The need for improved Travel and Expense Management continues to grow as organizations work to control costs while improving financial visibility and process velocity. However, while expense management automation has been available for many years, almost three-quarters of organizations still use e-mail, spreadsheets and paper to submit expenses and receipts. By now, most people probably know the benefits of investing in automated solutions to help with business management — and those benefits continue to grow over time, thanks to competitive pressures to cut costs and operate ever-faster. It’s no different for travel and expense management.
On January 25th, Apptricity teamed up with PayStream Advisors for a joint webinar, User-Friendly Travel and Expense Management: Benefits and Trends. Ranging from improved auditing to mobility (and not just for Millennials), the cost and time savings derived from automation’s ease-of-use are important reason for an organization to upgrade to a software-based Travel & Expense Management solution.
Below are some of the key highlights and trends mentioned in this webinar.
When we look at what your current process looks like, it is important to consider what areas will benefit the most from automation. Travelers and employees are always on the go, and what is better than being able to submit expense reports right in your hand? Mobility is constantly proving to be a benefit we often see grow in terms of priority.
According to a poll, 42% of participants say they audit 100% of their expense reports. Even more shockingly, 14% polled admitted to auditing none of their expense reports. In terms of auditing, most organizations have an inconsistent approach to report auditing.
Ease of use
If an automated solution isn’t easy for employees and managers to use, what is the point? This underlying benefit can often be overlooked, but it is key to communicate this benefit to stakeholders to get their full buy-in and adoption. New things can scare people: this one shouldn’t! Ease of use will ultimately save more time for employees, thus allowing managers to spend less time trying to fix mistakes.
Improved visibility over spend, quicker reimbursement of employee expenses, and lower processing costs proved to be the main three benefits of automating travel and expense management. When managers can have increased visibility, problems and mistakes are eliminated from unclear policies for users. The goal is to always save employees and mangers time, so their organization can be more efficient on what really matters.
Travel and Expense Management automation saves time and money for an organization, so it’s important to communicate those benefits to the right stakeholders in your organization who will gain the most. Communicate to employees regarding ease of use, to managers about increased financial visibility, and to executives about how much budget and time they’ll save.