Travel & travel-related costs cover a significant portion of the company’s expenditure, and for the foreseeable future, safety will also bring in an additional cost.
Companies have already onboarded systems to handle business travel & expense management. However, till date the tendency was to onboard one partner to handle travel for the company, and another for expense.
But today, it doesn’t make sense anymore to keep flipping between travel & expense management. Between two platforms, it is almost like a long distance relationship when in reality it should be a marriage.
The biggest ask from companies today is efficiency! You need one platform that manages, simplifies, streamlines, and tracks everything, and can deliver instant value:
Everybody follows all the rules, with just one platform
Business travel management & expense management partners drive an automated, policy-compliant process for you.
Imagine a smart system that looks at a trip booking, predicts the costs for toll, per diem, and more, and creates a single projection for the entire trip. Suddenly, there is no worry about compliance, your teams follow all the rules, you can budget better, and any red flags are instantly visible!
You attend a meeting, catch lunch with a customer, and then head to the next meeting. You have a lunch bill & a cab receipt which you need to file, but you are caught up with calls, and don’t do it immediately. In a normal situation, you would remember these reports are due when the finance teams or admin teams send a reminder.
What if your T&E platform can send you a notification next time you are on a flight to make use of your time and file the expenses? What about a smart reminder every time you book a new cab – that your past bills have not been filed? With automation and an understanding of human behaviour, these nudges can increase expense filing, and reduce delays by easily 20%
Your team member files an expense for a cab which is 2x the allowance. They claim that they were running to catch a flight and hence had no choice on the expense. An expense platform will only flag this as an out of policy expense. A travel and expense platform can instantly verify whether the claim is accurate, and highlight whether there were other options available for the traveler.
Suddenly, your teams are pushed to be more responsible and to explore all options available, and the added transparency means approving managers are always 100% aware of their teams’ actions and reasoning.
Imagine your finance team is working on a budget for company travel for the next quarter. They will look at travel costs, accommodation costs, per diem, and add-ons like WiFi, room service, and local transport. But these are not real-time, and take time to correlate.
A travel platform provides travel data, and an expense platform provides spends additional to travel. But bringing them together is resource heavy and relies on guesswork and extrapolation.
A travel AND expense play ensures that you get connected costs, real-time information, and can spot and plug gaps – which means your finance team is more efficient, your budgets are realistic, and the whole process is airtight and efficient.
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