Industries that typically utilize crew travel and require travel and expense reports include aviation, maritime, oil and gas, construction, and entertainment. These industries often involve a high volume of travel, with crews and employees frequently traveling to different locations for extended periods of time.
As a result, these industries require a robust T&E reporting system to manage expenses and ensure that all costs associated with crew travel are properly accounted for. In addition, these industries often involve high-risk activities, making it essential to have accurate expense reports for insurance and liability purposes.
Why Automate Travel & Expenses Reporting
Fortunately, with the advent of automation technology, T&E reporting has become much more efficient. By automating the process, companies can save time, reduce errors, and gain better visibility into their expenses. Here are some of the key benefits of automating T&E reporting:
1. Increased Efficiency
With automated systems, employees can submit their expenses on the go using a mobile app or web-based portal. They can take photos of receipts, categorize expenses, and submit their reports in real time. This eliminates the need for manual data entry, saving time and reducing errors.
2. Improved Accuracy
By eliminating manual data entry, errors are reduced, and the risk of fraud is minimized. Automated systems can also flag expenses outside of policy or seem suspicious, making it easier for finance teams to identify potential issues.
3. Better Visibility
A centralized system lets finance teams get real-time insights into the company’s expenses. They can see which employees are spending the most, which vendors are being used, and where cost savings can be made. This data can be used to make informed decisions and negotiate better deals with vendors.
4. Faster Reimbursement
Automated T&E reporting can also lead to faster reimbursement for employees. With real-time reporting, employees can get reimbursed quickly, reducing the time and hassle associated with traditional reimbursement methods.
How to Start Automating T&E Reports
Step 1: Define Your Goals
The first step in automating T&E reports is to define your goals. What do you want to achieve with an automated system? What are the pain points you want to address? What are the key features you need in an automated system? Defining your goals will help you choose the right software and ensure the system meets your needs.
Step 2: Choose the Right Software
Once you have defined your goals, the next step is to choose the right software. There are many options on the market, each with its strengths and weaknesses. Some popular options include Concur, Expensify, and Certify. When choosing software, consider cost, ease of use, and integrations with other systems.
Step 3: Set Policies and Procedures
Before implementing an automated system, setting policies and procedures for T&E reporting is essential. This includes defining what expenses are allowed, creating spending limits, and outlining the approval process. Having clear policies and procedures will help ensure that employees follow company guidelines and stay within budgetary limits.
Conclusion
Travel and expense reports are essential for any company with multiple crews on business trips. It’s great that there are now technological advancements that allow for the automation of these reports, making them more efficient and accurate.
By following the steps above, your company can successfully implement an automated T&E reporting system. This will save time and reduce errors and help maintain compliance, control costs, and provide valuable insights into your company’s travel and expense trends. In the third and last part of this article, we’ll continue the steps to automate your T&E reports.
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