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Expense Management Automation & Why it’s Important

Posted by on Jul 11, 2017 in Business Expense Management, Travel Spend Management | 0 comments

This month our digital media strategy focusses on Expense Management automation and covers many different facets throughout the month. Today’s blog focusses on the fact that according to an Aberdeen survey conducted in 2012, over 80% of companies globally for the last 4 years recognise that T&E Expense Management is no longer a back office function or responsibility due to the strategic nature of the spend and the dire need to track behaviour and spending, however, very few companies have actually made inroads into driving automation and most rely on the third parties involved in T&E, to assist with automation! We decided to highlight just a few reasons why automation is essential and why it needs to be driven and owned by the company concerned, we trust that you will find the blog informative and we are always available for comment or suggestions. I believe that all too often when Companies consider T&E, they focus on the actual request and the booking thereof, subsequently focus tends to wan when it comes to expense claims and the processes attached to the submission of expense claims. Fraud occurs in expense claims in two major areas,namely: Submitting a fictitious claim; Charging for items that were actually personal in nature – hotel bills Billing for travel that never occurred i.e. cancelled airline tickets, seminars or events Seeking reimbursement for items that were never purchased i.e. gifts for clients Collusion amongst employees who both claim mileage when it was actually in a shared vehicle Outright falsifying or manipulation of receipts – taxi’s etc. Inflating business expenses; Claiming for meals in excess of policy or for items not reimbursable under policy i.e. alcohol, sports tickets. Adding tips to meals when tips are already included Adding tips to reimbursements that were greater than the tip given Flying in higher yielding airline classes when lower classes were infact available Using inflated mileage totals when seeking automotive travel reimbursements The above may seem menial, but it is a definite reality. Some companies report that 14% of all fraud occurs in just this area alone! This should be reason enough to ensure that your T&E processes are automated, to ensure that your company funds are...

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How TraveluXion can combat “Traveller Friction”

Posted by on May 11, 2017 in Business Expense Management, Travel Spend Management | 0 comments

Trending in 2017 is “Traveller Friction”, this trend is overtaking the importance of understanding the total cost of travel, which is one of the benefits of an expense management system. What does this mean exactly? Scott Gillespie from tClara is quoted as saying “Frequent business travellers will realise that friction means the wear and tear on the traveller and the resulting cost, not only to the traveller but also to the company, as a result of that traveller having to travel for business.” It manifests as potential bouts of jet lag, red eyes and late-night return flights. The cause, staying away from family and eating bad sandwiches on the run, it can even lead to illness and unproductivity caused by stress or lack of sleep. He also goes on to say that expense management solutions cannot account for this equation. TraveluXion however was purpose designed to offer independence to Corporations and to offer best in class on-demand reporting to highlight and extrapolate such equations as part of an organisations’ Duty of Care. Tips on how to minimise this ‘wear and tear’ on the business traveller, and, as a result, reduce travel costs: 1 – Budget owners must set traveller-related goals for example consider reducing work days lost by business travellers on the road by 5% or improve staff retention by 10%. 2 – Procurement and human resources should agree on a measure for tracking costs of traveller wear and tear. 3 – The travel manager should provide travel strategy plans that link to traveller-related goals for example improving expense reimbursement processes, providing en-route booking support and offering trip hardship allowances. 4 – These goals should be monitored, the total travel costs assessed and travel strategies adjusted...

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Three ways in which your current expense management process is hurting your company

Posted by on May 25, 2015 in Business Expense Management | 0 comments

Although many procurement software companies offer relatively good expense management process software, you always need to ensure you are getting the best for your particular business. This is what has driven us to produce our corporate travel solutions – procurement software which considers your business needs first. 1)    Unexpected and Unnecessary costs  When dealing with travel expense management processes, you want the software which makes allocating funds easy. When this task is excessively stressful, mistakes can be made which will cost your business. Therefore, choosing reliable and easy-to-use software, like our own, saves your business money. 2)    Workplace Efficiency  In any workplace, tasks and activities require labour. For this reason, you want to make sure that such tasks do not take more labour than necessary. This is what our expense management process software aims for, to reduce the overall time required for and increase the overall effectiveness of procurement software. 3)    Extra Service Benefits  Many procurement software companies offer great products, but very few actually back up their products with effective, on-the-turn customer care or assistance. This is one of the factors that differentiates us from competitors. Our experienced consultants are always available to assist, provide insight and ensure you are getting the most out of our procurement software. If you need to upgrade your expense management process software but only want the best for your business, contact TraveluXion today and ask about our quality procurement software...

