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Expenzing - Travel Expense Management

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By Author: Expenzing
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Many organizations process travel and expense spend manually, and as a result, face many challenges in efficiency and control which has been reporting a burden on professionals who travel frequently. Thus, companies should evaluate the latest generation of solutions to improve efficiency, reduce costs and improve user experience.

Travel expense management (TEM) is a process typically run by the finance department in organizations of all sizes. The purpose of TEM tools is to help businesses manage the process of submitting, approving and reimbursing costs incurred by employees while conducting business on behalf of their employer. TEM enables employees to book travel plans that are compliant and cost-efficient, manage expenses without having to keep a track of paper receipts or fill out spreadsheets, and gain approvals more quickly. It gives travel managers full visibility into travelling expenses, and helps them catch irregular, over-budget and other non-compliant spend immediately.

With TEM solutions, users can plan and book a trip ...
... in advance, as well as submit travel plans for approval. This eliminates the occurrence of unauthorized expense reimbursement requests after a trip and it reduces the spend outside of company travel policies. Managers receive pre-trip notifications when out of policy requests are submitted.

Online booking provides employees with a tool to book airfare, hotel reservations and transportation through preferred and approved vendors, thereby cutting cost and increasing volume-based discounts and frequent traveler rebates

One of the most valuable assets of TEM is mobility i.e. real time access anytime anywhere and the approvers can see the information clearly, accurately and immediately. Mobile apps also allow for IRS-compliant electronic receipts, receipt forwarding, app integration, offline mode, mileage calculators and more.

Accurate expense reporting is vital for controlling travel and expense spend. Modern TEM solutions automate expense reporting by prepopulating expense reports thus eliminating an otherwise time-consuming and error-prone manual entry process.

Expense reporting approval workflow saves employees and managers valuable time by speeding up approvals from managers and reimbursements to employees. It ensure that reports are properly routed with little manual intervention, and automatic escalation settings ensure that requests are approved in a timely manner.

Expenzing is a leading provider of travel expense management, Procure-to-pay, strategic sourcing and asset management in Asia, and is currently building a loyal client base in North America. In 2008, the company launched two TEM solutions and a range of Procure-to-Pay solutions. Since then, it has successfully streamlined spend management processes for midsized and large organizations across the world.

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