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Until recently, the remedy to every company’s travel expense management problems was to ditch the spreadsheet-based system and invest in travel and expense software. However, as the adoption of travel and expense automation solutions grew, the “anything is better than nothing” approach to travel and expense management became obsolete.
Moreover, technological development has introduced multiple advanced features in travel and expense management software solutions. Therefore, it’s high time companies consider swapping their old travel and expense software for state-of-the-art solutions.
While juggling multiple travel and expense software tools, do you sometimes feel that automation isn’t helping you much? Do you think about onboarding a better travel and expense management software but aren’t sure it is the right time? If yes, here are 10 signs that tell you it is time to make the switch.
You have created an exhaustive T&E policy and have done everything in your power to create awareness around it, but the policy compliance stays low.
Then, it’s time you consider switching to a travel and expense management software platform that lets you configure complex policies and approval flows. With policies built into the system, employees wouldn’t be able to spend out of policy, leading to much higher compliance and cost savings.
Controlling travel expenditure is imperative to maintaining your company’s bottom-line results. Therefore, you must ensure that your travel expenditure is within limits because constant budget violations can result in low ROI on business travel.
If you find that your employees are constantly exceeding the travel budget by making out-of-policy bookings, it means that your T&E software is not offering them cost-efficient flight and hotels. Therefore, it’s the right time to switch to a better solution.
Invest in travel and expense software that provides an extensive inventory of economical hotels and low-cost flight carriers sourced from the Global Distribution System. Moreover, the software should also offer an AI-powered corporate booking tool that provides your employees with customized, policy-compliant booking options for increased savings.
With work-from-home (WFH) becoming a norm, you have updated your policies and process flows. You have been trying to add new expense categories like “Internet Expenses”, “WFH Expenses”, etc., in your current tool but have been told to wait for another quarter to get this implemented, and that too at a hefty cost.
It’s time you look for an alternative travel and expense software solution that can make such customizations without spending a fortune. It is much required in today’s fast-changing world where we will have to accommodate changes to adapt and grow.
The GIF says it all! Your finance team shouldn’t have to chase employees for reimbursements. If you see this happening in your organization, you must switch to better T&E management software right away.
Get a mobile-first solution with an intuitive interface that lets employees scan and file expenses on the go. Look for features like smart notifications that nudge employees to file expenses at the right time!
The safety of employees is the top priority of any organization, especially post-pandemic. If your existing tool cannot track business travelers and your T&E vendor does not offer 24/7 support to the traveler, you indeed need to switch your travel and expense management software.
Adopt travel and expense software that provides 24/7 support via multiple channels to your employees. Moreover, the software should also have advanced features like real-time traveler location tracking, inventory of safe hotels, SOS helpline, and more accessible communication over chats, calls, emails, etc. In emergency cases, your employee should be able to call the agent rather than talking to chatbots directly.
You have multiple vendors globally, and it gets quite difficult when you have to match currency differences or enforce an additional policy requirement per a specific country in your current tool. And having multiple tools for managing travel and expenses for each country is not an option.
Then, it is time to switch to travel and expense management software that can be easily customized to accommodate all geography-specific requirements and presents all the data to you on a single platform. Choose a software tool that comes with currency converters, enables you to customize the tool and policies as per different countries, and saves a reasonable cost to the company.
If your finance team is making reports manually, or if the existing travel and expense software is not providing you end-to-end data visibility and real-time status of expenses and reimbursement, then it is the right time to move to modern T&E software.
Travel and expense management software provides deep data insights and detailed analytics with custom features (you can see the individual employee data, expenses as per inventories, etc.) for calculating the exact ROI. The highly customizable dashboards and report-ready templates simplify management reporting for finance teams.
Moreover, the best travel management software tools like ITILITE offers an AI-based virtual travel consultant. The consultant can help you identify potential saving opportunities throughout your T&E process and suggest data-driven actionable insights to use those opportunities to change the business travel spend behavior across your organization and save travel costs.
Travel expense fraud is one of the most challenging categories of operational frauds within an organization. According to the 2022 edition of ACFE’s Report to the Nations, companies lose over $40,000 per year to expense reimbursement fraud. Hence, controlling expense fraud is vital for a healthy travel and expense process.
However, if you find fraudulent expense claims while conducting a travel and expense audit, it is a sign that you need to switch to a better expense management solution because the current one is failing to detect travel expense fraud.
Deploy a travel and expense software that offers the fraud detection feature and automatically picks out wrongly categorized, out-of-policy, and duplicate expenses. This way, you will be able to prevent expense fraud in your company.
Travel and expense data is not only useful to travel managers. Instead, it is required across multiple departments of your company. For instance, your HR department needs travel data to process reimbursements, and your finance department needs it to allocate next year’s travel budget. Hence, sharing T&E data is vital.
But, if you are using spreadsheets or an outdated T&E solution for data management, you will face difficulties in data sharing because such systems don’t integrate other software.
Therefore, it’s time to switch to a modern travel and expense software tool that integrates with multiple third-party applications like HRMS and ERP. With such integrations, you can transfer data across applications easily and facilitate better travel and expense management process.
Travel expense reimbursement is not an easy process. It involves approving numerous claims and processing payments for each claim. Hence, it is no surprise that your team finds processing employee reimbursement cumbersome and takes extra time to complete it. However, delays in repayment can cause employees to be frustrated and demotivated to go on another business trip. Therefore, such delays should be avoided at all costs.
You should re-evaluate your travel management process and ask yourself – “is my travel and expense management software facilitating faster employee reimbursement?” If the answer is no, it’s time to switch to a better solution.
Invest in travel and expense software that enables ACH payments. ACH is a type of electronic inter-bank payment method. With ACH-enabled travel and expense software, your team can process payments with a few clicks, making reimbursements faster.
These were 10 signs your current travel and expense solution is insufficient for your overall travel needs. If you notice these signs within your organization, it’s time to switch to a better travel and expense software solution. If you have already made up your mind to upgrade, need not worry; we will assist you.
You can manage travel and expense better by switching to ITILITE. With ITILITE, you get enhanced policy compliance, granular policy configurations, complete travel data visibility, mobile expense reporting, ACH payments, round-the-clock support, and much more.
Want to experience all the features yourself? Get a free demo.