If you’re finding business travel (T&E) management difficult to manage – you’re not alone!
Delayed T&E processes affect everyone in your business – from financial institutions, to travel agents and the travelers themselves. If you have employees traveling to different cities, your finance team will be trying hard to find multiple flights, hotels, ground transportation, and food vendors. Even though travel spending varies from month to month, without the right tools in place, your organization can suffer from manual labor and errors that come from manual processes.
Simply put, if your team has less paper to work with, they can focus on higher-level projects.
In this article, we will guide you to the best practices that will help you save time and simplify your financial management process.
How to make money management faster for everyone
Everyone on your team needs agile management processes, so they can spend less time on manual tasks and more time on important projects.
To properly organize your business, you need a travel management platform and a rental management platform.
- Travel Management Site – To book, approve, and track travel expenses.
- Expense management program – For adding, approving, and reimbursing expenses (all business expenses, not just travel).
Dive deep into why you need these two systems, how they work together, and how to choose the best options for your accounting team.
1. Choose the best travel management program
A travel management platform can significantly reduce manual labor in important ways. First, travel agents don’t have to book business trips for travelers, they can write whatever options they want in the business policy. There is less round-trip travel allowance. Travel platforms offer transparent and automated approval workflows.
Travel management courses reduce manual labor on the financial side as well. Employees do not need to pay upfront and reapply for the payment. However, the platform should offer monthly integrated payment. This can shave many hours of hassle from your routine if you’re used to fighting hundreds of thousands at the end of every month.
Key features to a successful travel management platform
- Register easily with a simple approval process.
- Simple and easy travel policies can be added to the platform.
- A wide range of travel options at competitive prices.
- 24/7 maintenance support.
- There is no need to pay out of pocket and follow the payment again.
- Payments are added monthly.
- Intuitive reporting tools help you simplify the way you manage travel.
- Integrate with your financial management platform.
TravelPerk has the largest catalog of travel agents on the market offering a complete solution to simplify the way to book, manage and present your corporate travel. Our platform offers centralized invoicing for easy financial management for your finance team, 24/7 customer support from real people, and real-time financial reports to give you visibility into your spending. See our platform in action.
2. Select the maximum number expense management level
You need a best-in-class financial management platform. Why? There are other expenses besides travel. You may have office managers who handle product sales, event managers who buy DJs and venues, and sales representatives who buy lunches. It is wise to have a dedicated platform that can handle financial management for things outside of travel.
One of the useful features is to reduce manual data entry. A credit card entry and receipt scanner can eliminate the need for employees to fill out paper forms or enter individual transactions into a software system. (Please keep track of the hundreds of receipts for each trip and the long headers!)
You want to find a platform that will speed up approvals and new payments. It should help you manage your work as a team, with appropriate levels of effectiveness and delegating tasks.
Most importantly, when it comes to saving time on T&E management, whatever financial management system you use must integrate directly with your travel management platform of choice. This is important so that you can have a good rental experience and avoid financial fraud.
Important features to look out for expense management level
- Access control
- Credit card transactions are included
- Corporate card reconciliation
- Funding approval procedures
- Provide access and activities to make money to colleagues
- Intuitive without training
- Connect with your travel agency
TravelPerk offers one-click integration with leading travel agents such as Yokoy, Circula, Divvy, and Payhawk so you can enjoy the best business travel management platform to connect directly with your recruiters. See all our financial management partners in our marketplace.
3. Add and scroll to your selected fields
The next step is to start rolling out your travel management platform and the rental solution. Depending on the size of your company, the solutions you choose can help you out on your employees.
There are many important things to do.
Launch your travel agency:
- Add all travelers and drivers to the platform.
- Create company travel policies at each company, cost center, or office.
- Set up approved workflows for teams, cost centers, or departments.
- Enable dynamic budgets to create real-time budgets based on the cost of travel.
Start self-registration with everyone business travel:
- Add users and drivers to the rental management software.
- Conduct expense approval procedures based on regulations.
- Notify business travelers of new mobile app for tracking receipts.
Now is the time to set up your marketing automation by integrating the two platforms. If the two solutions have a direct integration, you can choose to bring the economic management data to your travel management platform or not.
If you bring your travel management data (what you’ve spent on flights, trains, rental cars, and hotels) to your travel management platform, you can analyze and report the expenses of the all employees in one place.
Alternatively, you can pull relevant travel data into your travel management platform to get in-depth travel analysis insights.
Now that you have successfully set up both solutions, you will quickly realize how easy (and fast!) you will save a lot of time for everyone involved, reduce manual work, improve policy management, increase financial awareness, and start collecting real-time data so you can make informed financial decisions.