Finance departments always look for ways to cut costs and improve the bottom line. Travel and expense management is an area where spending will occur and is difficult to track. From avoiding errors to tax gains, managing travel and entertainment (T & E) expense efficiently mean significant cost savings – month after month, year after year. The following are a few ways to uncover savings in T & E management:
Cut Down Overspending on Errors
Are you manually entering expenses? This process will end up costing you more. According to the 2015 Oversight Systems Study, one in every 10 travelers submits one duplicate expense. A travel and expense report system that automatically populates transactions from suppliers, credit card companies, and receipts can lower the risk of missed expenses. This would add to real savings and when expense reports are processed faster you get better control of the cash flow.
Reduced Management Time
T & E process involves travel requests, booking reservations, travel authorizations, receipt tracking, expense report completion, and approval. The administrative processes will lower productivity and increase processing times. Automating T & E process can be done in just a few clicks and the productivity can be increased while attaining measurable savings. When you sort out the inefficiencies in your travel and expense process, you can cut down costs at every step. Automated expense solution gives managers and the finance department the information they need to quickly review and approve expense reports, so you will not need to spend time searching through receipts.
Control Mobile Spending
Employees can add mobile roaming charges when traveling, which are normally not covered in corporate budgets. Not managing your mobile spending correctly would result in over-paying. You can use travel data to prevent the costs before they happen.
Travel and expense policies can avoid costly errors and prevent expense fraud. Relying on old-fashioned methods such as paper receipts to monitor and audit expenses can put your business at risk. Using expense report software can prevent bad spending before it happens and mitigate risks early in the process. Automated T & E system can embed policies right into your travel and expense booking system, so it becomes easy for you to stay compliant.
To get the best deals, you need to track each dollar you spend with every vendor. When employees book out of the approved system, those expenses may not get captured. Centralize your spending data from all booking sources so you get the best prices. SutiExpense report software helps you centralize your vendor information from every source, so you can see exactly how much you are spending with each hotel chain. No matter whether the booking is made through travel tools – you can track and manage your spending globally.
From payroll to value-added tax, employee travel has a lot of tax implications. These taxes can be controlled and reclaimed only if you know the rules and have the right tools in place. SutiExpense presents you a detailed dashboard for tax implications, so you can adjust travel plans. Also, T & E solution will help you automatically process VAT reclamation, making it easy for you to deal with taxes.
No matter how large your business is, savings are easy with SutiExpense. With our online expense report software, you get end-to-end visibility into financial data, easy data integration, streamlined implementation and lower maintenance costs. This is how you turn inefficient travel and expense processes into saving for your business bottom line.
James Maron is an author at SutiSoft, Inc. He shares his views on SaaS and Cloud-based business management solutions