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Why Your Expense Management Process Needs Real Time Reporting

Posted by on Apr 13, 2015 in Business Expense Management | 0 comments

In this piece we are going to focus more closely on why your expense management process or system needs real time reporting. In previous blogs we have spoken extensively on the importance of procurement spend management for your company. Stay in control Whenever your business sends employees out on business you do so knowing you relinquish control of what they’re spending company resources on. Most of the time you can rest assured that none of your employees are going to spend recklessly. However, in the event that one of your employees’ spending patterns becomes suspicious, you can immediately respond in order to halt further dubious activity on company credit cards. Real time updates ensure your employees are sticking to their itinerary and budget Your expense management process will give you an intimate understanding of where your employees are, as well as what they’re spending company resources on. This gives insight into how well your employees are doing in terms of their budgeting and whether or not they’re sticking to their pre-determined itinerary. Partner your business with TraveluXion for outstanding travel expense management process advice The vastly experienced team at TraveluXion are well equipped to deal with all your corporate travel solutions and expense management process needs. If you have any questions or queries relating to any of our tailored services or range of products, please feel free to get in touch with one of our consultants...

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Corporate travel solutions: How and where to save money on business expenses

Posted by on Feb 23, 2015 in Business Expense Management | 0 comments

At TraveluXion we are proud to provide corporate travel solutions for businesses of all sizes. Our software enables you and your staff to file travel requests, complete business expense reports and much more in a centralised programme. Companies today are under pressure to cut costs without sacrificing performance and aside from our software, there are other ways your organisation can save money on travel and business expenses, including: File expense reports as soon as you get back from your trip. Although you may have filled out an expense report before your travel, including flight cost, transport costs and hotel costs, there may be additional expenses you need to file. Complete an expense report as soon as possible upon your return. If you wait, it may not be as accurate. Use a corporate travel management solutionto book your flights. These tools allow for consolidated reporting with the built in approval workflows that are customised to your corporation’s specifications. Make use of a self booking tool within our spend management solution, this allows you to compare prices for airports in the same city,different airports often have different flight costs, so rather than flying into the airport you always use, compare prices at surrounding airports before booking your flight, Book within policy and budget. Travel expense management, business expense management and more from TraveluXion For more information about how TraveluXion’s corporate travel solution can help your business cut costs and save money on expenses, or if you have any questions, please do not hesitate to contact us today. Discover why so many companies use our travel expense management software to save money and cut costs. We look forward to hearing from...

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Take away the pain of expense reporting with travel expense management software

Posted by on Jan 26, 2015 in Business Expense Management, Procurement Management Software | 0 comments

Travel expense management software can make the expense reporting process much easier for employees and financial managers alike. For companies that frequently send staff on business trips, expense reporting can become a big hassle and fall by the wayside until someone gets around to doing it. With a world-class corporate travel solution, employees can enter expense information before their travel and financial managers can monitor spending information in real time. Here’s why you should invest in travel expense management software: Staff can enter business expense information for approval before their trip. Costs for standard business expenses such as hotel, taxis, car hire and meals can be added up and submitted for approval before the flight, which ensures employees are staying within their travel budget and procurement managers can monitor all staff spending. It eliminates the need for paperwork. Employees can simply log on to the programme and input the relevant information. It’s quick, user-friendly and doesn’t involve stacks of paper. It allows financial managers to detect fraud or inflated expense reporting. Financial managers can compare the spending habits of all employees who go on a certain business trip and see if anyone spent significantly more than everyone else. Unfortunately, employees sometimes try to abuse their travel budget, but travel expense management software helps keep everyone on track. It provides you with real time cost information that’s important for your overall budget. Want to know how a particular business trip impacts your annual travel budget? Simply log on and access the relevant data. Call us today for a world-class corporate travel solution If you would like to know more about how TraveluXion’s travel expense management software can help your company’s expense claim process operate more smoothly, or if you have any questions about travel expense management and business expense management, please do not hesitate to contact us today. We look forward to hearing from...

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