement process easy by refunding employees through other accounting systems. Furthermore, travelers miss to submit receipts and the software sends automated notifications when needed.
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