Purchasing and procurement software is the ultimate corporate travel solution for companies looking to cut back on redundant costs and ensure the profits of the business aren’t squandered. It can be hard to keep track of company expenditure on travel and it can be easy for employees to forget about the costs involved when booking trips on the company account. Many financial advisors recommend the only way to ensure that company funds are being legitimately allocated and not wastefully spent is to incorporate travel expense management software as part of the travel request process. This will help you to track and trace all funds spent on corporate travel, from the payment to the hotel to money spent on food and entertainment.
Travel expense management software still allows for employees to be in control of their travel arrangements while you can keep a watchful eye. Management members will be provided the opportunity to accept or deny travel requests based on the proposed budget and the financial impact the trip will have on the business. If a trip is approved, it is done so because the costs implied are reasonable and the trip will be of value to the business.
With the right purchasing and procurement software, you can connect with reliable travel agents, hotels and similar and ensure you have access to the best possible rates. All the bookings and arrangements are handled and monitored via the system so you can expect to have everything you require sorted out before you travel and for the expenses to be approved by management. Such a system makes reconciling a trip much easier too.
Benefits of travel purchasing and procurement software
- Cut back on travel costs.
- Ensure company funds aren’t being fraudulently spent.
- Ensure all company trips and employees are compliant with company travel policies.
- Easy reconciliation of money spent on travel which helps with human resources and book keeping functions.