Five Tips to Better Manage Expense Process in Your Company

As the CEO or CFO of a reputable company, you’re constantly looking at ways and means to minimize overhead expenses and optimize the total expenses, right? But how do you do that? Considering the growing demands of organizations and their employees, this might prove to be a difficult task. But don’t worry. We’ve got your back. In this blog post, we’ll look at five powerful and effective ways by which you can better manage the expense process in your company. So without further ado, let’s get started.

1. Have a well-documented expense policy:  First things first. In order to streamline your company’s expenses, you first need to create a comprehensive expense policy. What should it entail? Think of your expense policy as a guide on optimum spending. As this guide would be shared with your employees, make sure that it is written in a simple, easy-to-understand and brief manner. Avoid using jargons or legal language and keep the tone friendly. Furthermore, use real life examples of good and bad spending to drive home the point.

2. Analyze each area of expense:  Now that you’ve framed a detailed expense policy, the next step would be to execute that policy by analyzing data and focusing on those categories that are prone to fraud or mismanagement and are cost heavy. You could use efficient analytics solutions to aid you in this endeavor and quickly flag suspicious transactions.

3. Automate processes for simple expenses: Once you’ve analyzed each expense category, you can segregate the simple expenses such as office equipment and simplify the approval process for these expenses. For instance, you could use auto approvals for small ticket expense reports. This would help you save a lot of time and effort. However, be sure to have antifraud procedures in place to avoid policy violations.

4. Keep it simple, silly: One of the most efficient ways to manage your company’s expenses is by automating the expense process to the maximum possible extent. This will help you engage your finance team in other productive work such as analyzing the finances and give them a respite from the repetitive, mundane tasks.

5. Prepare quarterly forecasts: Yet another foolproof method to better manage your expenses is by forecasting provisions for expenses on a quarterly basis rather than a yearly basis. This will help you prepare for unforeseen expenses and regularly monitor expense patterns.

So are you ready to take the next step and digitize your expense processes? Then here’s some good news. We at Traveo are ready to offer full-fledged support to help you better manage your expenses by providing you with your very own digital business assistant.

Written by-

Sameer Kakar

About the author-

I am founder of Traveo Soft Pvt Ltd which is an Artificial Intelligence based corporate Travel & Expense with Risk Management Software.

Traveo is automating Business Travel & Expense management for enterprises and helping them in optimizing spends on business travel. Traveo optimizes the entire travel while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees and also offers incentive based programs to make employees , Travel Managers, HR, Admin & Finance folks happy while highlighting the risks and travel advisory related to the business tripa

If you want to know more about the interesting things that Traveo can do to make business travel hassle free for you and your employees, feel free to contact hello@traveosoft.com

6 Must Dos to Make Business Travel Safe for Your Employees

Tips for safe Business Travel Image by Alexander Hood from Pixabay

In today’s troubled times, it is imperative to ensure the safety of your employees at all times, especially during a business trip. As a travel administrator, it is your responsibility to prepare a robust and safe travel plan by identifying the countries that are free from danger and chalking out essential pre-travel procedures to be conducted in order to safeguard your company’s employees while fulfilling critical business goals.

Here is a handy checklist that will lift this heavy burden off your shoulders and help you guide your employees to plan a safe and secure corporate visit:

1. Advise Employees to Pack Cabin Baggage with Caution: Ask your employees to take required precautions by wearing protective gear such as masks and gloves to avoid infections. Also, remind them to pack some extra sets of protective equipment in their cabin baggage in case of an emergency. Make sure that all employees travelling on business receive travel advisory as per your company travel policy. If you use a corporate travel management software, you can use the software to make sure that employees receive the travel advisory along with their tickets.

2. Keep Employees Informed of Local Travel Arrangements: Send your employees the latest news and coordinate with the local representatives to ensure that there are no threats and that they can safely complete their trips.

3. Update Information on Local Medical Facilities: Notify your employees about emergency medical and health facilities available at the place of visit and documents required for hospital admission in case of a crisis.

4. Multiple copies of Documents: Ask your staff to take photos and photocopies of important documents such as the passport, driving license, and photo identification cards. They should also give these copies to their family members. If your company uses an advance business travel management software, it should already allow you to have these details. Alternatively, you could ask employees to store these files in a secure file hosting service like Dropbox.

5. Avoid Unhygienic Food: While on business travel, it is also employees’ responsibility to stay safe. Advise your employees to exercise caution when it comes to food by not experimenting with street food and eating out at places where personal health and hygiene could be compromised.

