Company strategies are the key to moving forwards, evolving, and finding success within any market, regardless of your company’s overall focus. And while plenty of businesses spend huge amounts of time, money, and energy developing product strategies, marketing strategies, hiring strategies, and more, one thing that is often overlooked is the kind of travel expense strategies you put into place. Online expense management can help with this, but it’s important that you understand the basics behind it.
By using online expense management software, you can begin to track spending habits within your team. Not only can you look at expenses in real time as they occur, but you can also generate data reports that give you a close look at virtually every aspect of your business operations. These reports can show you things like:
- Who is spending what
- Employees spending more than others
- Where your best ROI is located in terms of business trips
- What expenses are costing your company the most
- What kind of invalid expenses are being approved
- And more
In short, you’ll want to spend time reviewing data on a regular basis in order to get a clear idea of just what kind of impact your employee travel expenses are having on your bottom line. Online expense management programs will let you generate these reports in various ways, and can peel back the mystery for you.
But once you have that info, what do you do with it? Here are some examples of how the info online expense management programs give you can impact your company further.
- You can identify potential fraud by spotting employees who spend huge amounts more than others, or by identifying particular expenses that are consistently slipping past your automation protocols.
- Using the data you can identify which business sectors may not be worth visiting at the moment, and which locations you should be focusing more of your time and energy on.
- You could determine that a policy change is needed if employees are spending tremendous amounts of money on particular parts of your business.
- If hotel or airfare is your largest expense, you could identify this and then develop a partnership with a specific airline or hotel chain that offers you a discounted price, then require that travelling employees use these chains exclusively to cut your costs.
Those are just some examples, but the fundamental idea should be apparent: by using online expense management software to look more closely at your expense efforts you should be able to develop the kind of strategies that will take your company into the future.