Companies are trying to trim down their organization travel expenditures without, however, giving up anything from the way they file, handle and report their data. If anything, they are asking for more granularity, modularity, and control without the need for escalating their IT overhead.
Managing invoices are very important for every business and require a lot of time, efforts, and space to store all the invoices, and keeping track of these invoices are pretty difficult if it is done manually. With the use of an Invoice Management Software one can easily take care of the invoices, without much effort, time and does not require space to save the invoices and tracking also gets much easier.
So this is just what the ideal T&E software program of the future should look like to cater to an extremely choosy and sophisticated clientele base:
1) Multi-Policy Capability.
A lot of companies nowadays do not have a precise business travel policy on paper. Even if they actually do, their T&E program more often than not is made for one "standard" plan that applies across the board, from the CEO to the graphic designer in the multimedia department.
2) Open-Ended Horizontal Integration.
The T&E software of the future must be able to handle not only the meals, accommodation, air, and rental automobile expenditures like the majority of standard T&E solutions do but other types of expenditures too like Internet and web-related expenses, train and sea journeys, training expenses, professional expenses, and even healthcare expenses, etc.
3) Vertical Modularity.
The ideal T&E program should be modular enough to permit the managers to pick their own level of vertical integration in managing their organization's travel accounts.
4) Platform Freedom.
The ideal T&E program should really be platform agnostic. That is, it must be able to operate not just on any Operating-system (Windows, Mac, Linux) but should be accessible by using any device ranging from the classic desk-tops to PDAs and iPhones.
5) Zero Local IT Overhead.
The T&E software program of the future must eliminate the need to purchase highly-priced software and hardware and maintain them locally. There should need to download any security updates or patches and no need to employ a team of highly paid engineers in order to keep the T&E servers functioning properly 24x7.
6) Audit-Ready Compliance Capability.
We are living in a post-Sarbanes-Oxley world in which all publicly owned finance companies in the United States are mandated to document their business transactions. Since under the Sarbanes-Oxley Act of 2002 business managers are personally responsible for unauthorized and incorrect expenditures in their departments, they take the need for consistent, secure and organized documentation very seriously.
With the help of Travel And Expense Management Solutions one can boost the profits of their company as human errors will be reduced and it will be helpful in eliminating unnecessary expenses as it is easier to track the expenses of the company. Traveling Expenses can also be tracked easily and repayment of travel expenses made by the staff is done quicker or even before time which will help the staff remains motivated.
7) Safe, Distinctive and Time-Stamped Tagging.
It must also tag each transaction (including T&E related e-mail demands, expenditure filings, faxed receipts, etc.) with an encrypted, unique and time-stamped code to prevent fraud and post-facto modifications.