Travel & Expense Management with HRMS

Why is Travel & Expense Management important?

Travelling has become a daily activity and it becomes more important to have a detailed plan for the travel and expenses that we make. Travel and Expense Management allows one to have a detailed report on the expenses your company makes on traveling and other miscellaneous activities.

Furthermore, the HRMS makes the travel and expense management work more efficient The automatic notifications help the organizations to know the status of reimbursements.

What is Travel & Expense Management?

Travel and Expense Management helps the employee to define their various travel and expenses which can be claimed by them on certain billable and non-billable items. This management helps the company in managing their employee’s travel expenses, supplies, or any other employee expenditure. It handles all receipts and expense submissions from the expenses dashboard and creates, validates, or rejects them in just a click.

Travel & Expense Management helps create a clear corporate travel policy. A travel policy is the main keynote of managing all corporate travel expenses. This policy will set guidelines for all employees to follow while booking travel and it will show detailed information to help guide each decision throughout the booking process. These policies will reflect the values and priorities of your company. These policies depend on company-to-company, if a company is extremely budget-conscious then you need to have a tighter policy. Travel policies are also accountable for counting the number of travel employees, preferences, and budget.

How to manage Corporate Travel and Expense budget

Business travel is important for every company but eventually travel budgets can also result in being very expensive. Here are some points which you need to keep in mind while making a travel and expense budget:

• Increase spend viability — It’s necessary to have a centralized booking tool for all the travel expenses and even the employees should book their travel from the same place. This will make it easy to record all the expenses made on travel and accommodations.
• Automate expense reporting — Transferring your entire expense management to an automated software makes the expense reporting process simpler. With the help of these automated tools, companies can have a proper report of all the travel expenses and then cut down on unnecessary ones.
• Pre-planned travel schedules and report — It’s necessary to have a pre-planned schedule for every month and also to have the estimated budget for the same. Companies should also consider asking the employees for their preference of traveling and accommodation and then create an estimated report of budgets which would give a clear picture of all the expenses.

HRMS role in Travel & Expense Management

A human resources management system (HRMS) is software that combines several systems and processes to ensure the easy management of human resources, business processes, and data. HRMS eases the process of having an analytic report of travel and expenses made by the employees or employer working in an organization. Automated HRMS helps a company by providing the cost analysis of travel made every month which makes it easy to compare the expenses of every month and cut down the unnecessary expenses and manage costs and save money accordingly.

What does Travel & Expense Management process include?

Travel and Expense Management helps you in the following process:

1. Easy to handle and helps in keeping track of business travel expenses.

2. Include any employee travel or stay expenses.

3. Creates a complete overview of the expenses.

4. Travel or expense requests are handled online.

Deliver automatic notifications for any expense requests raised.