Keeping tabs on expenses during a work trip can be a real challenge. There’s a mix of spending on different things, and dealing with receipts and getting approvals can feel like a puzzle. It gets even trickier for companies dealing with travel cost tracking software and working in countries where money values and rules vary.
Those managing company finances also struggle to ensure everything adds up correctly and follows the rules. A straightforward travel cost tracking software is needed to simplify expense management.
This blog talks about 5 such business travel cost trackers you can use.
1. itilite: The Ultimate Travel Cost Tracking Software
itilite is the go-to travel cost tracking software for finance teams. It combines the best technology with over-the-top customer support. It has an intuitive interface that is easy for travelers on the road.
Automated Expense Approval Workflow:
Simplify the approval game with itilite. No more waiting on emails or chasing down signatures. itilite automatically checks your expenses against company policies, giving the green light to valid ones and flagging outliers. This means faster approvals, fewer delays, and better compliance – a win-win for employees and finance teams.
Real-Time Expense Monitoring Dashboard:
Stay in the financial driver’s seat with itilite. This business travel cost tracker dashboard gives finance teams a bird’s-eye view of spending patterns, helping them make informed decisions. Track expenses as they happen, identify budget surprises, and closely monitor financial health.
Customizable Budget Controls:
Tailor your budget like never before. Whether it’s by project, department, or team member, you can set spending limits that match your unique needs. No more one-size-fits-all budgets – with itilite, you’re in control.
Integrated Corporate Card Management:
Bid farewell to the tedious task of manual data entry. With itilite, there’s no need for employees to input every transaction from their corporate cards painstakingly. itilite ensures that corporate card transactions are reflected in real-time within the expense management system, which means finance teams can access up-to-the-minute transaction data.
2. Fyle
In the competitive landscape of travel cost tracking software, Fyle stands out with its focus on automation, mobile convenience, extensive integrations, and customizable policy configurations. It’s a comprehensive solution that simplifies cost-tracking.
Automatic Expense Classification:
Fyle takes the hassle out of categorizing expenses. Leveraging natural language processing (NLP) algorithms, the system intelligently categorizes expenses based on the descriptions provided. For example, you attend a client dinner, click a photo of the receipt, and Fyle automatically categorizes it as a client entertainment expense.
Mobile Receipt Capture:
Fyle brings convenience to a new level with its mobile receipt capture capability. Using advanced image recognition technology, the mobile app allows users to snap pictures of receipts on the go. The app automatically extracts relevant information from the images, linking them to the corresponding expenses.
Customizable Policy Configuration:
Businesses have unique expense policies, and Fyle understands the need for flexibility. This travel cost tracking software allows users to configure expense policies tailored to their requirements. This includes setting spending limits, defining approval workflows, and incorporating company-specific rules. Fyle’s customization options provide a personalized approach to expense management.
3. Brex
Focused on real-time tracking, customizable controls, and streamlined workflows, Brex
leverages APIs, OCR, machine learning, and AI to provide businesses with insight into travel expenditures.
Real-Time Expense Insights:
Brex’s real-time expense insights revolutionize the way businesses monitor their travel costs. Through an intuitive dashboard, users gain access to live updates on expenses. The software employs advanced APIs and cloud-based technology to pull data directly from transactions, credit card statements, and receipts.
Predictive Budgeting Tools:
Brex’s predictive budgeting tools utilize machine learning and data analytics to forecast potential expenses. The travel cost tracking software accurately predicts future costs by analyzing historical spending patterns and considering various factors such as seasonality and market trends.
Expense Policy Enforcement:
Brex’s expense policy enforcement feature uses rule-based algorithms to check expenses against predefined policies automatically. Leveraging artificial intelligence, the system identifies potential policy violations and flags them for review. This ensures that your team stays within budgetary constraints and complies with corporate expense policies.
4. Zoho
Zoho Expense is a comprehensive travel cost tracking software that integrates cutting-edge technologies like AI, real-time APIs, and advanced analytics.
AI-Driven Expense Reporting:
Zoho Expense brings the power of artificial intelligence to expense reporting. Through advanced machine learning algorithms, Zoho’s AI analyzes spending patterns, learns from historical data, and automates expense reporting. The result? A highly accurate and efficient system that reduces manual intervention, ensuring your financial reports reflect the true pulse of your business expenditures.
Multi-Currency Expense Tracking:
Zoho Expense offers a multi-currency expense tracking feature for businesses with a global footprint. Leveraging real-time exchange rates, Zoho seamlessly converts expenses into your base currency.
Policy Violation Alerts:
Zoho Expense takes policy enforcement to the next level. Using rule-based algorithms, Zoho continuously monitors expense submissions against predefined policies. In the event of a potential violation, it triggers alerts, notifying administrators for immediate attention.
5. TravelBank
TravelBank distinguishes itself with a suite of technical features beyond tracking expenses. From AI-driven policy enforcement to mobile wallet integration and automated VAT reclaim, TravelBank is an efficient travel cost tracking software.
Mobile Wallet Integration:
TravelBank integrates seamlessly with popular mobile wallets, ensuring that on-the-go expenses are effortlessly captured. The platform synchronizes with mobile payment data through secure APIs and encryption protocols, consolidating it within the expense management system.
Voice-Activated Expense Entry:
Embracing cutting-edge technology, TravelBank offers voice-activated expense entry. Users can verbally input expenses using voice commands. Users can swiftly dictate their expenses on the spot, eliminating the need for manual data entry. The system adapts to diverse accents, speech patterns, and individual preferences, ensuring a personalized and user-friendly experience.
Automated VAT Reclaim:
TravelBank streamlines the often complex value-added tax (VAT) reclaim process. The platform identifies eligible VAT components and automates the reclaim process. This saves time and ensures businesses maximize their VAT reclaims, contributing to overall cost savings.
Final Thoughts
With plenty of travel cost tracking software for managing expenses, it might seem a bit overwhelming. But instead of getting confused, see it as a good thing. It means you have options and can pick the best tool that fits your needs.
Whether itilite offers comprehensive solutions, Fyle offers a user-friendly experience, Zoho Expense offers precision with AI, TravelBank offers innovation, or Brex offers seamless integration, each tool offers something unique. To find the right one, consider your business needs and the ease of use for your team.
You can book a free demo now to check out itilite benefits.
