Expense Management

This is the final post in our 6-part series based on a white paper with Harvard Business Review Analytic Services in association with U.S. Bank that examines the growing use of automation to manage ...

This is the fourth post in our 6-part series based on a white paper with Harvard Business Review Analytic Services in association with U.S. Bank that examines the growing use of automation to manage ...

This is the third post in our 6-part series based on a white paper with Harvard Business Review Analytic Services in association with U.S. Bank that examines the growing use of automation to manage ...

Business travel has rebounded, along with heightened pressure to better manage T&E.  Unfortunately, many businesses still rely on manual processes and spreadsheets, resulting in poor visibility into ...

What does business T&E look like in 2024?  In our newest report, TravelBank selected and analyzed travel bookings and over 300,000 random expense reports submitted on our platform from July 1, 2023 ...

Roughly 77% of organizations have a formal travel and/or expense policy, but they have almost no way to encourage T&E policy adherence. Here's how to disseminate and enforce your T&E policy at ...

Submitting and managing T&E reports is never going to "spark joy." But that doesn't mean employees should suffer through antiquated processes or tools. In a 2024 commissioned Total Economic Impact™ study, ...

Travel and expense (T&E) spending is significant at many organizations, and difficult to rein in. Low employee awareness and poor compliance with corporate T&E policy have real costs.  Here's what we ...

Travel and expense (T&E) spending is significant at many organizations, and difficult to rein in. Organizations often rely on a patchwork of antiquated T&E management tools (or homegrown spreadsheets).  ...

For many organizations, travel and expense (T&E) spend is ballooning and difficult to rein in. Patchworks of old legacy management tools and manual spreadsheets are inefficient, don't prevent ...

In 2024, we commissioned Forrester Consulting to conduct a Total Economic Impact™ study that evaluated TravelBank's potential total cost of ownership and TravelBank's ROI. For this study, Forrester ...

Is your company wasting time manually processing expense reports? Or maybe your employees are avoiding their expense reports due to frustrating, outdated software?  According to Forrester research, ...

Traveling employees are the face of the company. Chasing after customers and attending business meetings thousands of miles away makes up the bulk of their work - and a significant investment for the ...

When your employees are sharply focused on lead generation and finally closing that deal halfway across the world, the last thing that should be on their minds is a cumbersome travel and expense ...

If you manage expense reports, you know it is more than just preventing fraudulent transactions from taking over your business; it helps your finance team take charge over the company’s expenses, ...

You've probably landed here because you've been tasked with tackling your business' travel expense accounting. Individual business travel and expense spends can reach as high as $40,000/month, not to ...

Business spend management is less about eliminating costs and more about getting the most out of your allocated business budget. Clearly, business managers want to optimize departmental spending, ...

Standard business practice mandates that all transactions between vendors and buyers, whether large or small, be supported by the appropriate documentation. Travel receipts serve as more compelling ...

SaaS expense management is an essential part of business cost optimization. In part, the exploding adoption of software-as-a-service (SaaS) solutions in daily operations renders the management of ...

Well-defined and organized travel and expense policies are crucial for any small business. A recent Capterra report reported 90% of SMB managers expect a surge in opaque credit card payments. Having a ...

Finance teams are constantly striving to find ways to improve efficiency and save costs. One area that often presents challenges is expense management. Traditionally, businesses have relied on manual ...

What does T&E look like in 2023?  In our newest report, TravelBank selected and analyzed travel bookings and a random sample of 15,000 expense reports submitted on our platform from July 1, 2022 through ...

Research from Global Workplace Analytics says a typical U.S. employer is realizing cost savings—to the tune of $11,000 per remote worker each year—by scaling back their physical footprint. Companies that ...

Traveling employees often incur significant expenses on company-funded trips. But how much is too much? According to recent statistics, businesses spend approximately $799 per person per day on a business ...

Finance managers are focused on budgets, account reconciliation, payment dates, and the bottom line. But finance processes are deeply rooted in spreadsheets, mountains of receipts, and chasing down ...

The Global Business Travel Association (GBTA) reported that 19% of expense reports contain errors or missing information. And that companies "spend, on average... nearly 3,000 hours correcting errors in ...

