An effective travel & expense policy is extremely critical not just to control the overall T&E cost but also to set clear and transparent guidelines regarding all the allowable and non-allowable expenses. This helps companies set proactive measures to manage and control T&E costs along with defining employees’ travel experience and safety.
Benefits of automating and centralizing policies
Optimize cost efficiency
As a SaaS product hosted on the cloud, it does not require any investment for physical infrastructure and maintenance, thereby reducing the overall cost. The platform simplifies the expense management process and reduces the overall processing cycle time.
Increased overall compliance and accountability
Centralization of company policy through automation fosters real-time tracking of the spend without any manual intervention. The system automatically tracks the compliant and non-compliant expenses and routes any expense that needs any exceptional approval. Clearly defined corporate policies help companies take a preventative rather than a detective monitoring and policy enforcement approach. An automated policy & compliance check enables easy fraud detection. 100% audit highlights duplicate claims, bookings or any other claims that are non-compliant and route them for policy violation in the approval workflow.
Transparent and simplified T&E policy
A fully integrated, automated and centralized system with in-built T&E policies not only ensures consistency within the organization but also enables employees to book as per their eligibility. A simplified fully centralized system provides a single platform for all users to manage all their T&E requirements right from travel planning till reimbursement. Automating finance back office audit activities ensures that all policies are managed by the system and all compliances are effectively checked with no manual intervention. It gives complete visibility into the company-wide T&E expenses for effective management and control.
Enhanced employee satisfaction and productivity
An automated system empowers travellers and gives them the control to manage their own travel. Reduction in the time spent in booking and submission of expense reports reduces the overall reimbursement cycle. A seamless system reduces the employees’ efforts, thereby improving productivity and efficiency. Employees, admin personnel and finance teams would spend much lesser time in managing the T&E activities than they would have in the legacy system. Automated receipt captures eliminate paper from the entire equation and employees do not need to spend hours in managing receipts and creating reports. Expense reports are now submitted within a couple of minutes and with fewer clicks. With digital receipts and a completely paperless system, what would have taken a couple of hours can now be completed within minutes. With all policies in-built, the need to audit reports is also reduced drastically as the system checks for all non-compliant expenses.
Use of artificial intelligence (AI) to audit expense reports and receipts
AI can be leveraged to audit expense reports and receipts in real-time to track errors and fraud.
Safety and security
Duty of care is extremely critical and nothing is more important than employees’ safety and security. A completely automated system with integrated policies decreases the risk for corporate travellers. With reliable vendors mapped into the system, employees book only company preferred hotels and other services, thereby ensuring safe travel. Newer technologies like risk management system can track high-risk areas and in the event of any unfortunate unforeseen situation, can even help companies interact with their employees to ensure their safety.