How to Use Travel Expense Management to Increase Cost Savings
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). TravelBank is a modern and smarter expense app that not only makes travel expense management easier than ever before, it also can increase cost savings for your company.
Start by saving time.
Globally $1.2 trillion is spent on business travel expenses, and $33 billion worth of employee time is wasted when companies don’t automate their expense management processes (source: Conferma via Pymnts.com).
Automate expenses for the entire company with receipt-to-credit card pairing technology. Automation of travel expense management can increase employee productivity and save hours of employee time spent on travel planning and expense reporting (source: Forrester Consulting).
TravelBank has the ability to integrate with the most popular general ledgers so categories are customized to fit your business and there’s little overhead time getting your financial office set up on the app.
You can invite coworkers to sign up from within the app, and when they sign up with their business email – which only takes a few seconds – they are automatically linked to your organization.
Then start saving money.
By starting every travel expense report with a budget, you know exactly how much employees should be spending before the trip happens and can stop worrying about overspend.
You can reduce T&E costs by offering more flexibility. Employees have a single goal, beat their budget, and how they do that is up to them.
Visuals aids help employees make better spending decisions and those who come in under budget can earn rewards, making them even more motivated to save company money.
TravelBank is completely free for you and your business, no matter how many users sign up, so it costs your company nothing to start increasing cost savings.