Smart Ways to Choose a Travel & Expense Management Platform

Smart Ways to Choose a Travel & Expense Management Platform

The term "travel and expenditure management," or "T&E," refers to a method of handling corporate expenses mainly focused on monitoring and controlling travel costs.

Businesses frequently develop and implement a travel and spending policy to control and manage these costs. Also, these regulations often cover the entire travel expenditure management procedure, from expense reporting through approval and employee reimbursements.

Goals for streamlining T&E processes with the best SAP Concur competitors:

  • Costs stay within the allocated budget
  • Overspending and needless costs are minimized
  • All travel-related reservations will be taken care of
  • Correct financial reporting
  • Approval, error-free claim submission, and reimbursement
  • Potential vendor partnerships

Pointers To Help You Choose the Best Travel & Expense Management Platform

How do you find the best T & E platform like Sap Concur competitors for your company?

1. Implement Travel Policies

Your administrator may use this tool to tailor the TEM system to your company's travel policy, including per diems, mileage reimbursements, and approval protocols. This assists your company in enhancing policy compliance and preventing the misuse of travel budgets. A robust TEM system will let you establish distinct rules for each department in your company, which may have varied expenditure needs and expense caps.

2. Decide What Your Business Needs

It becomes vital for firms to search for cutting-edge spending management solutions in order to assist staff members and the finance teams without hindering their progress. Your organization, like any other, has particular demands. As a result, it becomes absolutely essential for company owners and leadership teams to properly understand their business needs before looking around for a product as competent as Sap Concur competitors.

3. Digital Receipt Capture

The use of a spreadsheet-based cost management system mandates that your staff gather and save physical copies of numerous receipts as evidence of expenditures. They must manage the papers in addition to meeting deadlines and accomplishing company objectives when on a work trip. This additional paperwork could be more annoying and might make workers unhappy.

Thus, there is corporate travel management software with an expense app that has a facility for scanning digital receipts. Your staff may scan and save their receipts anytime they incur expenses with the use of digital receipt scanning. To save the employee time, the fields in the expenditure reports are automatically populated from the receipt.

4. Automated Reminders

Your staff members have a lot of work to do, deadlines to meet, and goals to reach this month. So, they may fail to submit their costs on time, which could cause a delay in payment.

As a result, look for a business travel expenditure management system that notifies your staff automatically and in good time if the filing deadline is approaching.

5. Automate Approval Workflow and Reporting

You may streamline every step of your business travel process by creating automatic approval procedures. Choose expenditure travel and expense management software that facilitates approval processes and may be tailored to your company's requirements.

6. Auto-Scanning of Receipts

Auto scanning in T&E software may make your expenditure reporting process simpler. Your staff won't have to worry about misplacing receipts or manually recording costs. The majority of software has an in-built OCR (Optical Character Recognition) feature that will extract the necessary information, such as the vendor or merchant name, the date, and the amount to make an expenditure.

Final Note

These were some essential characteristics of a TEM system. Here's one pro tip: carefully outline your company's spending management procedures. Pre-trip, during-trip, and post-trip procedures should be covered. Now consider what is going well and where you may need some enhancement. Based on this, you may compile a list of the features or third-party integrations required. Following that, you may study the evaluations of several TEM systems like Sap Concur competitors and evaluate their features, adaptability, and cost before deciding which one is best for your company.

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