Future of T&E Expense Management
Travel and expense (T&E) management is not as simple as it used to be a decade ago. At a time when organizations push for greater efficiencies, corporate travelers are urged to be more conscientious of costs, without compromising on policy compliance and business outcomes.
The good news is CFOs do not have to choose between the devil and the deep blue sea anymore. Expense workflow automation with pre-paid cards are a smarter alternative to cash and even corporate credit cards. Integrated with a web and online platform, these versatile T&E solutions help businesses overcome the disadvantages of cash handling and expedite reimbursements. Armed with intelligent analytics that deliver predictive insights, the CFO has a bird’s eye view into the organization’s financial health at all times. Therefore, it is no surprise that companies that adopt these technologies see their businesses transform and flourish before their eyes. Apart from happy employees and greater spend control, the benefits they harness are myriad:
-Receipts can be recorded as photographs on employees’ smartphones at any time and place. A welcome consequence of reporting on-the-go would be much-needed respite from petty cash and paper receipts that clog the system.
-The time taken for manual expense reporting — a whopping 91 minutes — is pared down to just 5.5 minutes when the process is automated and streamlined. Faster expense processing means more productivity at work and smaller reimbursement cycles.
-Automated T&E solutions offer managers real-time visibility of when, where and how an employee is spending money as the activity happens. With only a few clicks, customized budget caps and preferences can be set for each employee.
-Mobile capabilities and intelligent features make seamless integration between employees, managers and accounting team
As enterprises welcome mobile and cloud-based services into the folds of their business, the future looks bright for T&E management. However, it all boils down to one important factor. If Indian organizations want to ride the next wave of automation, it is imperative for them to usher in a culture of acceptance towards technologies that enhance its savings and productivity.
