Friday, January 24, 2014

The Big Impact in Automating your Travel Expense Management

Entertainment and travel costs can make up ten per cent of a company's total operating expenses. Whilst this may be somewhat of an eyebrow raiser to you, it wouldn't come as much of a shock to your Finance Director. The situation is not assisted by the fact that most Small and Medium sized Enterprises travel expense management and expense reporting is conducted through Excel based reports and reams of receipts.

All the work to compile daily, weekly and monthly expense claims is of course part of payroll's daily operations too, which in itself creates delay, errors and further expense to be incurred. As a result, incorporating an automated system to manage travel expenses could streamline operations immensely, actively manage company spending, allow for more efficient decision making and ensure compliance.

With travel expense management being centrally and automatically controlled, greater transparency is available to all personnel. It also allows for more informed decision making; and thereby accountability regards compliance and policy at all levels of hierarchy.

For owners of budgets, departmental heads, and cost center controllers too, it allows for greater analysis, to better target other expense streams. This greater visibility also allows for areas where savings can be made to be identified more easily, and see how well preferred vendors and suppliers are performing.

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