Employees often book travel accommodations based on convenience over policy. As a result, travel and related expenses often go uncontrolled and unchecked until after employees return to the office. You don’t need more rules and guidelines to control travel expenses, just better technology.
As revealed in “Integrating Travel Into Your Expense Management,” an ebook from Concur, approximately 40-50% of employees will make travel arrangements that are outside corporate guidelines and policies. This can happen because employees aren’t familiar or able to find these guidelines, think the rules are unreasonable or outdated, or simply choose comfort over policy. With nearly 8-12% of controllable spending coming from travel and entertainment expenses, this unknown spending can quickly impact your bottom line.
Adding more rules on top of the guidelines that your employees aren’t following isn’t the solution. Get ahead of spending with stronger technology, such as TripLink®. This simple app can be added to employee smartphones and tablets and can be used to book travel accommodations based on established corporate policy. Employees can book airfare, hotels, and other arrangements using TripLink, choosing from the designated vendors or other vendors that meet designed price ranges. Should an employee choose an accommodation outside of these established parameters, a notification can be sent to managers for review. This way, you can control these expenses before spending is committed.
While on the road meeting with prospects or customers, travellers can also use TripLink to submit expenses incurred while on the trip. They can take a photo of receipts using their smartphone and upload that data into a mobile expense form. Managers can review spending in near real-time and ensure that operational or project-specific budgets remain intact. In addition, both the traveling employee and their managers save valuable time from preparing and reviewing traditional paper-based reports; and, when connected to Concur Expense®, your accounting department can also save time by avoiding redundant data entry. Seamless connections with your Enterprise Resource Planning (ERP), or software solution can streamline payments to vendors, reimbursements to employees, and put the financial data you need at your fingertips.
Don’t create more rules; replace paper-based expense reporting with a cloud-based, mobile expense management system. Download “Integrating Travel Into Your Expense Management” and contact a BDO Solutions’ expert to learn more about TripLink, Concur Expense, and other innovative Accounting, ERP and CRM solutions that can provide the power and visibility that you need to control spending and take your business to the next level.