No doubt about it that business travel has become a significant part of businesses today. This makes the travel expense reporting a challenge for almost every organization and it’s getting worst with manual processes as finance executives are struggling to gain visibility and ensure compliance in line with company policies.
As per the recent Skift Corporate Travel Innovation Report, “combining business and leisure is the new common” – Seeing the recent up-and-coming trends in business travel, future-oriented businesses start feeling the need of an integrated end-to-end travel expense reporting management system. A lot of organizations started using mobile applications to track and streamline the existing expense management rather than still relying on obsolete spreadsheet expense reporting formats. Later the finance executives realized that change was not small and they start gaining visibility into cash flow along with policy compliance. The easy way to submit business travel expenses and travel approvals make it a lucrative move for the companies which have been stressed over managing business travel and expenses efficiently. Less time, fewer efforts and more gains – this has all that your business needs to pace up the expense reporting workflow.
Never underestimate the ROI, automated expense reporting will bring to the table.
By automating expense reporting, you can save indirect costs, enhance productivity of your accounting department, gain visibility into travel expenditure of your organization, generate helpful analytics to make informed decisions related to cash flow, maintain a policy compliance at different levels of an expense and in total, streamline the business travel expense pipeline from Pre-travel approvals to submitting an expense report, from approvals to reimbursements via ACH/NEFT directly into your employees’ accounts.
Integrating ExpenseAnywhere for managing your business travel expense reporting will bring all that you can ask for, you will be:
- Enabling an integrated policy-compliance travel authorization
- A smart one-click expense reporting feature by using the mobile application
- Insight into spend
- On-time reimbursements and you can make customizations to the workflow
- Easy reconciliation
- Mitigating expense frauds
- Gaining precision with VAT reclaims
Also, the latest system upgrades introducing machine learning at its best. Dr. Ashok Dhar, President, and CEO of ExpenseAnywhere said, “Our ExpenseAnywhere Release 12 sets a much higher standard in Travel and Expense Management for our customers and us. In addition to the more modern and streamlined user interface, we’re proud to announce the most advanced One-Click Expense Reporting. The advanced OCR and Machine-learning technology incorporated in the Release 12 automatically captures and compiles the expense report consistent with company policies ready for submission in less than 15 seconds of the click of a button.” Dr. Dhar further said, “Our customers who have upgraded to Release 12 are highly impressed with the level of sophistication and automation we have delivered to their organizations.”
It has been seen that managers even approve expense claims without raising a question. This kind of situation makes it difficult for finance managers to manage spending and gain control over cash flow. A wise advice for organizations looking for rapid control over such problem areas, they need to integrate an automated system to manage expense reporting efficiently and also save those productive hours of employees spent in creating lengthy or detailed expense reports. Let your employees have the freedom of submitting an expense report from anywhere at any time and get easy reimbursements while remaining compliant.
Looking for ways to automate travel expenses? We’re here to help! Get in touch now.