Improve productivity, compliance and control over business expenses
Industry Segment: FMCG, Logistics, Retail, Sales Teams
Ideal Number of Claims: 500 or more monthly
Solution: Move away from paper receipts and spreadsheets. With an integrated Expense app
With an integrated, mobile T&E solution, employees can quickly and easily submit their trips and expenses. This gives organisations visibility into spend to ensure travel and expenses are compliant and to find opportunities to save costs. From receipt scanning to reimbursement, Expense management automates every step of the expense management process.
Increasing Travel Costs.
Data Entry Errors.
Compliance and Tax inputs
Employees can easily book travel and expenses from a smartphone app or desktop browser, while itineraries and trip charges are automatically and accurately captured. The expense claim is nearly complete upon return, and audit and approval processes are faster, saving additional time and cost.
Geographical expansions, business mobility and globalization contribute to increased travel expenses for many companies. The Global Business Travel Association predicts a 4 percent increase in costs for 2018, which puts extra pressure on organizations already struggling with cost management. These challenges frequently fall under five primary categories, and you need to overcome them to regain control over the company’s expense accounts.
– Unclear Travel Expense Policies
– Poor Expense Visibility
– Inefficient Processes
– Delayed Employee Reimbursement
– Overlooking Employee Travel Expense Trends
It’s vital that expenses are reported correctly and within a certain deadline. Among other things, this means that employees can be reimbursed promptly. Yet, employees of over two-thirds (69%) of companies in the report send paper receipts to their finance departments. Similarly, over half of organisations (58%) reimburse employees via cheque.
These processes make it difficult for people to file their expenses, which delays reporting and frustrates employees, who often see the process as unduly laborious. Accuracy and productivity can be eroded by such extended manual processes – receipts or cheques can be lost on the way, and claims can be attributed to the wrong people. Importantly, the re-work finance teams need to do in order to correct such errors can increase processing times and costs.
Hence the solution is to use an Expense Management toll which provided mobility and compliance. The benefits of Expense management Software are
– Reduce Delays and Errors Caused by a Paper Process
– Increase Organizational Efficiency with Automated Workflows
– Control Expenses with Policy Enforcement
– Reimburse Employees Faster
– Improve Visibility to Find Trends and Negotiate Volume-Based Discounts.
– Input credit of GST for business Travel and Expenses