5 Essentials of Expense Management Solutions
Like other business tools, an expense management system should make everyone’s job easy. Travel managers have certain requirements that a T&E solution should meet. Your business requirements can be met if you choose an expense solution that has the following five features.
Intuitive interface
Travel managers are responsible for providing training for employees, and hence an intuitive interface would help them all the way. A good system will have a simple, intuitive interface, thus providing the same functionality irrespective of the type of device you use. Training becomes easy when the application is easy-to-use.
Global features
Your expense system should be able to convert currencies, apply tax regulations, and find out how to convert overseas expenditure into information that expense systems can support. Expense solution does all the currency & VAT calculations, thus decreasing headaches and increasing productivity across the board.
Compliance assurance
No matter how many times you review policy and answer employee queries, there are a few employees who still ask the same questions or continue submitting out-of-policy expenses. And, training is always required for new employees to make them familiar with company policies. An expense solution that automatically shows acceptable rates for travel-related purchases along with providing information for preferred vendors would help you ensure compliance.
Reporting features
Keeping spend within corporate travel budget is one of the main concerns that enterprises face. Expense solution will offer more visibility and provide on-demand reports. These analytics will be useful for travel managers to review overall costs and negotiate deals with travel service providers. Also, the data will help you track spend based on various departments, locations, and other parameters.
Integration abilities
A solution that seamlessly integrates with ERP applications and any corporate card programs is highly preferred by travel managers.
Embrace an expense management solution that comes with these features and makes your lives easier.
