“This year’s Budget, Honourable Speaker, is focused on fiscal consolidation. We cannot spend money we do not have. We cannot borrow beyond our ability to repay. Until we can ignite growth and generate more revenue, we have to be tough on ourselves.” – Finance Minister Pravin Gordhan
According to the Budget Speech given on the 24 February 2016, fiscal consolidation is the main objective for this year. The TraveluXion Application is certainly a tool that can provide solutions to the topic at hand. This is just one example of how the TraveluXion Application can contribute.
It’s time to get smarter about cost-savings, but consider this alternative way of thinking about employee expenses before you commit your company to change. How do you process expense claims?
There is a difference between processing expenses and managing expenses. Intelligent corporations know that business is more effective if employees are as productive as possible. Manual processes to claim expenses on printed bits of paper or spread sheets is labour intensive, increases the risk of fraud and abuse, and limits how much you can control spending. On the other hand, managing expenses using an automated solution gives you control and frees up your finance team allowing them time to focus on matters that really count.
Historically organisations faced a challenge in recording all T&E expenditure, as Travel agency reports are usually provided 30 days later and can only report upon what the agency invoices to the corporation. The TMC cannot report upon expense claims as these are handled internally within the organisation and are usually allocated to various GL codes. The convergence of this data has always been problematic.
TraveluXion’s end to end Application:
- Ensures all travel expenses are captured with a post trip approval process flow, linked to the original trip request and costs.
- Allows for company acceptable tolerances as defined by policy.
- Permits a traveller, upon return from a trip or during their trip, to log onto the Application and scan expense claims to submit for post trip approval.
- Tracks typical expenses that may be out of pocket expenses, cash advances, entertainment, travel date changes that may have been paid by a personal (not company) credit card, and any other payments made on a personal credit card that require reimbursements.
- Facilitates & reconciles cash advances for Hotel reservations into Africa that do not permit credit card payments.
Furthermore the TraveluXion approval framework, for expense reimbursements, ensures that duplicate claims are not processed, thus eliminating the occurrence of expense claim fraud and abuse.