Pro Tips on How to Choose a Travel Expense Tracker
What are you using as your business travel expense tracker? Are you still using pen and paper?
Perhaps many of you are having a hard time moving away from your paper-based system. After all, it has worked for years. But don’t you think it could be way better?
Let’s face it. Paper-based systems are riddled with inefficiencies. They are prone to human error, not to mention fraud. The exhaustive paper trail is also tedious, not to mention frustrating. There is a need for human intervention every step of the way, and this takes your employees’ time away from the work that they really should be doing.
So why should you change? Let’s break down the benefits you can get from a streamlined business travel expense tracker.
Benefits of an Automated Travel Expense Tracker
- Close Compliance with Travel Policies
Take a huge burden off your finance team by empowering your employees to adhere to compliance policies on the ground. Having an automated travel expense tracker allows you to also reduce expense frauds and other compliance issues that can cost you in the long run.
- Increased Visibility into Your Finances
Automated expense trackers allows you to know, even in real time, just where your money goes. This allows you to have a better picture of your cash flow within a given period, or even see if you’re going over-budget on a particular project.
- Tax Deductions and Audits
It’s important that you handle your expenses properly so that they can be marked as a legitimate expense and are therefore qualified for tax deductions. Having a tight handle on your expenses also allows you to have clear records and audit trails to reflect how well you also manage your finances.
- Happier, More Productive Organization
Making it easier for everyone in your organization to create their travel expense reports and making the flow much smoother is a win-win for everyone. Automating, simplifying, and streamlining your processes speeds up expense reporting and reimbursements.
This said, what then should you look for when it comes to a travel expense tracker?
What to look for in travel expense trackers
There are many automated travel expense apps available today. And it’s easy to be drawn to the loudest one, with the most bells and whistles. It can also be easy to be confused as to what you need or what you want.
The secret to find the travel expense tracker that’s right for you requires that you consider these factors:
- It should be user-friendly
- It should support multiple users and with multiple permissions
- It should accommodate your approval workflows
- It should help enforce your business travel compliance policies
- It should be able to scale with you as you grow your business
- It should help you cut down your costs
- It should help you streamline your processes
- It should help you become more productive
- It should provide visibility
- It should provide insightful reports depending on how you want your data to be analyzed and displayed
At Gorilla Expense, we’re taking expense tracking to the next level by allowing you to have cloud-based and on-premise options. We also tailor fit a solution that best supports your company’s needs. You may check out our demo for more information, or better yet, get in touch with us today!