For many companies, travel and expense management is a ripe area for fraud. Sixty-one percent of finance executives report that their travel and expense policies are frequently or sometimes violated — and ...

What is an Itemized Receipt? Difference Between a Simple Receipt and an Itemized Receipt The Role of Itemized Receipts in Accounting and Expense Reporting How to Make an Itemized Receipt for Your ...

In the Chief Executive Group's April 2023 CEO Confidence Index survey, 81% of U.S. companies reported that they're currently operating either fully remote or in a hybrid capacity.  And no wonder.  ...

In a recent CFO Dive survey, 42% of finance executives reported their highest priorities for 2023 are adopting new technologies or replacing legacy fintech systems.  >> Related: 71% of CFOs Say T&E ...

Historically, companies process around 51,000 expense reports annually, and spend 3,000 hours correcting errors. That’s 3,000 hours of overhead just within the finance and admin teams to fix wonky or ...

In a survey of almost 2,400 Finance leaders across different industries, we found business travel expenses remain one of the most difficult costs to control. In these nine most common TravelBank reports ...

In a survey of almost 2,400 Finance leaders across different industries, we found business travel expenses remain one of the most difficult costs to control.  In these two sample T&E dashboards, finance ...

As companies encounter new forms of travel, virtual payment systems (most widely recognized in the form of mobile wallets like Apple Pay and Google Pay) allow companies to merge policy payments, and issue ...

Many companies have adopted applications to facilitate online corporate travel bookings, virtual payments, and automated expense reporting. What most of them are still missing is a way to streamline these ...

The past three years have forced companies to permanently rethink their attitudes toward corporate T&E. In response to Covid-19, remote working, and economic volatility, corporate travel is now firmly in ...

Skift and TravelBank recently surveyed 640 corporate travel and finance professionals on the permanent changes remote work has introduced for corporate travel programs and expense management strategies.  ...

The Current Outlook Why Travel & Expense Policy Violations Happen The Impact on Finance Teams How to Reduce Travel & Expense Policy Violations CFOs are transforming how their ...

In a recent Skift+TravelBank survey, 40% of travel and finance leaders said they plan to adopt a new travel tech stack in the next year.  That's because the pandemic accelerated the evolution of ...

The software landscape in corporate travel is changing, with a greater focus on ease of use, system integrations, and elegant automation.  In a recent Skift+TravelBank survey, 40% of travel and finance ...

Why are T&E policies so tricky? It’s because: Policies are usually extreme:  They're draconian and cost-conscious, or unmanaged and expensive. The stakes are high:  Travel, payments, and expenses ...

CFOs see automating manual tasks as a top priority, but these projects are often hampered by their sweeping scale and complexity. Here's how to overcome the hurdles and get started. >> Related: ...

Managing expenses is critical to understanding and streamlining costs. Yet, many businesses poorly manage their business expenses, leading to overspending, missed tax deductions, and ultimately, financial ...

Looking to overhaul your business expense template or standardizing one for the first time? This post explains business and travel expense tracking and provides a starter business travel expense report ...

The future of how we travel, do business, go to work, make payments and navigate the digital world is changing each day. Here are 10 shifts in business travel expenses that CFOs and treasurers should ...

TravelBank is excited to announce that a new partnership with American Express makes it easier than ever to sync Amex corporate cards into TravelBank's expense management platform for faster ...

The popularity and adoption of cryptocurrency is hard to ignore, especially with several institutional investors tossing their hat into the digital ring. Like anything new in financial services, change ...

Digital tech has changed the face of doing business. Particularly in response to the coronavirus pandemic, companies have made great strides to establish a strong presence in a virtual world, with ...

Students may be getting into summer vacation mode, but higher education institutions are already deep in preparations for the next school year. Colleges and universities juggle complex expense management ...

Over the past year, many organizations found themselves examining existing vendor contracts and technology provider agreements to evaluate what changes needed to be made based on the uncertainty COVID-19 ...

If the past year has taught us anything, it is that what we considered “normal” can be flipped on its head in an instant—including where and how we work. With many organizations shifting to fully ...

