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( votes)What does your organization use to track business travel expenses? You may still be using a paper-based system of invoices, receipts, and hand-written notes. But there is a better way.
Paper-based expense tracking systems are outdated and inefficient. They are prone to human error, not to mention fraud. The exhaustive paper trail is tedious, frustrating, and requires a lot of manual labor. And they need human intervention every step of the way. Your employees spend time they could use more productively, and it makes more work for everyone.
Imagine the benefits you would get from a streamlined business travel expense tracker.
Benefits of an automated travel expense tracker
There are many benefits to automated travel expense tracking. Here are just a few:
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Compliance with your company’s travel expense policies
An automated expense tracker relieves your finance team’s burden by empowering employees to adhere to your company’s compliance policies. Intelligent automation also safeguards you from expense fraud and other compliance issues. It will save time and resources and pay for itself in the long run.
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Increased visibility into your organization’s finances
An automated expense tracker keeps expense records up to date and lets you know where your money is going. You’ll clearly see your cash flow for any given period and know without delay if you are over budget on a particular project.
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Hassle-free tax deductions and audits
In order to qualify for tax deductions, you must handle your business travel expenses properly. Good records make compiling tax and audit information easy for your finance team. You’ll also have clear documentation and audit trails for stakeholders, employee reviews, and business evaluations.
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Employee satisfaction
Everyone benefits when your organization runs smoothly and efficiently. Automating, simplifying, and streamlining your processes makes expense reporting easier and speeds up reimbursement.
So, if those benefits sound good, how can you choose the best travel expense tracker? There are some things to consider.
What to look for
In this age of technology, many automated travel expense apps are available. And with all the bells and whistles, determining the one that’s right for your business can be challenging. Here are 10 tips to help you make a wise choice.
- Make sure it’s user-friendly; otherwise, your employees won’t use it
- Make sure it can support many users and with multiple permissions
- Confirm that it will accommodate your approval workflows
- Find out how it will enforce your business travel compliance policies
- Ask if it will be able to scale with you as your business grows
- Ask how it will help reduce resources and costs
- Find out how it will help you streamline your processes
- Ask how it will help you become more productive
- Find out how it will provide visibility
- Make sure it can provide insightful reports and data analysis
At Gorilla Expense, we offer a simple and intuitive expense management solution for modern businesses. We take expense tracking to the next level by providing cloud-based and on-premise options. We’ll tailor a solution that best supports your company’s needs and processes. Check out our demo or contact our team at Gorilla Expense for more information.
By Gorilla Expense, www.gorillaexpense.com
The post 10 Tips for Choosing the Best Travel Expense Tracker appeared first on ERP Cloud Blog.
