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

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

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