Business travel is often a crucial and beneficial aspect of your company – and so is the way you manage your travel expenses.
Hence why it’s important you have the best components in place to improve your travel expense management for every trip.
In this article, you’ll learn what travel expense management software is and how it can help optimize your corporate travel spend.
What is travel expense management software?
Travel expense management software is an advanced platform that lets you review, analyze, and control your travel expenses more effectively.
With expert travel management solutions, you can accurately monitor every expense transaction that occurs throughout an employee’s business trip.
This can include a wide range of payments which are often necessary on these journeys, such as – paying for accommodation, transportation, food, and much more.
With every payment, the software can provide a range of important data such as how much was spent, what was purchased, what category of spending it fits into, and the specific corporate card used.
On top of this, the software can also offer a range of intricate features to further improve the efficiency of your corporate travel spend. This can include things like intelligent spend insights, spend controls, automated processes, and more.
How can travel expense management software help optimize your travel spending?
Travel expense management software is the perfect solution for optimizing your corporate travel spend, due to the vast range of benefits it provides. This includes, but is not limited to:
- Clear and visible monitoring of your expenses
Travel expense management software provides full visibility and organization for your travel expense data, for easy access and understanding of your spending.
Each time a transaction is made, not only will you be able to see all the data surrounding the payment, but this will be automatically uploaded to the platform.
This means there will be no delays in waiting for information to be entered manually, and all the data will be accurate and up to date, therefore offering the clearest picture of your spending.
You can also organize your expenses on your platform into different categories – food, travel, accommodation, etc. – for further visibility.
- Advanced spend control features
You can also use the software to apply advanced spend control features to your expenses. These controls allow you to tailor your travel spend more accurately to your business needs and budgets.
For example, you can set spend limits on different types of expenses, such as having a certain limit on food or transportation throughout the trip.
This can help you ensure your employees have an enjoyable and comfortable travel experience, whilst also maintaining the highest level of cost efficiency with their spending.
- Intelligent spend insights
The software also offers intelligent spend insights on all of your travel expenses. For every transaction, you’ll receive meaningful insights to help you spend better in various ways.
For one, you can receive information on any cheaper alternatives to the payments being made whilst on a business trip.
This means if an employee was to spend on accommodation, the software will show any cheaper options nearby with the same level of service.
This ensures you’re continuously finding ways to optimize your travel spend, in a way that benefits both your employees and the company as a whole.
This is the fundamental aim of travel expense management software.