Top 5 Travel Expense Reimbursement Software

Travel is an essential part of an expanding business. Keeping a track of corporate travelers and managing the organizational expenses is a crucial and tedious job. It requires elaborate documentation, filing, reporting, compliance, and reconciliations. It is easy for an organization to spend too much on business travel, and the employee to wait for long to receive reimbursements. However, automation of the travel and expense process can help organizations identify where to initiate savings and streamline the entire process. Corporate travel and expense management solutions are a win-win for saving on your organization’s travel expenditure, while facilitating easy approvals and quick reimbursements for the employees.

What Is Corporate Travel Expense Management Solution?

Corporate travel and expense management is the process of tracking the travel plans and approvals, along with reporting the various expenses of travelling employees, in compliance with organizational policies. Most businesses create a clear corporate travel policy, which acts as the guidelines for traveling employees.

Expense reimbursements are a major feature of corporate travel expense and management solutions. Reimbursing the employees should be a priority, especially when they are left out of pocket by the organization, affecting employee satisfaction. Expense tracking and receipt scanning capabilities help manage expenses and reimbursements efficiently. Expense submissions and reconciliations ensure all employees are providing accurate expenses as per organizational policies and government directives.

Travel and expense software can also help you plan your business trip, take online approvals, find you better deals on travel and accommodation with negotiated rates, help you find hotels and local commute. It acts as the corporate travel manager, for the people traveling for business.

Features to look for in a Corporate Travel and Expense Management Solution

Although the expense management software features you need will depend on your unique business needs, however, there are a few key elements essential to any quality business travel expense software. You must consider these characteristics to ensure that you choose a solution that brings value to your business.

• App-based powerful workflow platform
• Simplified and intuitive interface
• Travel policy integration and compliance
• Digital receipt submissions
• Mileage tracker
• Real-time reporting and analytics
• Seamless HRMS integration

So which business expense management software is the best for you and your business? Here are the top 5 travel expense reimbursement software that can help you with quicker reimbursements and employee satisfaction.

Top 5 Travel and Expense Management Software

TESS360

TESS360 is the best SaaS-based corporate travel management solution that helps you streamline your entire corporate travel and expense management system in real time. It efficiently handles all the essential corporate travel related tasks including submitting the plan for approval, to moving it back to the employee for review, then sending it to the management for approval, and to the payroll team for automatic reimbursement. Along with saving your time, TESS360 provides you with a complete audit trail and a full accounting of business expenses, enabling you to determine the compliance and operational metrics.

TESS360 is designed to always keep your employees satisfied and the managers informed. With TESS360, the entire information of each business trip can be sorted, retrieved, and checked at any time. TESS360 specializes in creating insightful expense reports by enabling OCR-based expense logging. It facilitates paperless, clutter-free transactions. Hence, you can identify cost escalations in good time and make well-founded decisions.

Features:

• Easily book your trip with our travel integrations from anywhere
• Well-defined templates for raising travel requests and approvals
• Better travel spend management with automated approval & control
• Quick reimbursements of travel expenses with automated control
• Scan expense receipts with OCR to file claims and submit on the go
• Real time management of the entire travel process
• Configure travel policies for different roles in the organization

Airbase

Airbase is a cloud-based expense management software that is ideal for total visibility into your travelling employee’s expenditure. The software is designed to help organizations control their expenses. It comes with tools like real-time reporting, corporate virtual cards, and bill payment automation.

Features:

• Corporate and virtual cards
• Automate workflow approval processes
• Real-time reporting
• Integrates with third-party platforms

SAP Concur

Sap Concur is a software service provider that tailors solutions based on the specific organizational requirements. It effectively automates and simplifies the process of managing expenses for travelling employees and their managers. Its mobile app makes it considerably simpler for employees to review, submit, and approve expense reports on the move.

Features:

• Reconcile and manage expense data
• Submit and approve expense reports
• Accurate capture and processing of electronic receipts
• Track expense reports

Expensify

Expensify emphasizes speed and simplicity to deliver a travel management solution that helps companies manage their expenses in a faster and easier way. Creating reports is very easy with Expensify, as you only need to snap a quick photo of the receipt with its mobile-friendly app. Expensify also provides features such as receipt and invoice management, time tracking, workflow management, and reimbursement management to effectively manage expenses.

Features:

• Receipt and invoice management
• Approval process control
• Reimbursement management
• Time tracking

ZOHO Expense

Zoho gives comprehensive insights into various aspects of all submitted and pending reports, the reimbursement amount, and details pertaining to expenses that go undetected. The analytics section of this travel management tool gives you a detailed outlook of the company’s spending across its various departments. Moreover, you can automatically set policy guidelines that expedite the approval process and easily integrate the tool with a variety of other useful management software.

Features:

• Supports multiple currencies
• Receipt upload and management
• Spend control
• Reimbursement management

Business travel and expenses are one of the top expenses that companies face behind payroll and benefits. Therefore, it’s vital that your business has a solid grasp on your process and methods of managing the various expenses.

To know more about how travel expense management solutions can save your business’s time and money while making the system compliant with the organizational policies, connect with the TESS360 team now.

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