Travel for companies can be a double-edged sword if not planned and strategized well. It is a category where there is maximum expense. It is estimated that most companies end up spending more than 10 percent of their total budget on spending. This is where travel and expense management can be of help. Since there are many such tools available, you need to ponder on certain factors before choosing one for corporate travel.
Look for integrated payment facility so that no expenses can escape and each and every transaction throughout the trip can be monitored automatically. The best advantage of the facility is that it can track different sources and not just the corporate credit card issued to your employee but also their personal cards or any cards that would be used.
During travel, there can be numerous receipts created and it is important that you get each and every receipt to maintain a tracking of expenses. This is one area where travel and expense management can be of help. It can help you track receipts digitally and conveniently. You will never have to file receipts once this system is in place. These receipts can be send to you and even create expense reports. Much time is spent when your employees have to prepare expense reports. With this system, there is not need to submit each and every detail individually because all the expense reports will be filed automatically saving lot of time. Since all these are made automatically, there is zero room for any errors.