Ways to quantify your business travels and expenses!
The benefits of corporate travel have become more apparent in recent years. Businesses are recognizing the gains that can be achieved through the strategic use of its staff beyond the traditional traveling executive or sales team. Now that companies are recognizing the potential of business travel, they are looking to establish smarter and more effective ways to manage travel and the expenses related to it.
The best way to quantify your business travels and expenses are as follows:
Firstly, it is of utmost importance to have a travel and expense policy in place. It is critical in order to maximize the value of your business travel. This shall help prevent an organization from wasteful (or even fraudulent) employee spend, as well as drive down rates through negotiated volume discounts. Creating a straightforward, fair and workable expense policy could pay off both in terms of employee happiness and a healthier balance sheet.
Secondly, Automation and Integration of your expense management system with your travel management system is a considerable step towards a seamless workflow process. Most businesses today are opting for it. Travel and expense management software are accessible both on mobiles and desktops. Making it absolutely convenient for travel. Approval flows within the expense process aid in controlling authorization with back up analytics capabilities to provide organizations with visibility to keep a check on policy violators and further track employee expenses. Integration of travel and expense management can not only make reimbursement cycles faster, but also ensure HR and payroll teams are benefited from it and they can use the expense data to make smart and strategic decisions.
44% companies think that HR integration is a must with expense management tools. With Beehives’ HRMS software, tracking corporate travel and expense has become easier than ever. With its advanced reporting feature, you can easily assess the expenditure made on travels, and have an in depth analysis to the main areas of costing and have better budgeting plans. Dashboards provided by Beehive offers an “at-a- glance” view of travel and expense spending for your department. The dynamic reporting offered by Beehive gives the visibility you and your management requires for expense budget management.
Beehive delivers a rich configuration for travel and expense based on the groups/grades, which helps save time and streamlines your reimbursement processes, with personalized dashboards for instant one-click access and option to choose the reimbursement request types and forms from customized list. Automatic email triggers are linked with reimbursement requests, approvals & declines. Also status of your reimbursement requests can be tracked on the go with the Beehives’ smart mobile app.
As per certain market estimates, travel and expense management is second most difficult cost to handle and monitor, 73% employees said they were likely to look for a new employer if reimbursement cycles were constantly slow. Thus, it is vital to have a means by which employees are not struggling to make expense reports and organization are able to sustain their workforce and keep them satisfied. Human resource teams work very hard to recruit worthy candidates and maintain the employee life-cycle. A fully automated solution like Beehive HRMS can help employees claim their money back faster and help cement a strong relationship between HR teams and the staff