Exploring Corporate Travel Management Software

Travel is an essential part of any business expansion. From setting up offices to meeting clients and assessing business requirements, all require corporates to travel, which is a lengthy and compliance bound process. A corporate travel management solution helps with the strategic management of travel requirements and simplifies the business travel process.

Let us evaluate the corporate travel management software and discover how it is proving to be a game changer, through this blogpost.

Need for a corporate travel management

Basically, travel management refers to the management of business travel requirements, which typically involves everything from establishing a travel policy, to dealing with vendors, making bookings, monitoring and managing travel costs, logging expenses and initiating timely reimbursements.

In the past, a travel management company was assigned the job of managing travel for a business associate or employee. Besides managing travel requirements and handling the logistics, a travel management company would aim to save their client time and money too. However, in the fast-changing industry, companies of all sizes need to ensure the best balance of travel value and cost savings.

Challenges of corporate travel management

The Forrester survey states that travel and expense are the second most challenging operational costs to control in the business. It is indeed an uphill task to manage the entire process for each employee. It comes with its unique set of challenges. Here are a few:

Delayed claims and reimbursements

• Late response hamper employee-employer relationship
• Man-hours wasted expense report reconciliations
• Prone to human errors and delays
• Ensuring compliance with organisational travel policies
• Identifying and managing duplicate/fraudulent claims

A corporate travel management software can help an organization automate manual processes, realize cost savings, optimize value, safety, efficiency and ensure organizational policy compliance.

What is a Corporate Travel Management software?

In organizations without an integrated travel management software, employees need to take paper-based approvals from managers, book business travel through a website or travel agency, then submit an expense form to be reimbursed. The modern corporate travel management software already includes the company travel policy and approval workflows. This software also includes company payment details so the employee can pay for the travel without reimbursement, and the company is able to easily reconcile expenses and disburse reimbursements.

Automated Corporate Travel Management Software

Automating the entire business travel process can make it transparent, time & cost efficient, streamlined, and simplified, while increasing compliance and accountability. Automation of corporate travel management implies to paper free documentations, no spreadsheet reconciliations, reduced admin work, and faster processing. Also, an integrated travel and expense management software can improve your organization’s compliance rates and eliminate fraudulent expenditures.

Here’s how automating your manual corporate travel management system, can be beneficial for your business:

• Minimum error rates.
• Increase accuracy.
• Average handling time reduced by 85%.
• Quick and better ROI.
• Approximately 2% cost saved with improved regulatory compliance.
• Reduced employee attrition due to quick approvals and reimbursements

Features of an automated corporate travel management software

The corporate travel and expense software enables employees to plan, take travel approvals, record travel expenses, and claim reimbursements, while managers can approve the travel plans and reconcile travel claims. However, this is just the basic function of a corporate travel management software. Organizations use the travel and expense tracking software to simplify purchasing decisions and centralize records of travelling employees. Organizations and managers receive extensive reports and can reimburse employees for major travel expenses borne. Today, the software is available on the cloud, enabling real-time planning and travel workflow to take place, ensuring an efficient and swift travel process.

Consider the following features of a good corporate travel and expense management solution:

Interactive booking interface

Employees are able to find the best options and rates on an easy-to-use, integrated interface.

Set pre-approvals

Simplify and streamline workflow with travel request verification prior to purchase.

Integrated compliance

Pre-configure your organizational policies, ensuring that all travel booked through the software will automatically be within policy.

AI-assisted travel booking

Integrated artificial intelligence (AI) automatically develops an understanding of travel preferences of travelling employees.

Travel history

See all trips and a full history of travel spend for every employee with monthly invoice reports.

Robust Reporting

Real-time reporting of travel and expenses of travelling employees.

24/7 Support

When you need more than a virtual travel assistant, real human support is available anytime.

Employee satisfaction

The software reflects negotiated rates and ensure businesses get the most from their journey, with enhanced travel experience.

Real-time communication

The travel management platform keeps all travel details in one place, streamlining the process and giving valuable time back to the traveler.

TESS360 – the online corporate travel manager

Tess360 guides employees through every trip, effortlessly populates charges into expense reports, automates invoice approvals, ensures policy compliance, and enables timely travel reimbursement. Our corporate travel and expense management software assists both employees and finance teams with effortless management of travel and related spending.

TESS360 helps in streamlining your entire travel and travel-expense reimbursement processes while ensuring employees submit policy compliant expense reports. Our end-to-end expense tracker takes the stress out of expense reporting so your people can focus on your business and deliver better employee experiences.

The author of this article is Mrs Aliana. She is a technology blog writer. She writes articles related to IT business services.