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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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What is travel risk management?

Posted by on Dec 21, 2015 in Corporate Travel, Travel Spend Management | 0 comments

To people outside of the world of corporate travel, risk management can bring to mind extreme images of earthquakes, tsunamis, riots and bombings. While this does form part of travel risk management, the more conventional understanding of the term is about the risks a company faces when their employees travel. A corporate conducting business in other areas of their own country, or internationally, has to ensure they think of every risk possible, both to the employee doing the travelling and the company itself, in terms of liability and reputation. When looking at the safety and security of the traveller, one has to consider the destination, is it in any kind of political turmoil with potential terrorist activity, including kidnappings or hostage situations? Does the destination have any current health risks, such as an outbreak of Ebola, malaria, yellow fever? Are inoculations needed prior to travel? When it comes to a company’s reputation, it’s important for the employee to know they are the face of the company when travelling, so they have to conduct themselves accordingly. Misuse of travel expenses or illegal activities conducted will damage a company’s reputation considerably. There are many other risks, such as the loss of company equipment or information, or the employees’ personal effects. Legal risks are another aspect to be taken into consideration – failure to comply with tax or immigration requirements and attempts to bribe officials are just the tip of iceberg. There are four elements to be used when planning your corporate travel risk policy: Assign management responsibility: travel risk management involves a team effort from every department, including HR, security and medical. Aspects unavailable internally should be outsourced, such as specialist travel security providers, medical assistance or travel management companies. Determine the types of risks: create a list specific to your organisation. Assess the risk exposure: identify how effectively your organisation will be able to manage risks – this may involve a specialist advisor. Mitigate or manage: the means to managing and mitigating travel risks include education, tools, reporting and third-party services. TraveluXion offers professional consultancy services for travel procurement With years of experience, the team at TraveluXion can help you formulate your corporate risk management policy. They have specially designed travel expense management software which provides organisations with an easy-to-use travel spend management tool which will transform the way your company organises travel arrangements. Contact them today to see how they can assist your company...

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Effective travel risk management with strategic procurement solutions

Posted by on Sep 28, 2015 in Procurement Management Software, Travel Spend Management | 0 comments

When you start to think about it, sending your staff off to the far ends of the world to conduct business on your behalf can be quite daunting. Modern technology ensures good communications most of the time, but that can also let us down occasionally. With the sizeable budgets that go along with corporate travel, you need to be assured your company’s money is not being misspent and used unnecessarily. Strategic procurement solutions, such as the one offered by TraveluXion, are used to minimise the risks that companies and corporate travellers are exposed to. The software encompasses all aspects of travel arranging, with a sharp focus on financial transactions. It puts the control in the hands of the corporate and enables greater opportunities for cost savings. By using a travel management solution, companies face less risk – there is increased visibility and controls in place with online approval, giving access to the entire spend cycle which will assist financial managers and procurement managers. Fraud, an increasingly worrying aspect, can be kept under control. It also takes care of travel compliancy, by ensuring company travel policies are met. For the corporate travellers, a software solution can make the process of getting to their destination as convenient and comfortable as possible. The requests for authorisation are simplified and last minute changes, or changes during the trip, can be easily accommodated. Duty of care procedures ensure travellers are informed of any specific information and requirements before the trip, such as visas, travel documents needed, the safety of the destination, etc. Using TraveluXion’s procurement technology will reduce risk all round. Companies can be certain that the best arrangements have been made at the most competitive prices and the corporate traveller knows they are being taken care of by their employer. Contact TraveluXion today to find out...

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Streamline corporate travel with procurement management software

Posted by on Sep 21, 2015 in Procurement Management Software, Travel Spend Management | 0 comments

Everyone one knows that time is money and in today’s corporate world, this could not be more accurate. Each minute spent doing unnecessary administrative task, costs a company money – money which could be better spent on marketing, or staff increases (yes please!). TraveluXion has a software solution to cut down the amount of time wasted on corporate travel arrangements. In large companies, it can be a nightmare trying to coordinate flights, accommodation, travel expense allocations, management approval thereof and the list goes on and on. While a good travel agent can help with the actual booking of flights, they can’t manage the internal financial and approval processes. With clever procurement technology, a lot of the red tape can be simplified, saving time for more important jobs. The software offered by TraveluXion brings you a specific and purpose built solution for all your travel expense management. Right from the start of a planned trip, the software can find competitive tariffs and get the best priced and most suitable option. Being linked to Amadeus’ global online booking technology, as well as Fraxion Spend Management, ensure your needs are properly taken care of. The travel compliance policy of your company can be implemented by the system, so that all corporate travellers will know what’s acceptable or not. One of the biggest benefits of using a system like this procurement software is the real time reporting on fund allocations and reconciliations. With tools that allow for management approval, the chance of overspend or unnecessary spend by a corporate traveller is minimised and companies can exercise tighter budget controls. When it comes to saving time, this is the business expense management solution to go for. Why not contact TraveluXion today to find out more about their professional...

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Detect fraud quickly and easily with travel expense management software

Posted by on Aug 3, 2015 in Travel & Expense Management Consultancy, Travel Spend Management | 0 comments

In large busy companies it can be hard to keep track of travel expenses and if you don’t have travel expense management software in place, it can be even harder to know the difference between legitimate and fraudulent travel expense payments being made. Unfortunately, fraudsters who submit false travel expense claims often start off with small claims which grow bigger with time and often accounts departments cannot detect such fraud until thousands of Rand have been paid out. There are various ways fraudulent travel expenses can be paid out to the benefit of unscrupulous employees including: Duplicate submission of claims which can be done by colluding with a supplier or other employees. Fictitious claims for transactions which never really occurred, or were reversed after the paperwork had already been handed over to the employee. Cash advances which are then tied up to fraudulent transaction slips. How can you prevent such fraudulent travel expense claims against your company and protect its profits? The following tips are advised: Implement travel expense management software which will continuously control and monitor all expenses tied to a trip. Set in place strict company travel and entertainment expense policies for employees to agree to and adhere to. Hold your management teams accountable for all travel expenses accrued for trips approved for any employees. All expenses and accounts must be reviewed by management – this can be a strong fraud deterrent. TraveluXion offers a corporate travel solution which eliminates the potential for fraud At TraveluXion, we present marketing with travel expense management software that is designed to quickly and effectively detect fraudulent travel expense claims. Our software is easy to install and set up and just as easy to use. The processes involved ensures each employee requests authorisation to go on a trip and every aspect of the trip and what it will cost the company is scrutinised with ease. To learn more about TraveluXion travel expense management software, contact us at via email or telephone...

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