Key to success and survival at the time of recession has always been
cost cutting and control. Apart from controlling other expenses managing
travel expenses is one of the important aspect of cost control. If
company is able to reduce its travel cost they can improve their
profitability.
Many businesspeople do not care for managing expense in a systematic way. A lot has changed since earlier days when the only way to reach customers was to visit them personally. Tremendous evolution in technology has led to the boom of mass advertising through TV, Newspapers, and Radio. Web conferencing technology is being used to reach customer at low cost.
Controlling cost is critical for companies but the main question arises what return does company get in return on its expense on travel. A low cost trip that provides very little or no return is not beneficial for the company as well as for the shareholders. Management should spend reasonably on travel expenses depending upon the value in return. But it is difficult to assess the exact value of return.
Travel cannot be avoided completely by companies as it is essential for the company as well. Therefore it becomes necessary for the companies to reduce cost of travel. An efficient way to cost control is to implement Travel Expense Management System. The leading-edge companies have implemented automated travel management systems.
Automated travel systems allow the company to monitor and control their travelling expenses. Employees are required to use web-based systems to make their travel arrangements, and complete necessary documentation process. An Automated Expense Management automatically fills out employee’s travel voucher using the travel authorisation data and employe credit card.
TMS (Travel Management system) requires authorization from the manager, once the it has been verified that charges or cost are within the boundaries of standard expense levels, the voucher is accepted. Once voucher has been accepted electronic funds reimbursement is sent to employee. Travel Management Systems allow employees to receive reimbursement within 48 hours of his or her return from the visit.
System allows the employee to enter his or her travel details on to the system which in real time can be viewed by the authority to authorise it. Finance department gets all the information in real time which makes the sanction of reimbursements easy and fast. These systems have become essential requirement for the companies to grow profitably and survive at the time of the downturn.
Enaviya Offers Sharepoint 2010 development, Expense Reporting, Expense Management and Travel Expense Management.
Many businesspeople do not care for managing expense in a systematic way. A lot has changed since earlier days when the only way to reach customers was to visit them personally. Tremendous evolution in technology has led to the boom of mass advertising through TV, Newspapers, and Radio. Web conferencing technology is being used to reach customer at low cost.
Controlling cost is critical for companies but the main question arises what return does company get in return on its expense on travel. A low cost trip that provides very little or no return is not beneficial for the company as well as for the shareholders. Management should spend reasonably on travel expenses depending upon the value in return. But it is difficult to assess the exact value of return.
Travel cannot be avoided completely by companies as it is essential for the company as well. Therefore it becomes necessary for the companies to reduce cost of travel. An efficient way to cost control is to implement Travel Expense Management System. The leading-edge companies have implemented automated travel management systems.
Automated travel systems allow the company to monitor and control their travelling expenses. Employees are required to use web-based systems to make their travel arrangements, and complete necessary documentation process. An Automated Expense Management automatically fills out employee’s travel voucher using the travel authorisation data and employe credit card.
TMS (Travel Management system) requires authorization from the manager, once the it has been verified that charges or cost are within the boundaries of standard expense levels, the voucher is accepted. Once voucher has been accepted electronic funds reimbursement is sent to employee. Travel Management Systems allow employees to receive reimbursement within 48 hours of his or her return from the visit.
System allows the employee to enter his or her travel details on to the system which in real time can be viewed by the authority to authorise it. Finance department gets all the information in real time which makes the sanction of reimbursements easy and fast. These systems have become essential requirement for the companies to grow profitably and survive at the time of the downturn.
Enaviya Offers Sharepoint 2010 development, Expense Reporting, Expense Management and Travel Expense Management.
