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Travel and Expense Management Needs Visibility

Travel and Expense Management Needs Visibility

Travel and Expense VisibilityAs travel and expense becomes more complex, visibility is required for understanding, control, and compliance. How can your business gain a deeper understanding of the true costs to your organization, including a deeper insight into the spending of your employees? Learn more from Brittenford Systems.

Managing Spending Complexity

Both Forrester and Aberdeen Research have found that T&E ranks as one of the most difficult costs to control. A major culprit for this lack of control (and overspending) is a lack of real-time insight, which is a by-product of manual expense management.

Real Time Insight in Travel and Expense

According to Forrester Research, the following three reasons cause this problem for business:

  1. Internal resources are forced to take a reactive approach to T&E management: Manual Entry, Lack of Real-time insight, and lack of technology are slowing companies down; preventing companies from being proactive.
  2. A Lack of Transparency Causes Lack of Control: When data from corporate cards, expense reports, travel systems, HR and supplier invoices come from different sources, they are not part of a consolidated system that records or triggers T&E costs.
  3. Manual processes do not contribute to policy compliance: Spreadsheets and most custom expense systems put the onus on those who work in finance, HR and travel to enforce policy compliance. Because there’s not a system in place to prevent users from performing out-of-compliance activities, almost all policy enforcement is done on a reactive basis, after it’s too late.

As overspending continues to be an issue in organizations, best-in-class organizations are finding that the solution best for T&E is one that automates processes, recommends savings opportunities, and provides an important benefit: Integration.

Integration: An All-Encompassing Organizational Benefit

A recent Aberdeen Group Study showed the value of integration between ERP and Travel and Expense Management software to organizations, finding that best-in-class organizations rely on integration and have found ways to enhance T&E Expense Management. This said, these best-in-class organizations have realized 4 major benefits compared to their counterparts that do not integrate. These Benefits?

  • Quicker Reimbursement
  • Higher Rate of Compliance to Corporate Policies
  • Higher Rate of Spend under Management
  • Higher Overall Percentage of Travel on or below budget

All in all, this integration solidifies the benefit of the integration: Companies are able to more effectively manage spending on a large indirect spend while enforcing business travel policies. The study continues by reinforcing the importance of a cloud-based integration between ERP and T&E, and its role in reducing costs, improving the time spent reporting, and contributing to an overall improvement in compliance and strategy.

Finding Productivity in T&E Spending Management

Finding a solution that can not only provide cost savings, but one that can integrate with an ERP software can be done. The solution that many businesses have already chosen to improve value? Concur. How do they become even more productive? ExpenseConnect from Brittenford.

ExpenseConnect leverages web services to create a secure, automated integration between Concur and Intacct or Dynamics GP.  This solution installs directly into your software and eliminates the need for your organization to manually download and manipulate the SAE (Standard Accounting Extract) file from Concur.

This solution is available for all businesses that wish to improve visibility and T&E Spending Management. Learn more about the ExpenseConnect Solution by clicking the following links:

Contact us today to learn how you can improve visibility, manage finances, and improve their business results.

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