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T&E Policy compliance made easy
Globally, travel is an indispensable part of any company’s support functions. And most organizations have strict policies that govern the Travel & Expense (T&E) processes and policies. However, most employees are confused or unaware of the finer points of the policies, leading to non-compliance, wasted time and effort, and a negative employee experience. Also, by focusing only on compliance and processes, the company may be losing the opportunity to turn T&E from a pure cost center to a tool for better business performance.
The implementation of a world-leading T&E solution brings benefits that go beyond automating the T&E process.
Take the guesswork out of T&E
Clear policies can help finance and employees take the guesswork out of T&E. The solution helps streamline T&E policies and SOPs which follow best practices. As an integrated solution that spans the entire process from travel booking through pre-trip approval to final reimbursement, setting up control points at each stage can help foster compliance. For example, simplified limits, harmonized entitlements based on comprehensive employee types, and workflow approval logic, can be set up as per leading practices, automating the entire policy. This makes it easier for the employees as they are guided through the system with permissible and non-permissible actions and helps guard against accidental non-compliance. This also reduces the burden on the back office during claim audit and processing.
Transparency that leads to better budgeting
Holistic visibility leads to better tracking, better analytics, and better insights for travel planning and travel supplier negotiations. Concur as intelligent spend management solution enables the extraction of better analytical data into the customer’s business intelligence platform, or through in-built Cognos reporting features. Business leaders can leverage this data for better management decision-making and budgeting. The ability to get a big-picture view, along with granular details, aids companies in planning budgets required for employee-based & travel spend based on reliable data. Consolidating sliced-and-diced travel spend information also helps in renegotiating with travel vendors, and to optimize your pool of preferred suppliers.
Seamless T&E management for employees and finance
The right T&E solution can play a significant part in improving the employee experience and strengthen finance/employee relationships.
Since the policies are fully automated, employees will not accidentally violate T&E policies, thereby eliminating a potential bottleneck from the approval aspect as well as the audit process.
An intuitive, friendly user interface makes the process easy to use and comprehensive. The mobile app enables employees to complete the entire process (claim submission, claim approval, review of receipt/invoice images) from anywhere. The AI OCR app functionality makes it extremely convenient to add expense line items to the user’s associated expense report/ claim, submit the claim, and run the claim through any type of approval workflow (simple 1-Up, authorized approval, or cost object-based approval)
Real-time email notifications and scheduled email reminders ensure timely actions. Automated hard stops and warnings through audit rules, as well as tooltips, guide employees, approvers, and the finance team throughout the process.
By bringing absolute clarity to the company policy, along with the automated safeguards against policy violations, the system helps generate travel cost savings and reduces uncertainty among employees regarding their eligibility and entitlement.
Ensuring compliance at every step and automating flows also help in accelerating travel request and claim processing time and timely reimbursement, apart from reducing the workload on the back office during the audit check.
Interested ? Would you like to get in touch, write to us on inquiry@fintranssolutions.com. You can book a demo now.