Connect the Dots – Integrate your global expenses with finance and ERP software for end-to-end visibility
From the Editor
For accounts professionals to control business expenses spending demands that you’re in control of your corporate travel management system. Without the power to see, report on and analyse what’s being spent, the Aberdeen Group estimates you are surrendering control and visibility of 10% of your total annual budget. But, if you integrate your expenses with your finance and ERP systems, you will hard wire that control and visibility into your travel management solution. The quality of your data and your access to it will be improved beyond recognition, as will your financial reporting and as your ability to forecast, plan and budget effectively. We’ve set out the key benefits that connecting the dots of your business expenses spend can deliver for you. Integration puts all of these powerful, desirable and achievable benefits in your hands. 1. Achieve visibility of what is being spent right now – The flood of claims you and your colleagues have to deal with at month-end is more than just a major inconvenience. By storing up their business expenses, staff are storing up problems for accounts teams. Not knowing your true cash position and being hit with huge demands for employee reimbursement in one go are frustrating and make planning difficult. But, people’s reluctance to submit travel expenses as they’re incurred can be overcome. Give them expense tracker apps on their phones that are as easy to use as retailers’ mobile sites, and they’ll put their claims in as they arise. This means you can see what is being as it is spent, including on pending and half-submitted claims. 2. Integrate with finance for reporting and analytics – Pulling the enhanced data that visibility gives you into expense report templates within an integrated reporting tool will also unlock major benefits. You’ll be able to drill down by cost centers, departments and teams – even on pending and half-submitted claims. You can then identify savings through cost control, supplier negotiations, reclaiming tax on expenses, ensure compliance, analyse profitability and make sure client billing is timely and accurate. 3. Integrate with HR for seamless approvals – Another time thief that takes you away from your accounts payable duties is sorting out problems when line managers move roles. With standalone travel expenses systems, new reporting lines have to be updated manually. This is rarely the most efficient process and can lead to unreimbursed employee expenses. Integrating your global expenses solution with your HR system means there’s no breakdown in the approval process because roles are automatically updated simultaneously. 4. Allocate global expenses to cost centers anywhere in the world – The nature of modern business means people work across national borders and for multiple internal cost centers. Being able to keep track of which cost center needs to be charged for which expense can be a major headache. Unless you have a global expenses system that integrates with your finance system. In which case, you can allocate the correct travel costs to the correct cost center, no matter where in your organisation they are. Business expenses management doesn’t have to be a nightmare. The technology exists, much of it in our smartphones, to free finance teams to focus on accounts payable duties and end users and line managers to focus on their own core functions. To find out more about you can ease the pain business expense management causes you, visit our Travel and Expenses site or contact us here.