6. Provide Travel Support for Emergencies: Last but not the least, set up a strong support infrastructure to ensure that your staff is not left stranded, if things do not go as per plans. Your travel solution provider should offer both digital and human touchpoints for emergencies.

Do keep these things in mind while planning business trips for your employees. Most importantly, ask them to stay safe and stay healthy.

If you would like to know how Traveo can help you ensure safety of your employees, drop us a message using the contact form given on our website https://www.traveosoft.com .

Sources:

https://www.cbtravel.com/2018/03/safety-tips-business-travelers/

https://www.servicefutures.com/5-ways-to-keep-employees-safe-while-traveling

Written by-

Sameer Kakar

About the author-

I am founder of Traveo Soft Pvt Ltd which is an Artificial Intelligence based corporate Travel & Expense with Risk Management Software.

Traveo is automating Business Travel & Expense management for enterprises and helping them in optimizing spends on business travel. Traveo optimizes the entire travel while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees and also offers incentive based programs to make employees , Travel Managers, HR, Admin & Finance folks happy while highlighting the risks and travel advisory related to the business tripa

If you want to know more about the interesting things that Traveo can do to make business travel hassle free for you and your employees, feel free to contact hello@traveosoft.com

Business Travel in Times of Coronavirus

Nearly all industries are adversely impacted by COVID-19 situation. Some industries were among the first ones to be impacted while the ripple effect is yet to fully percolate down to some other industries. Travel industry was also among the ones which were hit the first and the hardest. The full picture is yet to emerge, it is already being estimated by World Travel and Tourism Council that up to 50 million jobs could be at risk. There could be 25% reduction in international travel in 2020. There is an estimated 40% decline in the traffic to travel sites. Despite the various bail out packages being announced by governments world over, many businesses will go under.

Even with all this news of gloom and doom, there would be recovery and rebound on the other side of COVID-19. However, even after recovery, businesses will not be the same again. This unprecedented situation has highlighted many inefficiencies, risk exposures and threats to business continuity which were largely ignored by organizations. The unpreparedness led to slow response to a rapidly evolving situation.

Let’s look at some of the factors which could have better prepared the organizations to manage the crisis and even during these tough times stay ahead of the competition.

Impact Visibility:

Any response to a crisis situation starts with impact analysis. The quicker you are in developing an assessment picture of the situation, the faster you can put a response action in place. For example – during late December, 2019 and early January, 2020 when the COVID-19 spread was gaining momentum in China and more drastic measures were being announced by Chinese government, it would have helped to understand what that situation meant for you. Organizations could have made better plans related to business travel and business continuity if they had the following information readily available:

  1. Number of employees currently in high risk zone
  2. Number of travels planned in near future to such zones
  3. The main purposes of travel to the risk areas
  4. The impact of travel cancellations
  5. Travel history of employees to analyze how many employees have been to high risk zones in the recent past, including lay overs

Advisory & Controls:

In the face of a situation which is changing in a matter of hours, the ability of an organization to activate counter measures is of paramount importance. How quickly you can issue advisories and put required controls in place can mean the difference between your business staying afloat or going belly up. Especially COVID-19 situation required

  1. Immediate stop to travel to risk zones
  2. Advisory to all employees in such zones to return to their home bases and put themselves under home quarantine
  3. Allow only return flights from risk zones and cancel all travels to these zones
  4. Swiftly implement government advisories

Whether you can take these risk mitigating actions in a matter of hours or days depends on whether you have the robust processes and systems already in place. The key learning here is that it is imperative for an organization to have clearly defined crisis management processes which are also backed by robust systems for implementation.

Future:

Though the situation is still uncertain, it is likely that current decisive actions and massive boost packages by governments will start containing the situation in next couple of months. The economic recovery will be long and the best prepared organizations will come out on top. From business travel and expense management perspective, you can already start planning for future.

  1. Create a matrix of travel zones and business purposes 
  2. Define waves in which you would open up business travel again (a sample matrix is shown below)
  3. Define how exception cases would be handled
  4. Set budget controls for business travel reasons, business functions etc.
  5. Create communication plan for the organization to create transparency
  6. Follow risk rating framework for every travel in the company (We would cover this in detail in our next article)
Risk rating framework and Business Travel type

This novel situation has presented the organizations with an opportunity to weed out inefficiencies, become more focused on their core business and better manage cash through frugal spending and automation.

On a concluding note – we need to understand that COVID-19 situation, even after it gets contained, will not entirely go away in foreseeable future and organizations will have to be creative to come up with ways of resuming and conducting business operations while acknowledging the Coronavirus threat.

