Top 5 Challenges of Travel and Expense Management

A successful business has to outsource its resources and employees for better exposure of market. Investments and commitment are needed desperately to make it possible. But there are many unknown challenges on the trot which could make a dramatic entrance lately. The Global Business Travel Association (GBTA) claimed that 38% of enterprises spend half a million dollars on travel and expense alone. The report also showed that 17.5% of enterprises spent more than $5 million on travel expenses. This proves that travel management has not manifested strategies successfully.

Trouble-shooting loopholes of travel management system would not aid corporate any further. So, we need long-lasting travel and expense management solutions. One such reliable solution is travel expense software like BAZ. BAZ, undoubtedly, is one of the best expense report software built by Empronc solution private limited to serve multiple purposes. The advanced features of BAZ help expense managers to forge an ideal expense report using existing information. This report contains all the essential information about different expenses, travel resources used by employees, and other valuable information. Travel and expense management software like BAZ also finds other alternatives to have control over travel expenses.

Over the years, there have been many challenges with travel management system. Some travel management challenges were

1. Travel cost
2. Missing receipts
3. Data entry errors
4. Reimbursements
5. Travel policy

Travel cost

Employees mailing bills to the financial team regarding expenses has become common. Enterprises cannot expect every business trip to be successful, yet, they have to pay for employees’ expenses. These expenses usually list accommodation, food, and travelling. The expense report crafted by an employee could not be authentic. Enterprises should use the best travel and expense management software to cross-check their bills.

One of the most reliable travel and expense management solutions is BAZ. It is expense management software for small businesses to manage various expenses on a business trip. It calculates and creates the best possible expense report for the financial team. This report by BAZ helps expense managers to figure out actual expenses.

Missing receipts

A traditional travel management system manually printed expense receipts. These receipts either ended up in the trash or got missing. Most of these receipts could be used by corporates to analyse and study patterns in travel management. Unfortunately, this analysis had a low success rate because the information was incomplete. This situation is where travel and expense management software is needed.

BAZ maintains digital records of receipts in cloud storage. These digital records act as a backup system for expense receipts. Business travel and expense management can avail this feature of BAZ to save money on business trips.

Data entry errors

When someone speaks of data entry errors in a business travel management system, then it’s all about spreadsheets. Spreadsheets create unnecessary additional manual work. Even if you eventually get a spreadsheet technically savvy, but the problem starts at manual translation. This way of entering an employee’stravel management system's data was favourable in the 90's, but technology has come a long way.

Today, it is ideal to use travel and expense management software to avoid data entry errors. It is a much better approach than traditional spreadsheets. An integrated platform like BAZ aids enterprises while entering and storing data.

Reimbursement

Reimbursement is an action of paying the spent money of an employeeback to them. But in case of travel and expenses, we should address it differently. Business trips may get cancelled at the last moment. Cancellation of a business trip puts an employee's money in jeopardy. Reimbursement is a tedious process which could take months and delayed refunds can be frustrating for a majority of employees.

One of the best travel and expense management solutions is BAZ. The company’sTravel management can settle all the reimbursement disputes with BAZ. It instantly initiates the refund process by identifying cancelled business trip. Expense reimbursement software improves overall turnaround time. This feature also helps enterprises to settle other financial disputes.

Travel policy

One of the causes of reimbursement is travel policy of an organization. Organizations associate themselves with different airlines to avail discounts. But discounts have a much deeper correlation with these travel policies. Enterprises fail to enlighten their employees with updated travel policies. As a result, employees have to pay extra money while travelling or staying at a hotel. These travel policies are the vulnerability of travel and expense management solutions.

Most of the employees are not aware of policies, and they end up spending more money. Occasionally, employees violate policies while trying to save money by booking cheap hotels. Travel and expense management software like BAZ help employees to get notified with updated travel policies and also calculates spending limits for a business trip. This feature of BAZ is extremely helpful.