Travel expense management solutions
An Introduction to Travel Expense Management Solutions
Travel expense management software simplifies business travel expenses by automating the tracking of expenses, approvals, and reimbursements. The software improves compliance, minimizes errors, and offers real-time views into expenditures. With capabilities such as receipt scanning, policy enforcement, and integration with accounting systems, it streamlines financial workflows, saving time and enhancing expense control for organizations.
What are Travel Spend & Expense Management solutions?
“Travel expense” stands for “T&E” In simple definition T&E means, expenses incurred by a business professional during his/her travel for a business purpose. Primarily travel expenses include meals, stay and transportation.
Usually, businesses assign 10% of their total budget towards Travel expense. During 2017, business travel accounted for 1.23 trillion U.S. dollars to global economic contribution, and this number is forecasted to grow by 7% in 2019. It’s a huge amount of money and significant enough for any organization to keep a track of it and get complete visibility on the spend.
How does it impact your business?
Companies are going global; hence we have observed a significant increase in the volume of business travel in the past few years. As a result, the finance department is under tremendous pressure to increase the travel budget and gain complete visibility for each spends. This is a humongous task to achieve, as it is directly related to the compliance policies and impacts the bottom line of the company.
We empathize with the finance department as Travel expense management solutions is the second-most difficult operating cost to control. And with the increasing number of business travel and travel budget, it has become highly impossible to manage it, with automation.
How can you better manage your Travel Spend management
As the owner of the finance department, you would like to get complete visibility of your company’s travel and expense budget and the key places where you could reduce the costs. But, if you are not using any automation tool, this looks difficult, because
- You will not have the right data on how much your company is spending on T&E.
- All your Travel expense data will be stored at various places making it difficult for you to consolidate and evaluate.
- Most of your operations are manual, you might not have time to think that there are other ways to save a lot of money on expense bills
All the above-mentioned challenges will be addressed if you start using a cloud-based automated Travel expense management solution. There are many T&E management solutions available in the market, we have just listed some of the top Travel expense management solutions here:
- SAP Concur
- Certify
- Expensify
- Infor
- ExpenseWatch
The benefit of using a good Travel Spend management
A good Travel expense management solutions will give you end to end visibility of your business travel spend and enable you to reimburse employees more quickly. It will also ensure that the employees are submitting expenses that comply with your company’s Travel expense policy. If you are not using any Travel expense solutions, start exploring now. FinTrans Solutions can help you evaluate your Travel expense process and suggest the best solution for you.
Interested ? Would you like to get in touch, write to us on inquiry@fintranssolutions.com SAP Concur. You can book a demo now.
Solutions
As an SAP Concur certified Implementation Partner and premier consulting firm, we bring a wealth of expertise to empower organisations in transforming their spending processes. With a proven track record, we deliver unparalleled expertise to empower businesses in elevating their Travel and Expense (T&E) Management functions, ensuring seamless efficiency, compliance, and cost-effectiveness.
Our tailored suite of services includes:
Spend Management Transformation & Harmonisation
Our experts work closely with your organization to tailor the most appropriate solution that integrates with your policies, meets your budgets, and is scalable and future-ready to meet the needs of expanded business requirements or operations.
Concur Implementation Services
Adoption and Change Management
Adoption & Change Management (ACM) involves guiding individuals, teams, and entire companies through the process of transitioning from their current state to a future state. Effective ACM is crucial for the successful implementation of new systems or solutions.
Program and Project Management
Advanced Reporting Services
Organisations running their T&E and Invoice Management processes in an automated platform strive to evaluate the achievement of their corporate goals through quantifiable measures. The ability to generate meaningful reports and derive Key Performance Indicators (KPIs) is crucial, especially when assessing the effectiveness of projects or sales initiatives.
Concur Application Maintenance Services (AMS)
FinTrans Solutions is dedicated to ensuring that your SAP Concur application operates at its best, allowing your organisation to focus on what truly matters. Our SAP Concur Application Maintenance Support service (AMS) is designed to provide ongoing, reliable, and expert assistance, safeguarding the performance and functionality of your SAP Concur solution.
Spend Management Diagnostics & Health Check
Is your organisation maximising the potential of your Travel & Expense Management or Invoice Management processes automated through SAP Concur? To ensure your systems are running at peak efficiency and compliance, our SAP Concur Process Diagnostics & Health Check service offers a comprehensive assessment of your existing processes and Concur settings.
Concur Expense Audit Services
As Concur-centric SAP Concur Implementation Partner and T&E domain experts, we bring you a comprehensive Expense and Invoice Audit Service designed to enhance accuracy, compliance, and efficiency in your financial operations.
Why Choose FinTrans Solutions
FinTrans Solutions, the premier SAP Concur CIP partner, distinguishes itself through expert T&E transformation, seamless Concur E2E implementation, value-added services, and steadfast application maintenance support, solidifying our reputation for excellence globally.
Domain Thought Leadership & Business Agility
Level of Concur Platform Expertise
Global Market Reach
Delivery Model
Value Added Services
Speed to Deploy
Our Values
Our 4 core values are deep-rooted in the organisation and form an integral part of our work ethic.
Customer Success Focus and Integrity
At FinTrans Solutions, we measure our success by yours. Every day, our network of experts go to work to help our customers succeed. Across all of our projects all over the globe, our job is channelling knowledge and value through teams of Intelligent Spend Management experts, Concur-certified functional resources, and Integration Consultants.
Growth and Equal Opportunity
We are deeply committed to fostering an environment of close collaboration, growth, and equal opportunity. We are continuously learning, adapting, and exploring opportunities to advance our people and our communities. We will continue to examine and analyse our existing gaps and ensure we provide meaningful opportunities for our people to succeed and thrive.
Inclusion and Diversity
We are focused on building a diverse workforce and respectful work environment through recruitment, retention, and advancement efforts. We embrace and celebrate the diverse backgrounds of our people and strive to build a culture of inclusion. We recognize that the diversity of our company strengthens and elevates the value we bring to our customers and partners.
Transparency and Integrity
Sound governance and transparency form the bedrock of leadership. We are committed to serving as a force for integrity, good sense, and wise solutions to the problems facing businesses. Transparency and good standards of corporate governance – both in our customers’ businesses and in our own—are central to our ability to achieve those objectives. And we aim to continue to achieve them from our position of strength and professional leadership.
Our Brand Story
At FinTrans Solutions, we are more than just providers of professional services; we are architects of true transformation within the realms of Travel & Expense Management. Our passion lies in the inherent nature of transformation, where we seamlessly blend Spend Management Process Transformation with the power of Automation. Guided by the beacon of SAP Concur, our chosen best-in-class expense and invoice management cloud solution, we marry industry best practices with the unique priorities and business requirements of our valued customers.
To encapsulate our commitment to transformation, we proudly introduce the “FinTrans Butterfly” — a powerful metaphor that mirrors the comprehensive journey of change. Just like a caterpillar undergoes a gradual metamorphosis, culminating in the emergence of a butterfly, FinTrans Solutions is dedicated to propelling your business to new horizons within the realm of Intelligent Spend Management. With a resolute focus on achieving your specific business objectives, let us embark on this transformative journey together, shaping success and growth at every stage.