Most business owners and finance directors would agree that automating travel expenses could deliver huge returns. It has been estimated that travel and entertainment costs can account for 10 percent of a company’s total operation expenses. By and large, most organizations—small or big—manage their travel expenses data by using traditional methods such as Excel or other spreadsheet software. This is cumbersome. It is also unreliable at some times.
It is in the interest of the company to introduce automated systems to manage travel expenses due to these drawbacks. This would invariably streamline daily, weekly and monthly operations greatly. Most finance managers would recognize that the automation of travel expense management would incur a high price of implementation, but in the long term, it actively manages company spending and enables decision makers to take more efficient decisions.
If you’re a finance director or a business owner who wishes to cut down travel expenses and manage the entire travel and expense management process, you can try out a good online employee spend management solution.
The Whole Business Travel Expense Enchilada
A good online employee spend management solution will help you manage your vendor invoices, travel bookings, and expense reports as well. A cloud based spend management solution is the latest buzz word in the Internet world and it has many benefits as well.
An end-to-end on demand travel and expense reporting solution can help you manage your travel expenditures by automating the complete process. Moreover, most web expenses applications that are available with SaaS service providers comply with generic corporate travel polices. So, business is as usual with the addition of online SaaS employee spend management applications—but surely there are process that get streamlined and smoothened.
A compliance friendly travel expense management solution that processes card transaction and other electronic payment process needs the traveler to justify personally all the deviations from the policy to their supervisor. This is to do on a transaction by transaction basis. However, keeping in mind the various requirements, today eminent service providers have come up with travel expense management solutions that assists you in all your goals, whether they be to reduce the direct travel expenses, assure that the internal policies and rules are followed, speed up an individuals travel administration, or to achieve a better spend analysis. This solution is a quantum leap from what were offered previously by the conventional expense management solutions.
Thus we find that the modern day travel expense management solution using the Cloud Process is a complete control, optimization and automation of your travel spend analysis.
Software as a Service is also known as on-demand software. This can be accessed using a computer and an internet connection. In SaaS, you do not have to purchase the software application, but you use it on a rental basis. Moreover, you do not have to place it on your local computer either. If you do not have an Internet connection, it isn’t possible to connect to the on-demand software application. In terms of travel expenses management software, you’ll find plenty on the Internet, but for the majority of them, you need to acquire the license.
This isn’t the case with Saas. You do not need to buy the software at all. So, at each point of time, you can decide to pull the plug and opt for another service provider when you’re using SaaS on-demand travel expenses software. You can focus on other major areas of expense management with no worry of software maintenance and installation. Surely, SaaS is a better option in today’s fast paced world. Cost center controller and departmental heads of many organizations are also finding the automation of travel expense management beneficial in the long run.