Sources:

https://www.weforum.org/agenda/2020/03/world-travel-coronavirus-covid19-jobs-pandemic-tourism-aviation/

Coronavirus and the Travel Industry

Written by-

Manish Kataria

About the author-

I am founder of Traveo Soft Pvt Ltd which is an Artificial Intelligence based corporate Travel & Expense Management Software.

Traveo is automating Business Travel & Expense management for enterprises and helping them in optimizing spends on business travel. Traveo optimizes the entire travel while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees and also offers incentive based programs to make employees , Travel Managers, HR, Admin & Finance folks happy.

If you want to know more about the interesting things that Traveo can do to make business travel hassle free for you and your employees, feel free to contact hello@traveosoft.com

Corporate Travel Management Software and Travel Administrators: Friends or Foes?

The advent of artificial intelligence based automation is bringing lot of changes in nearly all aspects of business and some areas of business are more rife than others for disruption. Corporate travel is also one such area where AI based business travel process automation finds very interesting use cases.
From transactional use cases such as automatic travel planning, travel policy compliance, automatic travel booking, automatic expense filing to more analytics based use cases such as insights into costs incurred due to travel policy violations and suggestions for improvement in travel policy.
When so much automation is possible with the help of technology, it is understandable that corporate travel managers might look at technology as an enemy which is trying to make them redundant. Some of them argue that technology cannot capture or understand the needs of their employees or that it’s a domain which is run on relationships with travel inventory providers like airlines, hotels and taxi operators. Therefore, many of them tend to see travel management software as a threat or simply disregard it as just another fancy toy.
So, are these two out there for a duel unto death of one of them? I would like to argue otherwise. I believe that Travel Management Software and Corporate Travel Managers will augment the capabilities of each other. The smart software solutions will make the job of travel managers much more meaningful by relieving them of mundane work like
1. Booking flights and hotels
2. Following up with travel agencies for cancellations and reschedulings
3. Forwarding ticket details to business travellers
4. Ensuring tickets booked are in compliance with the policy
5. Preparing reports
Instead, they can leave these mundane tasks to the software and focus on much more value adding activities such as:
1. Negotiating better rates with travel vendors
2. Aanlyzing data to understand patterns and get insights
3. Re-evaluate travel policy
4. Find avenues of making travel more convenient for the employees while cutting the costs
5. Instituting incentive programs for employees to voluntarily select inexpensive options
In this way, Travel Managers can expand their roles to become business partners rather than mere gate keepers and perform tasks which require human ingenuity and skills.

Written by-

Manish Kataria

About the author-

I am CEO of Traveo Soft Pvt Ltd which is an Artificial Intelligence based corporate Travel & Expense Management Software.

Traveo is automating Business Travel & Expense for enterprises in-turn helping them in optimizing spends on business travel. Traveo optimizes the entire travel while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees as well as lot of incentive based programs to make employee’ , Travel Manager, HR, Admin & Finance folks happy.

If you want to know more about the interesting things that we do to make business travel hassle free for corporate and their employee feel free to contact me at manish@traveosoft.com

Travel Agents to Travel & Expense Software – The Evolution

The traditional corporate travel booking process had a designated department for itself. Employees would send a mail to their managers for the approval, and it would take ages for all the approvals to fall in place. Once the approvals are obtained, it is then forwarded to the travel desk for the booking. The chances are, the booking made might not be the most optimum of the lot!

There are possibilities that the cost of the flight ticket booked, exceeds the permissible amount allowed by the company. Thereby increasing the total cost of the trip.

To prevent such avoidable expenses, a demand was created for more efficient means of handling corporate travel bookings, and this gave rise to the boom of Travel & Expense Management software.

This software helps the firm by automatically selecting the best flights, hotels, and cabs, in compliance with the company policy, at a click of a button!

Few of the important features are-

  • Single Click Trip Planning

Travel & Expense Management software helps in simplifying the trip planning process by giving the best choices and its alternatives with AI driven personal assistant to plan your complete business trip automatically with a single click – even for complicated itineraries. This way it makes it easier to plan trips and save time.

  • Automated Booking

The age of contacting your travel agents/ travel desk for making your booking is passé, this intelligent software can take care of all your travel booking needs without any human interference and provide you with the best list of possible options at the click of a button.

  • Automated Expense Reports

The last thing that any employee after a business trip wants to do, is to prepare the expense report. There are chances of missing certain expenses too! Let the T&E software take care of your expense reports and create them automatically. Just click pictures of your receipts with the app and your expense reports are ready.

