Things to look for When Selecting Travel Expense Management Software

With fears of another global recession looming large, companies and organizations who have already cut down their business travel budgets are in a fix as to how to achieve better travel spend analysis  without further budget cuts. Enterprises and organizations can no longer close their eyes to its immense benefits as studies and researches have proved time and again the positive effects of face-to-face meetings on businesses. To be brief, business meetings lead to business deals and business expansion, which lead to increased job opportunities, which finally culminates in better economies. Hence, with recession in the offing, companies would be taking a huge risk by reducing business travel budgets as a means to cut down superfluous spending.

Instead of taking pointless decisions that bring forth huge losses than gains in the long run, companies and enterprises should look at ways to better their business travel management. Any enterprise or company is concerned about how to lower direct travel costs, accelerate employee’s travel administration, and ensure strict adherence to internal rules and policies. Earlier it would have been a difficult task but today the availability of travel expense management software has made things much easier.

However, with myriads of options available to enterprises and companies, selecting the perfect one is a bit of a chance.  Therefore, let’s look at the fundamental aspects that need to be looked at before taking the pick.

Ease of Use
·         User-friendly interface
·         Anytime, anywhere access via browser
·         Seamless integration with other systems such as HR and accounting
·         Personal language choices

Enhanced Control
·         Compliance with laws and tax regulations
·         Strict adherence to company’ travel policies
·         Management of the entire travel-related purchase-to-pay process
·         Follow up for effective cost control
·         Role-based information for authorized users
·         Real-time information
·         Company and traveler profile management

Improved Customer Satisfaction
·         Preintegrated network of travel-related suppliers such as credit card companies, banks, travel account providers, international booking systems, hotels and hotel sites, travel agents, airlines, rail companies, car rental companies, and taxi companies
·         Fast practical analysis and reporting
·         Faster turnaround time for business travel expenses
·         Automated reconciliation and accounting of travel account invoice data with travel provider invoice/delivery note data
·         Faster travel claim approval process
·         Process purchase transactions from credit cards
·         No time consuming repetitive manual tasks

To be brief, select effective travel expense management  software that helps to achieve end-to-end visibility and control of travel management and business travel expenses.

Also read on - Master data management, eprocurement