Did you know that using an automated travel and expense management solution cuts booking fees by 79%? That’s a significant cost-saving1! Also, as much as 41% of time can be saved in completing expense reports.
T&E automation is a big part of the latest technology wave which is set to put the nation on a fast track to success—especially with the support of the country’s new leadership. Technology and automation have become a top priority as we connect every Indian school to the Internet, incorporate railway e-ticketing, provide mobile based wakeup calls for passengers and offer Wi-Fi services at stations as well as in select trains!
Optimism is at its peak, and positive results are expected as both corporations and individuals are welcoming the change. Long-term developments may take some time, but your business can benefit from automation now—starting with expense management.
Why? Because using manual processes for expense management can be time consuming and often result in errors. So the answer, of course, is automation. It eliminates the approval-cost-approval loop while simplifying travel bookings as well as expense submission.
Here are the top six benefits of expense automation:
1. Save time during the approval process.
Businesses often involve sudden travel plans — and — the process of research and approval can further delay planning, resulting in very expensive last-minute bookings. With an automated travel and expense management solution, employees can quickly and easily change or book flights, hotel rooms, taxis, etc. The system creates an itinerary including the costs involved, and it can be sent to the manager for approval from anywhere. If approved, the trip can then be booked automatically!
2. Stay in compliance via a designated booking tool.
Many companies require employees to book only through a corporate travel-booking tool or designated travel management company (TMC). An automated travel and expense management system makes it easy to offer just those options that align with a company’s policy.
3. Submit receipts on the go.
Employees need not carry every single receipt collected during their trip, anymore! Automated expense management solution enables them to capture their expenses either via a mobile app or online. They simply need to click images of their receipts and route the expense claim for approval, electronically. This reduces the time for the business traveller to complete expense claims as they can do it all on the road.
4. Anywhere, anytime approvals.
Managers can access expense receipts and claims easily on their mobile device or any computer with internet access — no matter where they are in the world. The claim is then routed electronically to the finance team for further processing, thus saving a great deal of time.
5. Avoid duplication of work.
An automated expense management solution eliminates the need to re-key the data. Data submitted by employees and approved by managers can simply be integrated with their financial system to allow them to process payments and keep their general ledger up-to-date. The receipts can then be archived and accessed as needed.
6. Faster reimbursements.
Delayed reimbursements only result in irritating employees and decreasing productivity. On the other hand, automated expense management helps speed up reimbursements.
According to research, using an end-to-end travel and expense management system reduces expense processing costs by 51% and allows for more accurate monitoring.
So bid adieu to manual processes, and hop on the automation wave!
Concur is a leading provider of integrated travel and expense management solutions. The company’s cloud-based and mobile solutions ensure that corporate travel is booked within policy and reconciles expenses after travel is completed. By capturing and reporting on T&E spend, Concur provides data to increase visibility, control spend and manage compliance.
For more information, please visit www.concur.co.in or call us at +91 22 6162 3824