That’s where automation comes in. Automating these tasks can make it easier and more lucrative to track expenses and provide reimbursement promptly. With SenSaaS! Travel and Expense management solution, businesses can easily capture, submit, verify, approve, analyze and process expense reports payments to an ERP system. Plus, user-friendly, mobile-based tools allow employees to capture and upload proof of their expenses anytime, from anywhere.
To ensure that you’re up-to-date with the latest tools and techniques in automating such processes efficiently, here are the 5 best practices for implementing and managing travel & expense.
Mobile Technology: Simplify Approvals From Anywhere
Paper receipts can be recorded with a quick photo, and those which come by email can be attached with a screenshot. Mobile-friendly solutions should also be accessible 24/7. Traveling and transportation can mean employees need to log expenses late at night — especially when traveling to drastically different time zones. A mobile-friendly solution that’s always on ensures that records and approvals stay on target.
User-Friendly Interface: Easy Expense Recording
Therefore, it should be easy for the employee to take a photo of their receipt and upload it into the expense management system. Synchronizing and submitting information for approval does require an internet connection, however, which ensures that reports are sent and received safely and efficiently.
Providing employees with a list of categories around expenses can also make it easier for managers to process and approve expenses. Since an internet connection isn’t required for employees to create reports, they’ll be more inclined to record their expenses as they happen.
With a list of categories to choose from, employees will better understand what expenses can be reimbursed, thereby increasing travel policy compliance.
Controlled Permissions: Setting Multi-Tier Approvals
Another benefit of a multi-tiered approval system is that it’s easier to assign stakeholders and set permissions. These permissions help define the roles and responsibilities of each individual. With a custom task sheet tailored to their specific role, each individual gain a clear picture regarding what they need to do, and when.
Rather than sifting through emails, spreadsheets and physical documents, approvers can view all expense data in a single location. This improves accuracy in expense reports and reduces instances of expense fraud.
Integration of T&E with Your ERP
Seamless Integration of Travel and Expense transactions into an ERP has many benefits. For one, the ability to see two sets of data at once creates a greater level of visibility. This helps enterprises gain actionable insights and identify new opportunities for growth and expansion.
Another benefit of integrating payment control with your ERP is that it provides employees with an engaging experience.
Insight Dashboard: Track Trends, KPI’s and ROI
The SenSaaS! Travel & Expense management solution is equipped with an accessible dashboard to more properly identify trends and errors while providing enhanced insight and mitigating duplicate payments or non‑corporate approved transactions.
Companies that employ travel and expense management (TEM) solutions have access to key metrics and reporting data. This makes it easier to analyze spending at various levels, including employees, departments, and suppliers. This information can also be analyzed to eliminate wasteful expenditure through control measures and regular audits. Both frugal and problem users can be identified with ease, ensuring that approvers and auditors are focusing their attention on the right individuals or departments.
TEM consolidates disparate data from multiple sources into one user-friendly platform, yielding compound cost savings and large-scale insights. With a comprehensive view of previously unavailable data, companies have greater control over the inefficiencies and processes in travel and expenses.
If you have any questions regarding the automation of your Travel & Expense management, do not hesitate to contact INTEGRIM’s automation solutions experts today. An experienced member of our team will gladly answer all of your questions.