Using different platforms for managing travel and expense may not be the most efficient solution these days. This fragmented approach creates significant challenges. Since travel bookings occur on one platform while expense processes take place on another, it results in an inefficient T&E process. However, a simple and effective solution to address these issues lies in adopting a T&E solution.
With all T&E activities consolidated in one platform, employees no longer have to navigate between multiple systems. They can easily book travel and submit expenses in a more streamlined manner. Moreover, the workload of managers also reduces significantly, as they have to focus only on one platform.
There are multiple such advantages that an integrated T&E solution offers. These are listed below
1. Streamlined Processes
An integrated T&E solution streamlines the entire process of managing travel and expenses. With this system, employees get access to a more user-friendly and intuitive platform. They can easily book flights, hotels, and other travel arrangements while simultaneously managing their expenses within the same platform.
This eliminates the need for separate platforms and logins, making the process more seamless. As a result, the simple interface reduces the learning curve and increases adoption rates among employees.
Further, by integrating travel and expense, you can centralize all T&E data in one solution. Employees, managers, and finance teams can quickly retrieve the data they need without having to search through multiple systems or files.
2. Increased Efficiency
When you combine travel and expense in one solution, it greatly improves workflow efficiency. For instance, managers can easily review and approve travel requests and expense claims within the same system.
This creates a faster approval process, where managers can view the context of travel and expenses in one place. As a result, they can make more informed decisions and improve overall business travel management.
Moreover, combining travel and expenses streamlines data entry and reduces the need for manual paperwork. Employees can attach receipts directly to their expense claims. This makes it easier for managers to verify expenses without the hassle of handling physical documents.
3. Enhanced Cost Savings
An integrated T&E solution can increase savings for the company. Maintaining separate systems for T&E can be costly in terms of maintenance and support. However, with one solution, businesses can eliminate the need for expenses related to different platforms. Using a single platform also reduces costs associated with human resources.
Moreover, when companies adopt a single integrated T&E solution, they often gain better negotiation power with the software provider. By pooling all T&E data into one system, businesses can show their larger purchasing volume. As a result, they may be able to negotiate better fees or even receive discounts.
Further, businesses gain real-time visibility into expenses as they occur. Managers can quickly identify spending patterns and areas where costs can be cut. This ensures that employees make cost-effective choices when booking travel and making purchases.
4. Improved Policy Compliance
With an integrated T&E solution, you can configure the company’s T&E policies together and implement them in real time. These policies may include approved travel vendors, maximum allowable expenses for specific categories, etc. Employees can see these policies within the software, which increases the chances of them following them.
When an employee searches for trip options, the software displays in-policy flights and hotels to them. Non-compliant options are presented in a separate tab. This allows them to make better decisions when it comes to policy compliance.
Further, when an employee submits an expense report, the software automatically verifies the expenses against the policy. Any expense that falls out of policy is flagged, and the employee is notified. This deters employees from submitting false or out-of-policy expenses in the future.
5. Real-Time Visibility into Travel Expenses
The T&E solution records and updates all travel bookings and expenses in real time. This means that as soon as an employee makes a travel booking or submits an expense, the software reflects that data across the entire system.
In addition, integrated solutions often offer user-friendly dashboards and reporting tools. These reports provide a real-time overview of travel expenses, including trends and categories. Travel managers can monitor these dashboards at any time to gain insights.
Further, you can configure the T&E solution to send notifications whenever a new travel booking or expense claim is submitted. These can keep you informed of all expenses as they occur.
6. Access to Advanced Analytics
An integrated T&E solution provides you with access to travel and expense analytics. The software presents this data in the form of charts and graphs for simple understanding. You can quickly view spend per department or individual.
With a T&E solution, you get access to multiple data such as the number of last-minute bookings, vendors which employees prefer, etc. You can also see the percentage of employees that are complying with T&E policy. As a result, you can gain more control over your budget, improve vendor relationships and allocate your future funds better.
7. Faster Reimbursements
Combining T&E into one integrated platform expedites the reimbursement process. With a unified T&E platform, employees can submit their expenses alongside their travel bookings in real time. This eliminates the need to use separate systems, ensuring that expense claims are submitted promptly.
Integrating receipts into the platform simplifies the verification process. Managers can quickly verify expenses against the documents, expediting the approval process. Once expenses are approved, the platform can initiate direct deposits. This ensures that employees receive the payments without any delays.
8. Integration with Other Systems
If you use a T&E software solution, you can integrate it with other software in the company. These may include accounting, ERP, and HRM software. The integration enables seamless data exchange between the T&E software and other systems.
Employee information, travel bookings, and expense data are updated across all connected platforms in real time. This reduces the need for manual data entry and minimizes the risk of errors. Further, integrating the T&E software with accounting and ERP systems simplifies expense reconciliation.
Switch to an Integrated T&E Solution
The advantages of using an integrated T&E solution are vast. From streamlining workflows to optimizing costs, your company gets to benefit in multiple ways.
ITILITE is an advanced T&E solution that you can use to simplify your T&E management. With ITILITE, employees can make travel bookings, manage inventory and submit their expense reports all in one place. In addition, you get to have better control and visibility over bookings and expenses. We also ensure 100% policy compliance so that you do not have to worry about manually verifying reports.
To know more, book a free demo today.
