6 Signs It’s Time To Switch To A Better Travel and Expense Management Software
While juggling multiple travel & expense management software, do you sometimes feel that automation isn’t helping you much? Do you think about onboarding a better travel and expense management software but aren’t sure if it is the right time? If yes, then read on to find out six signs that tell you it is time to make the switch!
6 Signs You Should Change Your Travel and Expense Management Software
Sign 1: Your travel & expense policy compliance is low despite training & reminders
You have created an exhaustive T&E policy and have done everything in your power to create awareness around it but the policy compliance stays low. Then, it’s time you consider switching to a travel and expense management software that lets you configure complex policies and approval flows. With policies built into the system, employees wouldn’t be able to spend out of policy leading to much higher compliance and cost savings.
Sign 2: Adding & managing new expense categories to your existing Travel & Expense Management software is a big pain
With work from home (WFH) becoming a norm, you have updated your policies and process flows. You have been trying to add new expense categories like “Internet Expenses”, “WFH Expenses”, etc in your current tool but have been told to wait for another quarter to get this implemented and that too at a hefty cost.
It is time you look for an alternative that lets you make such customizations yourself without spending a fortune. It is much required in today’s fast-changing world where we will have to accommodate changes to adapt and grow.
Sign 3: Employees still submit expenses late & your finance team is tired of chasing employees for reimbursements
The GIF says it all! Your finance team shouldn’t have to chase employees for reimbursements. If you see this happening in your organization, you must switch to better T&E management software right away.
Get a mobile-first solution with an intuitive interface that lets employees scan and file expenses on the go. Look for features like smart notifications that nudge employees to file expenses at the right time!
Sign 4: Your T&E vendor doesn’t offer 24*7 multi-channel support
The safety of employees is the top priority of any organization, especially post-pandemic. If your existing tool cannot keep track of business travelers and your T&E vendor does not offer 24*7 human-powered support to the traveler, you indeed need to switch to safer T&E management software.
Integrate software that provides 24*7 support via multiple channels to your employees and has advanced features like real-time traveler location tracking, inventory of safe hotels, SOS helpline, and more accessible communication over chats, calls, emails, etc. In emergency cases, your employee should be able to directly call the agent rather than talking to chatbots.
Sign 5: Your T&E software does not work globally
You have multiple vendors globally and it gets quite difficult when you have to match currency differences or enforce an additional policy requirement as per a specific country, in your current tool. And having multiple tools for managing travel and expenses for each country is not an option.
Then, it is time to switch to T&E management software that can be easily customized to accommodate all geography-specific requirements and presents all the data to you on a single platform. Choose software that comes with currency converters, enables you to customize the tool and policies within seconds as per different countries, and saves a reasonable cost to the company.
Sign 6: Not having end-to-end data visibility & struggling with management reporting
If your finance team is making reports manually, or if the existing tool is not providing you end-to-end data visibility and real-time status of expenses and reimbursement, then it is the right time to move to modern T&E software.
Advanced travel and expense management software like ITILITE provides a handful of deeper data insights, detailed analytics with custom features (you can see the individual employee data, expenses as per inventories, etc.) for calculating the exact ROI. The highly customizable dashboards and report-ready templates simplify management reporting for finance teams.
Onboard ITILITE – A Cloud-Based Integrated Travel and Expense Management Software
Now that you are aware of the reasons for switching to better travel and expense management software, and if you have already made up your mind to upgrade, need not worry; we will assist you.
With a cloud-based integrated travel and expense management software like ITILITE, you can instantly get the tool and go live within a day while getting all the advanced features and solutions discussed above. Want to know more? Get in touch with our product expert now!