Modern organizations today engage variety of cloud based technology solutions to for various requirements from employee productivity, reduce operational costs, and drive new capabilities impacting business performance. Some instances are – an online retailer using a cloud server to manage seasonal orders. Similarly, mobile systems link customer payments to accounting systems for major businesses. Competitive landscape has therefore been leveled, smaller organizations have the ability to compete with larger enterprises without building, deploying and maintaining on premise technology systems.
Cloud technology continues to disrupt the area of Travel and Expense Management. Travel remains the most important and significant line item on operational costs for many organizations. In a highly competitive business environment and the gradual shift happening in the role of the CFO. The organizational mandate always states – controlling and downsizing operational costs, meeting and reporting financial results in this ever-growing set of industry compliance regulations.
However, the ever consuming question of business value derived from the cloud based Travel & Expense management system is pertinent. Business Value from cloud based Travel & Expense Management solutions –
1. Improving Staff Productivity and Employee Satisfaction
For employees that travel for business frequently and organizations using office and excel based travel and expense management processes significant, too much time is lost on administrative processes than for actual value creation for the company. Employees also benefit from a robust, user-friendly system that saves them the hassle and stress of planning and creating expense reports at the same time remain agile and focus on their assignments and clients. The employee satisfaction index definitely swings in your favour.
2. Reducing Support Time Requirements for Travel and Expense Management
Incidentally organizations will reduce support time required of the admin, travel, operations and other support functions of the organization around planning and travel expense auditing. Data transfer into ERP systems from excel-based and manual processes are often time consuming and tedious tasks prone to human errors.
3. Optimizing Travel-Related Costs
Organizations’ also record cost savings in planning business travel, which are a result of costs incurred and enabling negotiations with travel vendors, predictive analysis for P&L reporting.
4. Risk Mitigation
Several systems support invoice management for travel vendors, with an automated process replacing manual invoice processing leads to transparent data provision for external auditors. It also tracks scheduling changes and eliminates duplicate invoicing. They also minimize employee time spent on determining compliance policies around travel, companies achieve better employee adherence to travel and expense policy.
Additional Value to Business Travelers
Travellers would benefit from booking flights, hotel, cabs get rewards from their frequent flier or reward programs of service providers. T&E systems help companies extend their managed travel policies to include suppliers in their fold without causing the violations on travel and expense policies and also providing comfort to the ever on the move workforce.
Additional Value to CFO office
Predictive analysis, transparency, insight of accrued spend and policy compliance is the largest benefit. For example, if an employee requests travel to a country that requires a visa. The cost and effort estimation can be done accurately triggering action on unseen compliance paperwork required by senior leaders to the visa office to support such travel. Furthermore, by adopting a more sophisticated travel and expense management software solution, CFOs can mitigate common complaints among senior-level business travellers and reduce company exposure to costly employee turnover, particularly with roles that revolve around revenue generation.
Expenzing has the capability of being an automated cloud based software which seamlessly integrates with your organization needs around travel and expense management. It can catapult your organization from using redundant error-prone manual systems to becoming highly functional and capable of managing your mobile workforce in an intelligent manner while cutting spend and wastage around travel & expense management.