Expense Technology Helps Streamline Costs

There isn’t an organization in the world that isn’t interested in saving money in some way when it comes to operations management. Expense technology tools can have a two-for-one impact in that they not only can help curb extraneous business travel charges but also save an organization money by making managers more efficient.

Let’s back up a bit: expense reporting tools have multiple uses in today’s business world. They can incorporate corporate card data, registered personal cards, and cash expenses as well. Some can integrate with vendors, including travel management companies. They can also provide a total view of travel data through exported reports.

But like all software, they’re not created equally. Depending on the level of customization available, some tools allow for more nuance (like expense types, reason codes, etc). The tools vary in intuitiveness and, of course, some require extra costs for extra reporting.

Managing travel is a big job for any organization. While the goal of software integration to manage aspects of it is intended to make it easier, sometimes that doesn’t happen. And even for organizations who elect to work with a travel management company (TMC) like Carrousel, their expense tracking technology might not be integrated with their booking tools. Don’t fall into the familiar pitfalls of business travel reporting; here are some of the key things that you, and any organization, should consider when choosing an expense tracking tool.

Expense Technology Considerations

Integration

Streamlining expenses is not a new concept in the business world, which means that your organization might already have a software or system in place for expense reporting. However, this system should integrate with your travel management technology. Smooth integration between these systems ensures less need for human oversight while increasing optimal travel expense reporting and reimbursements for business travelers.

Reporting You Can Use

When working with data and reporting, it’s always best to know what information is needed to make decisions. Not only does this bring clarity to those pulling the reports, when it comes to choosing a business expense solution, it can save money. As more and more organizations utilize data to make decisions, the desire for crisp, approachable reporting increases as well. However, while many tools include some baseline reports, some charge more for the level of customization necessary to make those reports actionable. Beginning the process by knowing the kinds of information needed can ensure that you’re able to pull the right reports right away.

Automation

Alongside reporting, automation is another feature that should be a part of expense tracking tools. In addition to lessening the need to manually manage different processes, automation should allow for important elements of customization. Like setting up expense overview schedules and custom rules for submitting and filing expense reports, then analyzing data and alerting the appropriate person as necessary.

Making the Case for Carrousel Travel

Business travel reporting, particularly expense reporting, is an integral part of any travel manager’s job. Carrousel Travel offers our customers a comprehensive web-based travel reporting system. Organizations can access reports quickly anytime, anywhere.

Work with our representatives to discover what other tactics Carrousel Travel can employ to streamline your expense reporting!