  • Policy Compliance

The fear of your expenses not being policy compliant can take a back seat and you can be rest assured that the software will check for policy compliance in all travel and expenses reports and exceptions will be highlighted. This way your travel and expense management will be hassle free and most importantly policy compliant.

  • Advanced Analytics

One of the most important features of the software is its ability to provide in-depth analytics detailing about the policy violations, expenses across categories, projects and even how much money was wasted due to non-compliance. This helps the company in taking preventive steps in future to avoid such unnecessary expenses.

  • Trip Cost Optimization

The Travel & Expense management software not only takes care of your trip booking but also automatically optimizes entire trip and saves costs for the company while ensuring convenience for the employees.

Traveo is a fully automated Travel & Expense management cloud solution for enterprises that helps organizations in optimizing spends on business travel.

It is the world’s first solution which automatically plans the business travel of employees by using advanced AI algorithms and finds

  • Best Flights
  • Hotels
  • Bus and
  • Cabs

for the entire travel while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees

 Written by-

Bopanna P C

About the author-

I am currently working with Traveo Soft Pvt Ltd as a business development executive.

Traveo is a fully automated Travel & Expense management cloud solution for enterprises that helps organizations in optimizing spends on business travel. Traveo optimizes the entire travel while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees.

If you want to have more details regarding Traveo, feel free to contact me on hello@traveosoft.com

Importance of policy compliance for corporate travel

Corporate travel policies are critical on the grounds since they enable organisations to control the expenses of sending representatives on work, and they enable organisations to have some control over the worker’s travel expenses and well-being.

The following points will validate the importance of having policy compliance for corporate travel: –

  • Make better decisions

There are a lot of factors to be considered before making any decision, and to make this decision making easy, a set of guidelines is required! With reference to business travel, most of the corporate firms have certain policies to streamline this process.

Corporate travel policy will help the employees in booking flights, hotels and so on, within the basis of the company guidelines ensuring that the decisions taken in the aspect are appropriate.

  • Keeps the travel booking process organised

Booking a corporate trip oversees has a lot of documentation to be done, and these documentations are very important to claim reimbursements later. Many a times employees tend to spend extensively under the impression of getting it reimbursed once they return, but to their surprise, certain expenses which are not covered in the policies cannot be reimbursed. In situations such as this policy compliance plays an important role.

  • Happy Travellers = More saving

It should be noted that when compiling the travel policy of the company, the employee’s views must be considered. This is very important because when the employees are not happy with the travel policy then tend to violate and book out of the policy, costing the company more money. Therefore, it can be inferred that happy traveller = more saving!

  • Policy compliance means better budget control!

Every firm develops a travel policy to have some sense of control over their travel spending and keep the budget in control. Domestic and international trips have different budget allocations and the trip planned must fall within the range to keep the costs minimal. On average, most of the international trips cost around $3000 to $3500 and a domestic trip has a cap of $1200 – $1500. This range must be followed religiously so that the trip planned is optimum and does not incur additional expenses. By this we can see how important policy compliance becomes to keep the budget in control.

  • Streamlines the reimbursement procedures for travellers

Each company takes their own time to fulfill a claim for reimbursement, and there are multiple steps or stages in this process, which could take anywhere between 3 – 10 business days to clear one claim. In case such as these policy compliance helps the company in saving a lot of time. When a trip is booked with 100% compliance with the company policy, there is no need to for further audit and verification since all the expenses fall within the required range.

Traveo, which is a cloud-based Business Travel and Expenses Management software, help firms in simplifying and streamlining this entire process at the click of a button. Traveo is a fully automated Travel & Expense management cloud software for enterprises that helps organisations in optimising spends on business travel.

It is the world’s first software which automatically plans the business travel of employees by using advanced AI algorithms while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees

Written by-

Bopanna P C

About the author-

I am currently working with Traveo Soft Pvt Ltd as a business development executive.

Traveo is a fully automated Travel & Expense management cloud solution for enterprises that helps organizations in optimizing spends on business travel. Traveo optimizes the entire travel while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees.

If you want to have more details regarding Traveo, feel free to contact me on hello@traveosoft.com

 

Tips to make your corporate travel hassle free!

Choosing the right mode of travel

Travelling by air might be undoubtedly the fastest way to travel overseas or long distances, but when travelling between shorter distances or to the neighbouring city, there are certain factors to be considered before jumping in to book the tickets for your favourite airline!

The distance between your home to the airport, the time taken to cover the distance, the check-in period and so on! Also, consider the effects of intemperate weather can have on your travel plans! Sometimes shorter trips could be faster via train or car.