Learning to manage a remote workforce is one of the best silver linings of the pandemic. Offering remote work options can save companies money, reduce or eliminate commuting stress, and aid work/life ...

Corporations and consumers alike are shifting how they do business and placing precedence on contactless services. In fact, since the start of the COVID-19, 49% of consumers now prioritize businesses ...

Billing Category Considerations that Should Be On Your Radar As we hit the ground running in 2021, business budgets are undergoing an additional layer of scrutiny to ensure that billing categories are ...

If “office” has become more of a state of mind than a physical place you commute to for work, you’re in good company. Many companies switched to a work-from-home model to mitigate pandemic risk, and 67% ...

Staying on top of expenses and having visibility into corporate spend can be one of the biggest challenges to your business. While far from a walk in the park, making sure your team keeps track of ...

Return on investment, or ROI, is a key consideration when investing in new business tools and technologies, travel and expense management included. Investopedia defines return on investment (ROI) ...

Corporate credit cards are a powerful expense management tool, as they offer a centralized statement that highlights employee purchases. With smart corporate credit card management, Finance teams can ...

As businesses continue to embrace the remote work landscape, it is imperative to understand the options available to ensure employees have the tools they need to do their jobs, while also making sure ...

Let’s face it, the business landscape has changed. More than likely, you have a larger population of employees working from home, without access to the office supplies or equipment they are used to ...

Along with social distancing, contactless is the name of the game in 2020, and payments are no exception. Cash is losing popularity to plastic, and even credit cards are phasing out in favor of ...

Some say that money is the root of all evil. Others say that it cannot buy happiness. Regardless of how you view it, if you’re planning to start a new business, money is an absolute must. You will need ...

End of month reconciliations likely aren’t a highlight for your finance team. A necessary evil, reconciliations ensure that the money leaving an account matches what is being spent. By performing this ...

Your budget is one of your best tools to manage your business’s resources. Tracking your business performance against the budget can offer insights you use to solve problems or seize new opportunities. ...

Corporate growth brings the need for change, and more often that not, expense policy amendments are near top of the list. As your organization experiences growing pains, it can be difficult to ...

Budgets sometimes get a bad rap. They can feel constraining. New managers may fear repercussions if they struggle to stay on budget. They may also worry that a lack of experience in finance sets them up ...

Serving as a bill of health for your business, your budget provides insights into your revenue, expenses, and cash flow. However, understanding if your company is in good health based on these numbers ...

Every time you pay rent for your business, order office supplies, book a business trip, or spend money on marketing and advertising, you’re incurring a business expense. If these expenditures are ...

While an essential part of operations, business budgets are often highlighted as one of the least favorite tasks on corporate to-do lists. A business budget will help your company run more efficiently, ...

Organizations need expense data to flow into their accounting, enterprise resource planning (ERP), and other software in order to operate their business. TravelBank expense data export allows finance ...

TravelBank’s CEO & Co-Founder, Duke Chung, and Head of Business Operations, Iris Yen, were recently joined on a webinar by Rafael Casas, Senior Accountant Advocate for Sage to discuss the challenges of ...

The goal of expense management is to help employees track business expenses more easily and accurately, and simplify the approval and reconciliation experience for faster reimbursements and processing. ...

Is your company responsible for complying with the Sunshine Act? When it comes to business expense tracking, certain industries are known for having more rigorous regulations than others--with ...

Is your company utilizing a business expense app? If the answer is no, then your team is wasting hours that could be spent growing your business and leaving room for human error—potentially costing the ...

Swinging by a coworker’s desk to drop off your personal expense reports might feel like a thing of the past. Many workplaces are expanding their remote work offerings in response to social distancing ...

As a growing startup, you will likely find your business in the position of reimbursing employees for business expenses sooner than later. But as a nimble team, do you need to invest in an expense ...

When you're creating or revamping an expense policy, it's important to design a flexible policy that is not only easy to implement, but also one that makes your team happy, improves productivity, and ...

As more teams are moving to remote work to keep their people healthy, TravelBank can help by reducing the work involved in managing and tracking work from home expenses so your finance team has ...

A corporate expense policy defines how employees can spend company money and specifies how they are reimbursed for work-related expenditures. As the world shifts to remote work, a revamp of your ...

