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Effective risk management requires a cutting-edge travel spend solution

Posted by on May 30, 2014 in Travel Spend Management | 0 comments

When it comes to corporate travel, companies face significant risks. These risks include: Fraud:Employees away on business utilising company credit cards incorrectly, or charge, non-business related expenses. A poor booking/management and reimbursement structure could also be taken advantage of by administrators and suppliers. Security: Often, business travellers are less aware of the security risks they face in certain countries and how to deal with them should something happen. This can include anything from the risk of company equipment/data being stolen and dangerous political climates to the risk of natural disasters. Overspending:Travel authorisation processes that do not communicate properly and are inefficient risk costing companies significantly, both in monetary terms and in terms of productivity. Non-compliance:Without an end-to-end travel spend solution that implements your travel policy, your employees and your company are at risk of non-compliance – whether intentional or as a result of an inefficient system. How travel spend solutions reduce risk: By giving financial managers the ability to access all available information on corporate travel spending, savings and losses, companies have the ability to fully audit their spending patterns. This will allow companies to more strictly adhere to travel policies and close loopholes where opportunities for mismanaging funds or committing fraud may occur. This system also includes features  which assist in creating a Duty of Care culture in your organisation, giving travelling employees full information on their destinations and any security risks they may face. In addition, all information about their whereabouts and trip can be linked to any third party organisation to assist in cases where extraction is necessary. For more information on our corporate self-booking and travel expense management system, please contact us at TraveluXion...

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Our corporate travel expense management process

Posted by on May 26, 2014 in Corporate Travel, Travel Spend Management | 0 comments

At TraveluXion, the key to successfully implementing end-to-end travel expense management solutions is to fully engage the client and their current processes in all stages of product application. The first stage is an exploratory stage in which our team will gather data on current travel spend and business expense management processes. As every company is unique, it is vital all variables are understood and accounted for and that the team has a comprehensive understanding of the client’s needs. The second stage is one where the comprehensive exploratory analysis is examined for opportunities where the travel expense management solution can offer improvements. These improvements include, but are not limited to, financial control and visibility, increased productivity and compliance, streamlined booking/approval/reimbursement processes and increased savings. Here, the client can easily evaluate their investment in the travel spend software against the benefits that will be experienced. Stage three will involve drawing up and executing a project plan within specific parameters in order to deliver a custom solution. Parameters may include elements such as supplier information, budget information, approval thresholds and more. The client will also receive a Project Charter detailing the solution rollout and encompassing aspects such as the business case, scope, shareholders, risk and timeline of the project. The final stage is a demonstration of the long-term support will receive as part of their solution, which will include any future product developments, management of the account, training and access to a contact centre to handle all client queries. For more information on our self-booking and corporate travel expense management solution, please contact us...

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How your company can benefit from world-class business expense management

Posted by on May 19, 2014 in Business Expense Management | 0 comments

In a globalised economy, corporate travel is a significant expense for companies in a wide range of industries. Despite this, it is often surprisingly unregulated, which results in inefficient planning processes, a lack of awareness of where to draw the line on business travel expenses and a disorganised reimbursement process that cannot be accurately regulated or audited. Business expense management solutions like those offered by South African innovators, TraveluXion, deliver companies a means to overcome these issues and further benefit organisations. These benefits include: Compliance with travel policies through superior control, visibility gains and reporting features. Considerable savings due to expertly managed booking and spend structures. Increased transparency due to real time, automated travel expense tracking and record keeping. Access to real time travel expense information, including budgets, for excellent financial control. Effective fraud and financial risk management. Access to trip information in real time, including visas, travel alerts, security information and more. Streamlined planning, approval and reimbursement processes through the correct channels, making bookings simple and allowing companies to take advantage of discounts. The ability to effectively manage Duty of Care obligations towards employees travelling on your behalf. Increased employee and skill retention through the creation of a Duty of Care culture. The primary drive behind the benefits of this travel spend management system is that it is an end-to-end solution which improves a variety of essential business processes for companies and employees alike. The TraveluXion solution is built on industry-leading technology, including Amadeus’s online booking system and Fraxion Spend Management, to deliver a fully integrated pre and port-trip management service. For more information on this cutting-edge business expense management solution, please contact us...

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Discover a travel spend management solution for duty of care

Posted by on May 12, 2014 in Travel Spend Management | 0 comments

Companies in South Africa and around the world are becoming increasingly committed to their duty of care towards their employees. Travel spend management solutions can be a significant contributor towards achieving this organisational goal and ensuring good corporate governance. When employees are travelling for business, they are open to certain risks, which include their health and safety, to company data/equipment, as well as legal and financial risks. As companies are becoming increasingly globalised, so these risks are growing. Many countries have recognised this and instituted different duty of care laws where companies in violation of these requirements face strict penalties. In order to ensure your company is setting the standard for meeting duty of care obligations and best practises, you need a travel spend management system that brings the following benefits: Effectively reduces your company’s exposure to litigation Streamlines the corporate travel management process Provides travellers with comprehensive information on their destination and what they should expect in terms of risk Accurate tracking of the business trip as it progresses, so employers know where their employees are in real time Supplies comprehensive trip information to any suppliers should action need to be taken in emergency situations With a comprehensive corporate travel solution, your employees know they are as safe and secure as possible whilst acting on your behalf. They know they are covered should anything occur, from a natural or political disaster to a health or security risk. Not only does this ensure your company reduces the risks it faces, employees feel assured of their wellbeing – increasing employee and skills retention. For more information on the leading end-to-end travel spend management solution in South Africa, contact TraveluXion...

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