
Even for a single traveller, business travel expenses can be numerous and complicated. Aside from the pre-booked costs of flights and accommodations, you must factor in on-the-go food and drink purchases, client dinner meetings, and unexpected taxi rides, to name a few.
How your company manages travel expenses will be determined by its travel and expense policies, which clearly outline what and how much your employees can spend company money on.
However, whether travellers manage their own expenses or employees follow a standard policy, the process of claiming travel expenses can be extremely complicated – and sometimes costly.
To budget efficiently and effectively, businesses must be able to record and track all business expenses incurred during travel. The goal of business travel management and expense management is to keep track of your spending while on business trips and ensure that every expense is handled correctly.
Most businesses struggle with managing travel expenses, which can quickly spiral out of control without proper management.
What Is Travel & Expense Management?
Travel and expense management involves optimising travel booking costs for business-related employee travel and expense reimbursement, recording these costs in accounting systems, reimbursing submitted employee expense reports with supporting receipts on time, and deducting taxes for business travel.
Travel expense management software or tools can assist you in streamlining and automating the process of organising and tracking business travel expenses. Employees can submit work-related travel expenses and request reimbursement. Managers can identify expenses that do not adhere to your company’s travel policy, making claims management easier.
Let us go over why travel expense management tools are important in today’s corporate travel world, what factors to consider when selecting the right tool for your company, and what solutions are currently available on the market for small to medium-sized businesses:
Travel and expense management comprises gathering all travel-related expenses in order to deduct them (and not pay taxes on that amount). Business travel, including flights, hotels, and ground transportation, is fully deductible in most countries.
Expense management software is a type of application that automates much of the receipt-to-reimbursement process. Firms can use this software to manage travel bookings, automate expense report submission, streamline approvals, expedite reimbursements, and track expense claims in real time.
Digital receipts are digital copies of paper receipts that can be scanned, emailed, or uploaded to software. Digital receipts and expense management tools assist users in capturing, storing, organising, and reporting business expenses.
Expense management software can also automate the process of categorising, authorising, and reimbursing expenses, as well as producing reports and insights.

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