Global health concerns are impacting every aspect of our lives, from the way we take care of our families to the way we work. Businesses across the world are working hard to respond to new developments ...

Many companies are finding themselves in the tough position of making budget cuts to sustain their business and pausing growth. These decisions are crucial to the future of your business, especially ...

In times of economic prosperity, companies are focused on market growth, product roadmap expansions, and sales. However, when the economy slows, corporate leadership often turns their attention to ...

With an ever-expanding population of remote workers, all-in-one expense management software is a business essential. Business expense management tools serve to keep track of employee spending, streamline ...

Expense fraud is an expensive problem that goes unnoticed all too easily. The Association of Certified Fraud Examiners (ACFE) reports that expense reimbursement fraud costs companies a median of $40,000, ...

Managing travel expenses can be a major undertaking across an organization—not only for the employees on the road, but also for the admins and finance teams responsible for keeping track of expense ...

Here’s the bad news first: Just over half of CFOs say questionable expense filings have increased in the last 3 years, according to a Robert Half survey. The good news is that the more you understand ...

We all know time is money, and with each new tech advancement it seems another menial task is getting automated. This is excellent news for finance. It means less time spent on administrative work and ...

Unmanaged travel and expenses causes employees avoidable stress, leaves room for human error, and ties up your finance team with manual processing. No matter the size of your organization, an ...

Travel Management Automation in Action: Sample Workflow The Business Imperative for Finance Teams: Travel Management Simplified In the business world, finance managers are focused on ...

Business travel is awesome. It gives you a chance to build rapport with coworkers, clients, and partners, and promote your company, all while visiting new places and trying the local cuisine, (over a ...

How Automation Saves Time and Money Why Automation Adoption Is Growing Rapidly 5 Tasks to Automate for Improved Business Travel Expense Capture Budgeting Trip Approvals General Ledger ...

Picture this: you’re reconciling your monthly expenses when you get hit with the bill for your sales team’s last client visit. You recognize the client because it’s a high profile account that your ...

Let’s be honest, we all know booking a 5-star hotel for an extra $150/night feels much easier when it’s on someone else’s plastic. Corporate travel is a huge line item for businesses, and typically ...

When you finish a trip, or get to the end of the month, and realize you have to submit an expense report, it feels like a daunting task. You’re dealing with piles of receipts, numerous transactions, and ...

Being accurate in your accounting practices is paramount, but you also want to be productive so you can get back to creating those profits to account for in the first place. One of the most common general ...

You may be wondering how to capture expenses with TravelBank. We have made business expense tracking with TravelBank as easy as possible, in order to save you from the stress and time it used to take to ...

The year has come to an end and 2018 sits ahead of us all like a blank slate. It’s an opportunity to plan for the changes and opportunities we didn’t get to this year. But here’s the thing, life is going ...

Still wasting time processing tedious expense reports? It’s time to say goodbye to stacks of receipts, manual data entry, and spreadsheets because there’s a better way to manage expenses, and it will save ...

Modern OCR technology is a faster and more secure process for capturing expenses than first generation products that use mechanical turks to fill in the details when technology can’t read the receipt. In ...

Tracking expenses should be simple, no matter where your job takes you, which is why we’re so excited about new currency conversion feature. It makes tracking expenses on-the-go a snap for international ...

It’s that time of year when people start reflecting on the one coming to a close and setting goals for the future. The new year sits ahead like a blank slate and an opportunity to reset the focus on ...

According to a recent study, business travel expenses are one of the most difficult operating expenses to control due to the tedious details and lack of visibility (source: Forrester Consulting). ...

A place for all your incoming expenses, it’s where the magic happens. Simply snap a photo of your receipt and we’ll do all the heavy lifting behind the scenes, updating your receipt photos with the ...

Capturing expenses shouldn’t be difficult. Wouldn’t it be wonderful to just snap a photo of your receipt and call it a day? Credit card sync technology allows you to do just that. Snap a photo of ...

In the not so distant past, I used to sit at my desk and sift through coworkers' receipts. One by one I would tape them to paper and scan each image to myself. Then began the process of saving each ...