Travel light!

There are a lot of risks while travelling and addressing them accordingly is very important. The loss of baggage can be highly devastating when all the documents you wanted for the meeting was in the baggage that you lost at the airport! An alternative measure that can be taken to prevent such mishaps is to carry all the important documents in an electronic media as a softcopy rather than carrying a hardcopy. Moreover, hardcopy occupy a lot of space and exert unnecessary weight! Using a simple flash drive will help you address these issues!

Use cloud based software!

Carrying important documents on the cloud will help you stay worry-free! You won’t have to fret over making sure that you have kept the flash-drive safe and protected. Cloud helps you access it from anywhere in the world and keep it safe!

Check the weather before leaving!

Taking a few minutes to check the weather of the place you are travelling to can be a boon! You don’t want to find yourself carrying only bright summer wear to a place where it’s been snowing consistently. Keeping yourself updated with the weather can help you pack efficiently and help you save yourself from some embarrassing situations.

Take appropriate electrical plug adapters.

If you’re travelling to a foreign country, remember that you might need special voltage adaptors for electricity. You may likewise require plug connectors to suit both electrical attachments and phone jacks. A decent travel store will have the capacity to enable you to choose what’s required.

Optimise using travel and expense management software’s

Booking flights, hotels and cabs for your business travel can be a tedious process, especially if you must make sure that everything falls well within the company policy. There are a lot of Travel and Expense Management software available in the market to help you with it. Traveo is one of the finest Travel and Expense Management Software that can be used for this purpose. It is the world’s first software which automatically plans the business travel of employees by using advanced AI algorithms to book the best flights, hotels and cabs, for the entire trip while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees all falling within the company policy.

Written by-

Bopanna P C

About the author-

I am currently working with Traveo Soft Pvt Ltd as a business development executive.

Traveo is a fully automated Travel & Expense management cloud solution for enterprises that helps organizations in optimizing spends on business travel. Traveo optimizes the entire travel while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees.

If you want to know more details regarding Traveo, feel free to contact me on hello@traveosoft.com

Business travel- The new age travelers!

A business outing is an outing attempted for work or business purposes, rather than different sorts of travel, for example, for recreation purposes or frequently driving from one’s home to the working environment.

Back in the 90’s business travel meant a sense of pride and accomplishment. Someone being sent on a business trip gave others another reason for them to envy the already successful individual. Eventually as time and business processes evolved, business travel was not just reserved to the top management or the successful, it opened to a completely new and a vibrant workforce.

Today’s businesses are more dynamic and tend to send representatives who can replicate the same kind of energy and dynamism in themselves. Interestingly the larger proportion of this population comprises of younger aged employees who believe in mixing business with leisure, giving rise to a new trend called “bleisure”.

In fact, according to a Bridge Street Global Hospitality report, “60 percent of travellers reported having taken bleisure trips, with 30 percent adding at least two additional days to their trip. Those that have done so say it helps them to work more effectively, takes some of the stress out of business travel and keeps them more relaxed while away from home.” There’s also the added benefit of quality time with a significant other, increasing the amount of time road warriors can spend with family.

The largest group indulging was 25- to 35-year-olds, representing millennials accustomed to a blurred, digital lifestyle. This always-on connected generation is more apt to deploy a business-mixed-with-pleasure mind set. For example, millennial bleisure travellers are more likely to turn an evening out into a networking opportunity.

And bleisure travel continues to grow: 60 percent of the respondents were more likely to take a bleisure trip now than they were five years ago. This percentage is even greater among younger business travellers. Regardless of age, 94 percent stated they do so to gain cultural experiences and to explore the cities they travel to on business. Furthermore, almost 55 percent of bleisure explorers take family members with them, while around 29 percent said they have not yet, however might want to or are wanting to.

For hoteliers and travel suppliers, bleisure travellers offer a clear opportunity to increase revenues from business travellers extending stays. Non-business-oriented hotels should also strategize targeted marketing to this demographic to grab share from business-focused hotels with less appeal as leisure accommodation.

Reference-

  1. https://www.sabre.com/insights/bleisure-travel-the-benefits-of-mixing-business-travel-with-leisure/

Written by-

Bopanna P C

About the author-

I am currently working with Traveo Soft Pvt Ltd as a business development executive.

Traveo is a fully automated Travel & Expense management cloud solution for enterprises that helps organizations in optimizing spends on business travel. Traveo optimizes the entire travel while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees.

If you want to have more details regarding Traveo, feel free to contact me on hello@traveosoft.com