Travel and expense (T&E) policies help SME businesses avoid costly errors and ensure compliance as well as help prevent and detect fraud. But relying on manual and outdated technology can be costly and difficult to enforce.
Matt Goss, managing director of cloud-based business intel company AP Concur, said that efficiency solutions don’t need to be complicated.
“Finance leaders are always looking for areas to cut costs and improve the bottom line. Often, the choices are tough and the problems complicated to fix, but sometimes the solution is hiding in plain sight,” Mr Goss said.
“No matter how big or small an organisation is, a T&E solution that can grow with the business can help propel it to the next level. An effective solution can anticipate pain points and address them, while streamlining processes and helping the business to run more efficiently.”
He offers these six ways to save on T&E:
1. Stop overspending on errors
A T&E system that automatically processes charges from suppliers and credit card companies can lower the risk of missed or incorrectly entered expenses.
2. Cut out management time
Requesting travel, tracking receipts and completing expense reports through a manual, outdated process can lengthen processing time and create administrative burdens for organisations.
3. Take control of mobile phone spending
Employees can quickly accumulate mobile roaming charges when travelling. Automation lets organisations use travel data to proactively identify trips that may incur roaming or additional mobile charges.
4. Spot savings without increasing overheads
Having the right tools in place can help businesses stop bad spending before it happens and mitigate fraud risks early in the process.
5. Negotiate discounts
Harmonising vendor information from every source can give organisations visibility into spending with each hotel, airline and other travel providers.
6. Reduce tax costs
Employee travel has tax implications, from payroll tax to GST on international purchases.