As a business owner, you look to make the most out of your travel and expense visibility. In order to do that, however, there are any considerations into developing a strategy that is cost efficient and effective for business results. How can you create this? What solutions exist to improve your T&E? How can you gain real-time visibility into your company’s accounts?
Challenges with T&E Management
Did you know that 51% of executives believe that their leading management concern is poor visibility into T&E spending and compliance? Why? Many believe that it is due to a lack of mobile expense applications, a lack of insight into end-to-end travel management, or lack of evaluation. But how do you fix this? How do you find an end-to-end T&E management platform that provides measurable and manageable insight?
We will share with you the long term planning required to manage your T&E from need awareness to post-travel reporting.
Developing a T&E Strategy
So where do you begin? The following shows the average savings in planning and managing your T&E:
- Investing in Expense Management Processes: By streamlining workflow processes, your business can recognize 39% savings.
- Evaluate T&E Spending: Find where your company can improve, see where your money is going, and learn where you can reduce costs. Businesses that can manage this process effectively have recognized savings over 52%.
- Use End-to-End Technology: T&E research shows signiﬁcant competitive advantages by 61% within End-to-End solutions.
- Use the Power of Analytics to Drive Informed Decision Making: Best-in-Class organizations perform 43% greater than those organizations that do not have visibility in tracking current versus future spend.
This is all a start into improving financial processes. But take a look at the following infographic from a recent Aberdeen Group study measuring company concerns and strategies in T&E management to see the results of planning and effectively implementing an end-to-end expense management software.
Recognizing the Most from Travel and Entertainment
Concur is a great service that has saved companies money through integrated T&E solutions. But how could you get even more from this innovative software? This is where Brittenford Systems shines. A recognized Concur App Center Partner of the Year, our customized ExpenseConnect solutions allow your company to integrate Concur with Intacct or Microsoft Dynamics. What does this mean for you? Not only do you get the benefits of integrated expense management for your employees, you will also be able to recognize these in your accounting department—automatically. Check out the video below to learn more about the benefits of ExpenseConnect by Brittenford Systems.