Like most other business functions, T&E reporting has started to make headway in the digital space, becoming more automated and streamlining workflows. While cloud-based reporting options exist to make lives easier, a great deal of businesses have yet to take a step in this direction. This delay is probably due to the unawareness that this task can be automated or improved.
Travel and expense management has become an increasingly popular line item for businesses’ budgets. However, a 2016 study found that 63% of businesses with travel expenses are still using manual methods of T&E reporting.
If you fall in that 63% of companies, rest assured you’re not the only one behind the times. Here are some hurdles and outcomes companies face when they adopt a modern T&E system.
The Learning Curve
It’s safe to assume that many organizations have yet to update their reporting systems due to a lack of knowledge about the benefits. Plus, T&E reporting software features enable integration and sophistication, which can feel foreign and intimidating to outsiders.
In the beginning, switching to a new process will feel like you’re wasting more time than before, but that will reduce as the learning curve does. Investing in training for an updated platform will make everyone’s life easier in the long run. Once you and your team feel comfortable in an automated workflow, the time you spent learning will make up for your previously manual process.
If It’s Not Broken, Don’t Fix It
Often, organizations stick with their old ways of tracking and reporting because it gets the job done as is. Decision makers believe their current way is already effective, so there’s no need to spend money to fix it. Unfortunately for staff, this creates a cyclical pattern where businesses get stuck with outdated T&E reporting.
By learning about efficiency and workflow optimization opportunities that new systems can offer, decision makers should feel inclined to make the investment. Plus, if they are made aware of how this technology can prevent fraudulent activity, it should be a no-brainer for them.
Follow Their Lead
Today, 90% of large North American corporations have adopted the automated way of T&E tracking and reporting. They’ve seen a cleaner report process, better financial visibility, less fraudulent spending, and a higher ROI.
However, you don’t have to be a large corporation to take advantage of an automated T&E reporting system. The sophistication and integration of modern software lets a business of any size keep track of travel expenses. Ultimately, the intuitive software improves the financial health of a company by enabling better decisions from top to bottom.
Travel and expense management systems have a reputation of being too foreign or difficult to adopt. Working with a corporate travel agency can ease implementation and training. At Teplis Travel, we realize this can be a daunting task, so we’re here to help.
Call us today at 800-669-6547, and you can speak to a representative to find a corporate solution that works for you. You’ll get the lowest rates and industry-leading customer service.