Travel Expense Software provides an online environment to manage an organization’s processes related to travel expenses, particularly submitting claims.
Travel Expense Software streamlines the effort required to submit and approve travel expenses incurred during business travel. It is a critical tool for Travel Expense Management. The benefits of Travel Expense Software fall into two broad categories:
● Travel Expense Software is configured to reflect an organization’s travel policy: out-of-policy claims are reduced because they are immediately highlighted to traveler and approver
● The online environment allows travel and expense managers to configure reports to analyze spend, so that they can amend and enforce policy accordingly
● Travel and Expense Software records and calculates tax (eg VAT), facilitating reclaim if cost-effective
● Travel Expense Software is easier to use than offline or spreadsheet-based systems, so travelers save time: for instance, credit card expenditure can be directly imported to an expense claim, reducing the need for manual data entry and any resulting mistakes
● Errors are checked during the claim submission process, which reduces administrative effort downstream
● Travel Expense Software creates the reports required to meet an organization’s fiscal accounting obligations, saving time and effort for the finance department
Travel Expense Software can be hosted by the software provider and sold on a Software As A Service model, or hosted behind the client’s firewall. In either case, the travel expense software will need to link to the client organization’s accounting and reimbursement systems. Increasingly, travel expense software is enabled for mobile devices so that data (e.g. photos of travel expense receipts incurred during business travel) can be captured during a trip, while the information is fresh, as this further reduces instances of claim errors.