Business travelers are the organization’s public face. They deliver excellent presentations, seal agreements, and keep the money coming. However, you must spend money on travel to see the benefits—ineffective travel expense management results from outdated travel processes. A travel management platform that is automated can restore some sanity to business travel processes.
Request for reimbursement: A five-step method for travel and expenditure management:
- Request for Travel
Begin by considering a gateway via which your workers may submit requests for business travel. This form might be with most employee data pre-filled, such as name and reporting manager. Employees just need to submit information relevant to the upcoming trip.
- Travel Permission
Employee requests are sent to one or more individuals for approval once they are submitted. This is when a clear business travel management policy comes in help. You can opt to accept trip requests automatically based on specific criteria. Perhaps a one-day local vacation does not require a long clearance process.
- Expense Reporting
Employees can collect and upload expenditure receipts as they occur. This saves them a significant need an amount of time when they return. All they have to do is make sure their costs stay within the company’s travel policy and report them. Money management software can also extract data from a digital copy of a receipt and classify the expenditure.
- Approval of Expenses
You may guarantee that important information reaches the appropriate person at the right time by establishing an approval hierarchy. In some circumstances, you can even select to auto-approve expenditure requests.
For example, if the claim is less than $20 and the cost category is food, you may accept it immediately, saving you a significant amount of time.
- Employee Reimbursement
After receiving clearance from the finance staff, you may set up an automatic trip reimbursement process in which the funds are instantly deposited to the workers’ bank accounts.
Professional advice for optimizing your travel and expenditure procedure
While reporting travel expenditures might be tedious; you can take a few steps to make it less so. A simplified trip clearance procedure may save you time and prevent costly mistakes.
- Make use of a Travel Expense Tracker
When your salespeople are out in the field closing transactions, it can be aggravating for them to spend as much time gathering meal and travel receipts as they do communicate with consumers. It is critical to make the process of seeking reimbursements as simple as possible so that it does not become a full-time job. A travel and expense tracker with a mobile app is useful for employees who need to report expenditures while on the go.
- Use automation whenever possible.
The travel cost method has several manual flaws. There are several opportunities to develop a more automated system, ranging from paper receipts to data entry on a spreadsheet. There are various ways to provide more fluid working, whether automatic approvals for a specific amount or making journal entries instantly.
- Stay away from paperwork.
Paper receipts fade and become unreadable over time and are also easily misplaced. As a result, it is always preferable to scan receipts and save them in the cloud. This saves you a lot of time during audits, and you want to rely on something other than archaeology to read the lost ink on paper receipts.
- Remove Double Entries
Connect your expenditure reporting system to your other systems, such as accounting software, to prevent inputting the same information again. This saves you time while also eliminating human mistakes.
- Establish Online Reimbursements
When the finance team confirms a claim, you may accelerate compensation by setting up an ACH payment or a direct bank transfer and transferring funds straight to the employee’s bank account.
You can streamline your essential finance activities with automated software, such as travel and expense management claims, trip approvals, and budget requests. Improve your control over financial permissions and watch your efficiency skyrocket.