The globalized business environment calls for a smooth management of resources and workforce across geographical boundaries. Technological innovations have paved way for virtual access to all the locations for the managing the basic requirements. Though this helped to reduce the frequent travel requirements of key personnel, it has definitely not eliminated the travel requirements of the top management.

For the organizations, to maintain employees or top management’s travel administration and ensure that the travel regulations and policies are followed becomes next to impossible in the globalized arena. Hence enterprises opt for expense management software. Traditionally expense management refers to the system used by business houses to process, pay, and audit employee-initiated expenses. These include expenses incurred for travel and entertainment, policies and procedures governing the spending, as well as the technologies and services utilized to process and analyze associated data. The on demand web based applications offered by the SaaS providers help automate travel expense management with an 80% reduction in the processing and reporting expenses.

The advent of the cloud computing has helped enterprises develop travel and expense management software which can be delivered through the cloud process and can handle end-to-end business travel expense of an organization. Such cloud-based process used for corporate travel management controls the business travel expenses much beyond what the traditional expense management software works at. Inbuilt with best process for accounting and invoice handling, travel booking, travel-profile management and integration with the largest travel related suppliers, this software provides a clear visibility into travel management.

The benefits of using the expense management software are seen in the significant reduction in the travel expenses, faster turnaround time for business travel expenses and reduction of up to 75 % in travel administration costs.  Besides cost reduction benefits it also paves way for an improved control over the business travel expenses, maintaining compliance with laws and tax regulations, maintaining company and traveler profile management and availability of real-time information from the value-network. The pre-integrated business network expedites the travel claim approval process by eliminating repetitive manual tasks. Being a web-based cloud process this is accessible anytime irrespective of the location and can be seamlessly integrated with other HR functions.

Also read on - Spend analysis, Value network

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