If you’re finding business travel expense management (T&E) challenging to control - you’re not alone!
Slow T&E processes affect everyone in your business - from finance teams, to travel managers and the travelers themselves. If you have employees traveling to numerous different cities, your finance team will be frantically trying to track down countless flights, hotels, ground transportation, and food vendors. As travel expenditure varies from month to month, without the right tools in place, your organization risks a lot of
time-consuming manual workand potential errors from manual processes.
Put simply, when your team has less paperwork to deal with, they can focus on higher-impact initiatives.
In this article, we’ll take you through practical steps that will help you save time and automate your
expense management processes.
To set up your company right, you’ll need both a travel management platform and an expense management platform.
- Travel management platform - To book, approve, and analyze travel spend.
- Expense management platform - To add, approve, and reimburse expenses (all business expenses, not just travel).
Let's dive deeper into why you need both of these systems, how they work together, and how to choose the best options for your accounting team.
Travel management platforms reduce manual effort on the financial side as well. There should be no need for employees to pay upfront and request reimbursement. Rather, the platform should offer consolidated monthly invoicing. This can shave dozens of hours of hassle off of your normal manual process if you’re used to wrangling hundreds of invoices at the end of every month.
TravelPerk has a huge inventory of travel service providers on the market offering an all-in-one solution to simplify the way book, manage and report on your corporate travel. Our platform offers centralized invoicing for easy budget management
for your finance team, 24/7 customer support from real humans, and real-time expense reports to give you informed insights into your spending.
See our platform in action.
Some of the most valuable features are aimed at reducing manual data entry. A credit card transaction importer and receipt scanner can eliminate the need for employees to fill out paper forms or enter individual transactions into a software system. (Say goodbye to chasing hundreds of paper receipts for every trip and long headache-worthy spreadsheets!)
You’ll also want to hunt for a platform that speeds up approvals and necessary reimbursements. It should also help you manage your work as a team, with appropriate access levels and task delegation.
Most importantly, when it comes to saving time on T&E management, whatever expense management system you use should have a
direct integration with your travel management platformof choice. This is essential so you can gain better spend visibility and avoid expense fraud.
TravelPerk offers one-click integration with leading expense management solutions such as
Yokoy, Circula, Ramp, Divvy, Airbase, Spendesk, PayEm or Payhawk, and many more so you can enjoy a best-in-class business travel management platform that integrates directly with your expense tool. Discover all our
expense management partners in our marketplace.
There will be several important to-dos.
Now its time to set up your expense management automation by integrating both platforms. Provided the two solutions have a direct integration, you could choose to either bring the expense management platform data into your travel management platform or vice versa.
If you bring your travel management platform data (what you’ve spent on flights, trains, rental cars, and hotels) into your expense management platform, you’ll be able to analyze and report on all employee expenses in one place.
Or, you could pull in travel-related expense data into your travel management platform to get deeper travel analytics insights.
Now you’ve successfully set both solutions up, you’ll soon see how streamlined (and quick!)
expense management automation for business travelcan be! You’ll save a lot of time for everyone involved, reduce manual work,
improve policy compliance, increase spend visibility, and begin collecting accurate, real-time data so you can make more informed financial decisions.