Are you looking for an effective solution for your travel and expense management woes?
In our previous blog, we took a deep-dive to understand primary challenges that your finance teams face. Additionally, we understood the impact it has on the growth and scale of your business.
This article will help you understand how an automated travel and expense management solution can help address your expense management challenges.
How does a travel and expense management software help:
- Unclear travel and expense policies:
Your travel and expense policies work as your one source of truth when it comes to employee travel reimbursements. Most companies pay no heed to their policies, and as a result, so do their employees. This results in out-of-policy expenses and other policy violations. This causes unnecessary leaks in the company.
How can an automated travel and expense management software enforce policies?
- Automation provides for real-time policy checks the minute an expense is created.
- Businesses can pre-set policies based on designation, business goals, nature of business expenses, and other such parameters.
- This feature proves particularly useful to spot expenses incurred on alcohol bills and on holidays or weekends.
- Ineffective receipt management:
Employees generally submit expense reports with receipts as proof of the expense. These receipts may either be paper receipts or e-receipts. A single expense report often comes with multiple receipts.
While approving expense reports, finance teams never get a clear picture as information is always scattered across devices and formats. This could potentially lead you to problems with the IRS.
How can an automated travel and expense management software help manage receipts?
- An automated software comes with unlimited cloud storage.
- Receipts are accessible from anywhere, using any device and at any time.
- Finance teams can view all actions for a specific expense report under one dashboard.
- Manual reviewing and approving of expense reports:
Finance teams need to run around begging employees to submit their expense reports on time. Once done, they need to verify, collate, and review each of these reports manually. With deadlines to adhere to, this becomes a difficult task to complete. As a result, your finance teams may end up turning a blind eye to fraudulent claims.
How can an automated travel and expense management software help review and approve expense reports?
- Real-time policy engines ensure no policy violations slips in.
- On policy violations, the employee and the approver are notified of the same.
- It provides a trail that documents all communication regarding an expense report.
- This helps your finance teams to stay audit-ready at all times.
- Lack of visibility into spending patterns and trends:
Expense analytics play an important role in cost correction and preventing leaks in the company. But, this can happen only when businesses have the numbers to speak for them. This could lead to many lousy business decisions.
How can an automated travel and expense management software help with data analytics?
- A customizable dashboard provides insight into what the numbers have to say.
- It helps identify frequent spenders, policy violators, and other recurring or abnormal patterns.
- The numbers provide a realistic status to the health of the business.
- It provides information to tweak and improve the organization’s travel and expense policy.
- It ensures the bottom line of your company is always secure.
- Delayed employee reimbursements:
Employees are often unaware of their expense policies. Further, manual expense reporting opens up a Pandora’s box. Errors can be caused due to stringent timelines, manual entry, or fraudulent expense claims.
This may result in multiple back and forths between the finance team and the employees. This results in delayed reimbursements.
How can an automated travel and expense management software improve reimbursement cycles:
- Employees can submit expense reports on-the-go from a device of their choice, ensuring they never miss a deadline.
- Features like data extraction and receipt scanning, reduce the chances of errors in an expense report.
- Automated travel and expense management software come with real-time policy engines. They help flag any out-of-policy expenses, duplicate bills, and policy violations.
- It provides a digital audit trail for all conversations on a specific violation. This helps businesses easily document these justifications.
Employee benefits of using Fyle to get a one-click expense reporting:
- Device agnostic: Enables employees to upload and submit receipts on-the-go from any device of their choice.
- Paperless expense reports: Employees no longer need to be worried about losing paper receipts.
- Automatic data extraction: Fyle’s data extraction engine, automatically picks up relevant data from the receipts.
- Map expenses to specific categories: Employees can map expenses to corresponding projects to create respective expense reports.
- BulkFyle: Allows for bulk fyling of business expenses. Employees can click and upload multiple receipts in one-go.
- Seamless expense report submissions: Once submitted, employees can create and submit expense reports in a click.
- Real-time updates on policy violations: On submitting the expense report, employees will be updated in case of policy violations.
- Increases financial productivity: Automates mundane tasks so that employees can tend to other important business tasks.
- Decreases back and forths: Fyle’s digital audit trail records all communication regarding all claimed expenses and expense reports.
- Decreases reimbursement types: As a by-product of a streamlined business process, it increases employee morale and satisfaction.
Addressing these challenges ensures both your employees and finance teams stay happy. Additionally, you can stay rest assured to see a spike in your company’s employee morale and overall efficiency.