Stop Worrying About Overspend with Predictive Budgets
Every expense report starts with a budget
When your company uses TravelBank for T&E, every expense report starts with a budget. The budget is powered by an intelligent travel algorithm that is able to accurately predict trip costs based on real-time market prices.
All your employee has to do is select their destination and travel dates. Figures populate almost instantly and the budget is broken down into categories such as flight, hotel, transportation and daily allowance.
The employee submits the trip budget and your company gains instant insight into whether the spend fits your team’s overall budget. This smart budgeting software gives finance managers an easy way to anticipate and approve spending before the expenses occur.
The power of the predictive budget
The predictive budget is the perfect tool for combatting overspend. Say your employee needs to visit a client and enters the preferred travel dates, but it turns out they coincide with a big conference in the destination city. The flight and hotel prices are sky high that week.
As the financial manager you review the budget before travel plans are made, can catch the abnormally high prices, and alert your employee to select another week when prices have dropped back down.
Even better, your employee who travels to meet with these clients frequently may notice the prices look high and adjust the travel dates accordingly before ever submitting a request.
Set the bar
After a budget is approved it becomes a benchmark for the employee’s expenses, encouraging a habit of mindful spending. When you set the bar from the beginning, expectations are clear and your employees know how to avoid overspend, so you can stop worrying about it.