{"id":17327,"date":"2021-05-04T06:14:01","date_gmt":"2021-05-04T06:14:01","guid":{"rendered":"https:\/\/www.itilite.com\/?p=2818"},"modified":"2024-02-22T11:26:26","modified_gmt":"2024-02-22T11:26:26","slug":"unify-your-travel-and-expense-management","status":"publish","type":"post","link":"https:\/\/www.itilite.com\/blog\/unify-your-travel-and-expense-management\/","title":{"rendered":"Why Now is the Time to Unify your Travel and Expense Management?"},"content":{"rendered":"
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\"Travel<\/figure>\n\n\n\n

Most companies today have different software for travel and expense management<\/a>. It is a big challenge for them as travel bookings happen on one platform and expense process on the other, making the whole T&E process inefficient.<\/p>\n\n\n\n

Considering 70% of expenses are travel-related, having separate tools for travel bookings and expense reimbursements result in cost leakages, poor data visibility, and even leaves room for fraud. And on top of all this, it provides a broken experience to employees as well as finance managers.<\/p>\n\n\n\n

\"Travel<\/figure>\n\n\n\n

This brings us to the question – what is the right way to manage business travel & expenses? The answer is – adopting integrated travel and expense management software<\/a>.<\/p>\n\n\n\n

A truly integrated T&E solution will not only simplify your entire travel & expense process but also create a seamless experience for all stakeholders involved- employees, finance managers, travel managers, approvers, and the leadership.<\/p>\n\n\n\n

Here is why you should unifying your travel and expense management.<\/p>\n\n\n

<\/a><\/p>\n\n\n\n

Benefits of an Unified Travel and Expense Management Solution<\/h2>\n\n\n\n

1. Improve finance productivity <\/strong><\/h3>\n\n\n\n

In one of our polls, we asked finance professionals about the key productivity loss areas in managing expenses, and here are the top three results:<\/p>\n\n\n\n

\"Travel<\/figure>\n\n\n\n

As you can see, reconciling and auditing expense submissions tops the list with 36% votes followed by chasing employees for filing reimbursements (33% votes) and query resolution (24%). Now, all this and more can be easily automated using good T&E software. Just by automating your travel and expense management, you can increase finance productivity by\u00a0 40%. Finance teams can use the time saved to focus on forecasting expenses, budgeting, and providing cost-saving in the long run.<\/p>\n\n\n\n

2. Save money in multiple ways<\/h3>\n\n\n\n

Many companies continue to use their current segregated systems as they worry about the cost to change. But on the contrary,\u00a0using an integrated travel and expense management solution can help them save more than 30% of the costs. Here\u2019s how:<\/p>\n\n\n\n

If you’re interested in estimating your potential savings, we recommend using a savings calculator tailored to employee expense reimbursement<\/a>. Click here to access our savings calculator.<\/p>\n\n\n\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\"New\n\t\t<\/a>\n\t\t<\/span>\n\t\t