Till date, many finance leaders are facing a challenge with expense visibility and policy compliance. Lack of compliance leads to heavy expenses for an organization (second largest after payroll) and there are generally no limits from a ‘spend’ perspective. It has also been noted that 73% Finance Decision Makers are planning to shift or are in the process of shifting to an ‘end-to-end’ Travel & Management Solution within the next six months (Forrester). All of this to drive compliance and adherence to T&E Policies.
T&E Policies control various aspects of business travel: like the vendor that employees are allowed to use, the deadlines for the booking to be made, the exceptions in corporate travel, approval process, reimbursement method and time, and how and when expense reports are to be filed in an organization. Employee satisfaction is also key. Organizational cost savings often have higher priority than employee fulfilment and that is the core of the issue. Managing employee expectations on business travels and strategic spending can go hand in hand, but the line is very fine.
In our latest white paper, we talk about how Finance leaders can get a tight grip on managing expenses using tight policy implementation for better visibility and control.To download the full white paper “How To Set Up A Travel & Expense Management Policy For Better Control ”, you can visit the Resources Section of our website www.easemyexpense.com.